Oil industry’s major economic contribution

Jan 15 2008 By The Journal

SOLID evidence has emerged of the major contribution the oil and gas industry makes to the economy of the North-East. This was demonstrated by the news that Sonhoe Development Company wants to build a £2bn crude oil refinery at Wilton on Teesside, which will generate 2,500 jobs during construction, up to 450 operational posts and another 1,600 in the supply chain.

The announcement was described by NOF Energy, the Washington-based business development organisation for the oil, gas, and related energy sectors, as a massive endorsement of the skills and talent the North-East has to offer.

NOF Energy, which represents more than 280 companies with a total turnover approaching £2bn, works with its members to help them secure projects and contracts not just locally but across the world.

George Rafferty, NOF Energy chief executive, said: “This proposed development offers huge opportunities for companies in the supply chain.

“NOF Energy will be keeping a close eye on this oil refinery proposal as it takes shape and we will do everything in our power to help our members capitalise on the substantial spin-offs such an investment will undoubtedly bring.”

NOF Energy has been supporting the sector for nearly 20 years and over that time it has shown itself to be adaptable by evolving to meet the changing demands of and developments in the industry.

It has grown from an organisation with a North-East membership to one which takes in the whole of the UK.

As new markets, such as nuclear, offshore marine and renewable energies, have come to the fore it has put new strategies and services in place to embrace them.

Representation on joint industry/ Government bodies, networking, the sharing of best practice, industry intelligence, a comprehensive export events programme, market research and advice, training, and supply chain development are among the wide-ranging services and support NOF Energy provides for its members.

Mr Rafferty added: “NOF Energy has established itself as a proactive organisation providing a voice for and seeking to promote the interests of our members.

“We offer a variety of quality services to make sure they are equipped to tap into opportunities which present themselves in the UK as well as in worldwide energy markets.

“It is NOF Energy’s job to promote the capability of our members, which have an enviable reputation for quality, innovation, and world-class products and services, across the globe. This is demonstrated well by those members who are involved in the subsea sector of the industry. A number of our members are truly world leaders in subsea technology and the region benefits enormously from this sector as a result.”