Subsea oil one of UK’s fastest-developing sectors

Feb 15, 2008 01:00 AM

Subsea oil and gas has become one of the United Kingdom's fastest-developing sectors. The industry grew by 29 % last year, according to a study commissioned by Subsea UK.
The findings of the study suggest the industry has grown from $ 6.57 bn (EUR 4.3 bn) in 2006 to $ 8.4 bn (EUR 5.5 bn) in 2007. However, the organization is warning that the key to future growth will be the ability to capitalize on international potential. The industry is also lacking skilled workers and vessels.

"The UK still remains an attractive market for most players, with potential for continued high levels of activity," said David Pridden, chief executive of Subsea UK. "However, most of the bigger companies are focusing on developing work streams and key projects in areas such as West Africa, North Africa, Asia Pacific, as well as Australia, Brazil and the Gulf of Mexico."
On the positive side, a joint venture by the University of Aberdeen, The Robert Gordon University and Dundee University was also recently announced to investigate and improve subsea technology in the United Kingdom.

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