A new report from Visongain has said that the oil and gas infrastructure security market will experience steady growth over the next 10 years. The unconventional oil and gas boom, the expansion of the LNG infrastructure supply chain, continued offshore developments and the emergence of the digital oilfield are all prime factors for new security solution spending. The report expects global expenditure on oil and gas infrastructure security provisions to reach US$ 36.9 billion in 2014.
There are numerous factors affecting the security environment in which oil and gas assets are developed and transited. Current oil and gas infrastructure, future expansion plans, the present and evolving security situation and the perception of these responsible for infrastructure security all shape spending now and in the future. Threat perception is particularly important when it comes to online asset security because many mid and small cap oil and gas companies continue to be unaware of the vulnerabilities inherent in the automation and control systems they are beginning to use on a daily basis.
Instability in market spaces is currently on the increase in countries such as Nigeria, Libya, Iraq and Yemen and this is increasing the security spend on onshore infrastructure security personnel. The involvement of homeland security or military assets in the protection of oil and gas assets only increases spending.
The importance of oil and gas revenue is a final point raised by the report. The revenue from the industry as a percentage of government revenue, and therefore power, creates a situation where the hydrocarbon assets are strategic targets for dissidents. This consistently leads to a very significant focus on the security of oil and gas infrastructure at a level far above that of territories in which oil and gas is less correlated with he government’s power.
Adapted from press release by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/21042014/oil_gas_infrastructure_security_market/