Growth in petroleum-focused supplier industry

A recent survey by Norwegian Ministry of Petroleum and Energy found that suppliers from petroleum sector are witnessing noticeable growth in sales trend. The amount of sales has grown by 3 times since 2000. Suppliers reported international sales of NOK 150 million which is around 40% of total petroleum industry sales.

Minister of Petroleum and Energy Ola Borten Moe said that “This is a welcome development. The technological challenges on the Norwegian continental shelf have spurred the development of an internationally competitive supplier industry. Previous surveys have shown that internationalization is having local ripple effects and providing powerful growth impulses across the country. Internationalization is resulting in increased local value creation and employment. This is important to me, and I am pleased that the petroleum industry is benefiting local communities and regions across Norway.”

Opulentus NorwayThe increase in world energy demand, hike in oil and gas prices and huge oil and gas field discoveries have affected the sales of supplier industry in a positive way. There is an inflow of large amount of foreign investments to develop solutions and innovative technology to aid in production of oil and gas. The important markets for Norwegian oil suppliers are Brazil, UK and South Korea.

There is a significant increase in both international sales and activity levels on the continental shelf of Norway. This growth assures that Norwegian oil supplier has the capability and strategy to gain more contracts from international market as well.

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One thought on “Growth in petroleum-focused supplier industry

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