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Brazil government plans to auction sub-salt exploration & production areas in 2017

Brazil: Brazil government plans to hold the second auction of sub-salt exploration and production areas by June 2017. The areas on sale for this auction includes four blocks adjacent to large oil reserves near Rio de Janerio. This initiative taken by the government is expected to bolster the oil and gas production in Brazil.

TechSci Research finds out that with growth in oil and gas exploration activities, the market for oil and gas accumulators is set to expand in near future. The increase in upstream activities will lead to increased investments in midstream sector to develop oil and gas transmission network. The oil and gas pipeline detection system is used to prevent leakage from oil & gas transportation system. Leakages in pipelines occur due to reasons such as ageing, tampering, unfavorable weather conditions, natural damage, etc. Oil & gas pipeline leakage incidents can be extremely harmful to the environment and it results in huge losses for operating companies which become liable to pay hefty amounts in the form of damages and compensation in case of accidents.

According to released report of TechSci Research, “Global Oil and Gas Pipeline Leak Detection Market Forecast & Opportunities, 2020”, the global oil & gas pipeline detection market is projected to cross USD1.8 billion by the end of 2020. The growth is expected on account of increasing requirement for transmission infrastructure pertaining to oil & gas globally. 

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