The rise in oil and gas prices could present opportunities for UK manufacturers, according to NAMTEC’s (National Metals Technology Centre) Special Metals Forum (SMF).
The SMF has commissioned a report entitled ‘Materials’ Supply Chains in the UK’s Oil and Gas Market’ that outlines opportunities for manufacturers in upgrading and refurbishing facilities in the sector.
According to the study, the lack of investment in new wells over the past two years has led to an increased demand for refurbishment as oil and gas companies respond to the higher prices. It claims that the UK is in a good position to tap into this potentially lucrative market.
Alastair Lang of NAMTEC, which runs the Special Metals Forum, said: ‘There are huge opportunities for UK manufacturers to supply their products and services into the oil and gas industry worldwide. The report highlights in which areas there is predicted future growth and how manufacturers can get involved in the supply chain.’