Emerging Markets for Oilfield Supply Centres
Africa is home to some of the world’s fastest-growing economies, and the continent’s oil and gas industry is no exception. According to a report by McKinsey, Africa’s oil and gas production is set to increase by 25% over the next decade, with the majority of this growth coming from offshore projects. This presents a significant opportunity for oilfield supply centres to establish themselves in the region and cater to the growing demand for equipment and supplies.
Latin America is another emerging market for oilfield supply centres, thanks to its vast reserves of oil and gas. According to a report by the International Energy Agency, Latin America is set to account for nearly 10% of the world’s oil supply by 2040. Countries such as Brazil, Mexico, and Argentina are leading the charge, with significant investments being made in offshore drilling and production. This presents an opportunity for oilfield supply centres to partner with local businesses and establish a presence in the region.
The Asia Pacific region is home to some of the world’s largest oil and gas producers, such as China, India, and Indonesia. According to a report by GlobalData, the region’s oil and gas industry is set to grow at a compound annual growth rate of 2.5% between 2021 and 2025. This growth is being driven by increasing demand for energy and infrastructure development. As a result, there is a significant opportunity for oilfield supply centres to partner with local businesses and provide critical equipment and supplies to the industry.
Eastern Europe and the Caspian region
Countries in Eastern Europe and the Caspian region, such as Azerbaijan, Kazakhstan, and Romania, have significant oil and gas reserves and are investing in the development of their oil and gas industry. The Caspian region, in particular, is a major oil and gas hub and is expected to see continued growth in production. As a result, there is a growing need for oilfield supply centres in these regions to support the industry’s needs.
The oil and gas industry is constantly evolving, and emerging markets for oilfield supply centres are a testament to this fact. The demand for reliable supply chain partners continues to increase, and businesses that can establish a presence in these emerging markets are well-positioned to capitalise on this growth. At SOSC, we recognize the importance of these emerging markets, and we are committed to providing our customers with the equipment and supplies they need to succeed.