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2 June 2012 | Adam Leach
The Scottish Government is aiming to make the North Sea oil and gas supply chain worth £30 billion by 2020.
Strengthening the domestic supply chain, which is currently estimated to be worth £9 billion, is one of the main priorities of the latest strategy on the sector.
The strategy, developed by a number of bodies including, Scottish Enterprise, Highland & Islands Enterprise and Scottish Development International, advocated committing greater resources to support companies in the sector, targeted support for the supply chain and holding sector-specific events to promote the Scottish oil and gas supply chain.
First minister Alex Salmond said in a statement: “We will continue to work closely with the sector to deliver excellent services, drive growth and support the on-going success of an industry that has powered the economies of Scotland and the UK over the last 40 years.”
Maximising our future, published this week said the oil and gas market was the “most important industrial sector in Scotland” with current sales of £9 billion. But in recent years the rate of growth has slowed, so the strategy aims to increase the pace of growth.
In addition to the events, and financial support for the supply chain, the government and wider public sector will take steps to share potential contract opportunities more widely across the sector. It will also work with the sector to address challenges such as skills shortages.
The strategy also explained by growing the domestic supply chain, it could increase export revenues. Paul Lewis, managing director at Scottish Enterprise, said: “We’ve already seen an impressive increase in international sales from the oil and gas sector supply chain, for example, which were recently valued at over £7.6 billion. The challenge now is to increase this activity at an even faster rate by supporting more companies to enter new markets and fulfill their growth ambitions.”