Subsea UK used its annual parliamentary reception at Westminster last night to highlight an “urgent need” for more investment in new technology.
The oil and gas industry body said the extra spending was essential to keep Britain at the forefront of subsea developments around the world.
Subsea UK chief executive Neil Gordon told the Press and Journal there was no immediate threat, but other countries were not standing still in chasing after business currently worth around £20billion globally.
The UK dominates the fast-growing market, with a 45% share, and the prize is getting bigger.
Subsea work around the world is expected to be worth around £40billion within five years.
“We are talking about it doubling in size,” Gordon said.
“UK knowledge and expertise is highly sought after, but there are other countries around the world trying to emulate what we have.”
Subsea UK hopes to build support for fiscal incentives and other measures, possibly involving the UK Government-funded Technology Strategy Board, to encourage collaboration between industry, government and academia to develop, fund and commercialise new technology.
The UK subsea industry employs around 60,000 people, most of whom work in its hubs or clusters in Scotland and the north-west, north-east and south-east of England.
The recently relaunched National Subsea Research Initiative (NSRI) is expected to play a key role in making sure the UK’s subsea technology needs are better understood and met.
It will be the focal point for the co-ordination of research and development activities for the UK’s subsea oil and gas sector.
As a direct link between the subsea community and academia as well as government, NSRI is expected to encourage the development of technologies to increase recovery of hydrocarbons and extend the life of the North Sea.
Watch our interview with NSRI Steering Group leader John Mair here.
