Pipeline Activity Helps Drive U.S. Oil & Gas Spending in 2013
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While 2012 brought approximately $33 billion in spending in the U.S. Oil & Gas Industry, 2013 is shaping up to be even better. Industrial Info is forecasting that approximately $40 billion will be spent in the industry this year.
Much of this spending comes from the need for increased infrastructure caused by the significant increases in oil and gas from U.S. shale plays. The U.S. could see approximately 5 million barrels of crude oil production come online in the next five years. Pipeline infrastructure is needed to help transport this crude oil, and a significant number of planned pipeline projects are under development.
Jesus Davis, Industrial Info's vice president of Oil & Gas Industry Research, notes that while these pipelines are in development, companies are constructing relatively inexpensive stop-gap projects in the form of rail car-loading facilities to transport the crude oil by train. Davis says that spending on natural gas pipelines will be much less than previous years, although pipelines and storage facilities for natural gas liquids (NGLs) will continue developing. Industrial Info is tracking more than $52 billion in active U.S. Oil & Gas Transmission projects that are planned to kick off between now and 2018.
Industrial Info will be exhibiting at the upcoming LNG 17 Conference and Exhibition, which will be held April 16-19 in Houston, Texas. Make sure to stop by Booth #515 for a demonstration of our products and to learn how Industrial Info can help grow your business and sales. In addition, IIR will be holding a market outlook session on Wednesday, April 17 at the Hilton Americas in downtown Houston.
The presentation will discuss the expanding global LNG market and its impact on industrial project spending in North America and abroad. The presentation will touch on the effects on the skilled craft labor market caused by the construction of the massive LNG infrastructure projects planned in the U.S. Gulf Coast region. After the presentation, there will be a networking session where you can talk directly with Industrial Info's experts. We'll have music and complimentary drinks, as well as heavy hors d'oeuvres. Click here to learn more or to RSVP!
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.