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Scottish oil and gas industry makes strides
 
Posted on: 27-Jun-2013         Source: GNA
 
 
 
The Scottish Development International, Scotland’s investment promotion agency, has revealed a 6 per cent growth in sales of oil and gas exports from Scotland to Africa in 2011/2012.

The group said total international sales from both direct exports and overseas subsidiaries were valued at £1,195 million.

A statement issued by Stratcomm Africa said the investment in Africa reflected a 15 per cent swing in the growth rate of total sales in Africa from Scotland.

A report published by the Scottish Development International in conjunction with the Scotland Council for Development analysed Scotland’s international activity and contribution to the global oil and gas industry.

It also examined the value and destination of international sales achieved by Scottish service and supply companies.

The statement said a survey for 2011-2012, revealed that Scotland’s oil and gas industry has experienced significant growth on the world market over the last 10 years.

It said a total supply chain of export from the Scottish market increased by 5.8 per cent to reach £17.2 billion while international sales increased by 8.4 per cent to £8.2 billion.

The statement said: “Africa remains the second most important growth market with a 5.9 per cent increase in sales of oil and gas exports”.

It said the impressive performance of the sector came at a time when economies of many parts of the world were experiencing decline and reinforces the importance of the Scottish oil and gas industry on the global market.

The statement highlighted Africa’s role as a major oil producer with tremendous potential for future growth.

It said a total of 126 companies, mostly from the energy and higher education sectors, were assisted last year, representing an increase of 38 per cent on 2011.

“The number of African countries that received these exports has increased in the last year from 14 to 26 different states, further demonstrating this desire to invest in Africa,” the statement added.

According to the statement, Mr Mark Hallan, Scottish Development International’s Senior Director for Europe, Middle East & Africa, referred to the report and said: “Africa is rapidly becoming a major market for Scottish expertise in the oil and gas sector.”

He said over the last five years, the African region has seen an increase in Scottish investment in areas such as oil exploration and drilling.

“We have seen Scottish oil and gas companies like Tullow Group and Bowleven plc becoming major investors in Africa. Our focus now is to deepen trade and investment in the region for the mutual growth of our economies”, Mr Hallan.

He said Ghana was particularly a profitable investment opportunity and trading partner, as the report revealed Scottish trade in the oil and gas service and supply sector with the country totaling £42 million in 2012.