Surging oil prices and the fierce global demand for energy is helping fuel a new North East oil boom which is expected to create many jobs and bring millions into the North East regional economy.
The cost of oil has trebled in recent years and is currently being traded at about 100 US Dollars a barrel and with oil organisations pouring cash into exploring new reserves, the expertise of North East companies in sub-sea exploration is aiding the region develop a reputation as a world leader in Energy.
The North east being a world-leading centre for sub-sea exploration and with demand set to remain very high the number of jobs is expected to double in the region at a very fast rate.
With most of the easy oil now extracted, the challenge the oil industry faces is reaching the more difficult reserves. This is where North East companies are leading the field to meet the world's need for energy over the coming years. The quest in finding harder to reach oil means new technologies and methods are being developed right here in the region.
The skills of the companies who have worked in the harsh and dangerous environment of the North Sea are now valued across the globe. The opportunities are massive. Experts say 50 North East firms are currently involved in the subsea oil sector in the region, employing around 5,000 people and contributing £500m to the regional economy. There is opportunity for the North East to become a world leader new technology, especially for oil exploration and extraction. In 10 years' time the number of people employed in this sector could easily have doubled to 10,000 which is another great reason to invest in this flourishing region.
More evidence of this emergence comes next month with a visit to the region of more than 30 Norwegian companies armed with looking to invest in the North East and studying business opportunities UK. It will be the first visit of its kind in 30 years. The subsea sector in the North East grew 30% last year and will go on at that pace for many years.
North East England is home to 588 overseas companies from 32 countries, employing over 27Psychology Articles,000 people therefore making an ideal place for overseas investors looking for business opportunities in the UK or business opportunities in England.
Source: Free Articles from ArticlesFactory.com
Invest NorthEast England are a regional based development agency that encourage Business opportunities in the UK.
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