Industry News

New North Sea Oil find Discovery in Two Separate Fault Blocks

United Kingdom: Apache Corporation, a petroleum and natural gas exploration and production company confirmed its exploration success near Beryl field in the UK section of the North Sea. The company also announced the oil find in two separate fault blocks at the recently drilled Storr prospect. The Storr prospect was drilled by the semi-submersible WilPhoenix owned by Awilco. The company noted that the oil production in the UK North Sea averaged 62,000 barrels of oil equivalent (boe) per day over the period. In addition, the company received the benefits of recent vintage 3D seismic data and the long-term exploration potential in the Beryl area.

Techsci Research depicts that recovering oil prices, increasing exploration & production activities and surging investments in refinery industry are the other major factors anticipated to boost demand for industrial valves over the next five years, globally. Also, large scale construction of coal-fired plants in China and India, and combined-cycle natural gas power plants in the US and other European countries, is expected to drive global industrial valves market during next five years.

According to released report of TechSci Research Global Industrial Valves Market Forecast and Opportunities, 2011-2021”, global industrial valves market is projected to cross $78 billion by 2021. Anticipated revival of oil prices, increasing energy needs and growing necessity to develop water & wastewater infrastructure are among the major factors anticipated to positively influence the global industrial valves market. In addition, owing to upstream exploration and booming industrialization, countries like China, India, and Brazil are investing heavily on power and municipal infrastructure to meet the growing demand for energy and water.

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