Industry News

Canada to Boost Oil Spill Response Ahead of Pipeline Decision

Canada: Canadian government took a decision on Monday to make strict laws in response to oil spills at sea. The plan is set to cost USD1.1 billion over five years and will make Canada a world leader in marine safety. Some environmentalists termed the move as signal that the government is willing to approve a hotly-contested pipeline from Alberta's oil sands to the Pacific Coast. The government has set a timeline until Dec. 19 to take a decision about the fate of Kinder Morgan Inc Trans Mountain pipeline. This project is opposed by environmentalists who say that the project to develop Alberta’s oil sands would adversely impact the environment.

TechSci Research forecasts that despite strict regulations governing pipeline leak detection systems, globally, the incidents of oil & gas pipeline leaks have witnessed a steady rise. Leakage in pipelines can occur due to various reasons such as natural damage, aging, weather conditions, corrosion, tampering, etc. Oil & gas pipeline leakage incidents prove to be extremely adverse not only for the environment, but also for operating companies which are liable to pay hefty amounts in the form of damages and compensation in case of any accidents. The planned investment by the Canadian government would help facilitate better response solutions to oil spills and would help standardize mitigation operations to during oil spill.

According to released report of TechSci Research “Global Oil & Gas Pipeline Leak Detection Market Forecast & Opportunities, 2020”, global oil & gas pipeline leak detection market is projected to cross US$ 1.8 billion in 2020. Growth in the market can be attributed to the expanding oil and gas pipeline network across the globe because investments in pipeline infrastructure, especially in Europe and Africa.

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