New figures show Scotland’s total oil and gas supply chain sales grew by 3% to reach a record £22,900 million during 2014 - over half of which was delivered via international activity – have been published today.
Other highlights in the Survey of International Activity in the Oil & Gas Sector 2014/15 (published by Aberdeen Chamber of Commerce and Scottish Enterprise) include:
• Total international activity grew by 9% to £12,200 million, accounting for 53.4% of total sales, up from 50.3% a year earlier.
• The United States, Angola, Nigeria, Australia and Kazakhstan were the top markets for international activity, with the USA, Norway, UAE and Malaysia identified as being the top countries for growth opportunities in the immediate future.
• Over the next five years, domestic and export sales are forecast to grow by 4% and 12% respectively.
Businesses representing more than 18,000 employees in Scotland responded to the survey and 87% of companies have ambitions to grow internationally in the next five years. Aberdeen-based SMS Ltd is one supply chain company that has put internationalisation at the top of its agenda and sees investing in key markets such as the Middle East and Asia as fundamental to its continued success and growth.
Alistair Moncur, development director said:
“We recognise this year is going to be tough, nevertheless, I strongly believe that the measures we’ve put in place together with our International Growth Plan will put us in a strong position when the industry picks back up.”
Scottish Energy Minister Fergus Ewing welcomed the report and said:
“While it is clear that the oil and gas industry faces ongoing challenges, we can clearly see the value of the Scottish supply chain and the strength of our global reputation.
“Scotland’s refreshed Oil and Gas Strategy, published in February, is focused on supporting the sector. The strategy offers a shared path for industry, governments and the Oil and Gas Authority to follow in working together to support the industry and its world class supply chain.
“The North Sea still holds significant potential. With industry estimates of up to 20 billion barrels of oil equivalent still to be recovered, Scotland will continue to remain a global oil and gas hub with a strong international reputation for decades to come.”