The critical subsea sector of the oil and gas industry will be a key topic at the Australasian Oil & Gas Exhibition and Conference (AOG) 2015.
According to a recent report produced by leading international energy analysts Douglas-Westwood (DW) – which will be making a keynote presentation on that topic at AOG 2015 – Australasia currently has the fastest growth rate of all regions for subsea vessel demand.
In DW’s new ‘World Subsea Vessel Operations Market Forecast’, Australasia has a compound annual growth rate (CAGR) of 21% for the period 2015-2019, largely due to a backlog of high profile gas developments intended to support the region’s ambitious LNG export commitments.
Globally, DW anticipates subsea vessel demand will experience accelerated growth in the coming years at a CAGR of 7%, with international subsea vessel operating expenditure set to total US$122 during 2015-2019.
Another global industry watcher, Infield Systems Limited, recently predicted that Asia and the Australian region are the emerging arenas for the global subsea sector and should see a combined market share growth to 14% over the next five years from the 8% tabulated over the past five years.
According to the press release, a separate report from international business report specialist Visiongain suggests that the international Subsea Umbilicals, Risers & Flowlines (SURF) market is also set for a strong growth.
In its most recent report on the SURF market, Visiongain said that while restraints persist with regards to financing, supply chain, regulation and environmental constraints, overall growth potential within the SURF market remains high and it forecast that spending in the global SURF market will total US$7,624m in 2014.
The Subsea stream at AOG is supported by subsea industry bodies such as the Society for Underwater Technology (SUT), Subsea UK and Subsea Energy Australia (SEA).
Based on their industry inside knowledge, the AOG 2015 conference will take a close look at subsea markets with technology and new trends featuring strongly with topics included in the program including: Exploring Subsea Contracts; Subsea Market Outlook; Creating, Extending & Mending Subsea Systems; Riser Systems; Pipeline Design & Installation; Inspection, Maintenance & Repair; and Subsea Controls, Sensors & Monitoring.
Subsea streams will feature on both days of the AOG 2015 conference.
AOG 2015 will be held from March 11 – 13, 2014 at the Perth Convention and Exhibition Centre.