Member Article

NOF Energy look forward to a positive year

2012 is set to be positive year for the oil, gas, nuclear and offshore renewable sector according to the NOF Energy Annual Survey.

Despite tough economic conditions, 93% of NOF Energy’s 400 members described themselves as confident or very-confident about the long-term future. The Oil and Gas industry looks especially strong, with 75% of those taking part reporting an increase in sales during 2010.

The survey also showed that NOF Energy members will contribute over £7 billion in sales during 2012, and will provide employment for around 50,000 individuals.

Joanne Leng MBE, Director Business Development at NOF Energy said: “It is clear from our annual survey the ongoing importance of the oil & gas sector to the energy industry supply chain.

“While our members are developing their products and services to be applied across traditional and emerging energy sectors, they are taking advantage of a continually expanding oil & gas sector.”

The Subsea sector has enjoyed particular growth, with more than half of memeber companies operating in the industry reporting an increase in sales. This has been attributed to the discovery and recovery of hard to reach hydrocarbon reserves.

Despite the positive conditions, many memebres have reported less optimism about the speed of the development of the green energy sectors in the near future, contributing to the slower than anticipated growth in sales.

Members are now calling on the Government to facilitate more UK content, with 90% believing that the use of UK suppliers on UK-located projects should receive more encouragement.

A lack of necessary skills is also a major concern for the sector, despite an overall increase in employment numbers during 2011. In the past 12 months, 10,000 jobs have been created, but 25% of memebers believe that a shortage of skilled and technically qualified engineers will detrimentally affect their business.

Joanne added: “While the industry remains confident about the future, they are very clear about the challenges they face.

“Primarily, they are focused on the issue of UK Content issue, which has to be addressed to maintain the supply chain’s position in established and emerging energy sectors.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .