This decade is a unique opportunity for European contractors and suppliers to really go for it in terms of looking to win a larger global share of the supply market, Malcolm Brinded said yesterday. Brinded, of the Shell Foundation, was chairing a keynote session on the global opportunities for UK oil and gas services, goods and expertise.
He said that the global market is estimated in total at over $5 trillion between now and 2020 – a staggering $2 billion a day. “At the moment US-based suppliers and contractors are very focused on a very hot domestic market, plus the Chinese contactors and suppliers are not yet at the level of technical and organisational sophistication, which they undoubtedly will be within just a few years,” he said. “By 2020, the US and Asian competition is going to be much harder to beat.”
He said that major expansion was currently happening in Asia Pacific, Australia, Latin America, Africa, and central Asia, in addition to the traditional markets in the Middle East and North America.