You are here

Visiongain publishes report on growing oil and gas security infrastructure sector

15th April 2014

The report highlights the growth in unconventionals and the push into new plays as the driving forces behind the need for new security solutions

Visiongain publishes report on growing oil and gas security infrastructure sector
Threat perception is particularly important for the IT asset security market; this is 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.

Visiongain has assessed that global expenditure on oil and gas infrastructure security provisions will reach USD 36.9bn in 2014.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.

There are myriad 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 those responsible for infrastructure security all shape current and future spending. Threat perception is particularly important for the IT asset security market; this is 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 some market spaces is currently on the increase - Nigeria, Libya, Iraq, Yemen - to name but a few examples, 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 further drives up spending.

Lastly, the importance of oil and gas revenue - 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 the government's power.

https://www.visiongain.com/

Related topics: 

Got a news tip? Email news@oilandgastechnology.net