Furthermore, oilfield supply centres can contribute to local economies by supporting local businesses. A report by the National Bureau of Economic Research found that for every $1 million in spending by the oil and gas industry, between 2.7 and 5.2 jobs are created in other industries. This demonstrates the positive spillover effects of oil and gas industry spending on local economies.

Even today Oil and Petroleum based fuels remain a primary source of energy for a lot of applications. In this case, countries with rich natural resources can leverage these stores for generating income and inviting investments. Oilfield supply centres then become an important bridge between Investors and local governments. They become the quick and established source for procurement and supply chain needs, of any and all equipment requirements in an oilfield. Investors don’t have to worry about a lot of supply chain issues, hence creating an attractive investment opportunity. 

Oilfield supply centres can also support the development of local infrastructure. According to a report by the American Petroleum Institute, the oil and gas industry pays billions of dollars in taxes and fees to support the development of local infrastructure. This includes funding for road repairs, new schools, and other public works projects.

Finally, oilfield supply centres can contribute to local economic development by attracting new businesses and investment to the area. A report by the Fraser Institute found that a stable and predictable regulatory environment, along with a strong resource industry, can help to attract new businesses and investment to a region.

One of the leading Trade Houses, Sarsan Oilfields Supply Centre, combines stocking, sourcing and packaging, value added services and project management with integrated design and production under one roof. We have expanded our operations across the MENA region and are a trusted supply chain partner for Oilfields. 

In conclusion, oilfield supply centres play a crucial role in promoting local economic development. By providing jobs, supporting local businesses, supporting local infrastructure, and attracting new businesses and investment to the area, oilfield supply centres can help to create a thriving local economy that benefits everyone in the community.