Hectic Exploration Activities Make a Case for Electrical Equipment in the Oil and Gas Industry, Finds Frost & Sullivan

Hectic Exploration Activities Make a Case for Electrical Equipment in the Oil and Gas Industry, Finds Frost & Sullivan PR Newswire SINGAPORE, Oct. 12, 2012 - Tax waivers on equipment bolster regional market growth SINGAPORE, Oct. 12, 2012 /PRNewswire/ -- The escalating demand for energy in the Asia Pacific has set off a spate of exploration activities in the oil and gas sector, creating a vast market for electrical equipment and solution suppliers to sell into. Equipment suppliers will also feel buoyed by the discovery of oil and gas resources in the region, as it encourages refineries and petrochemical companies to initiate several upstream and downstream projects. New analysis from Frost & Sullivan (http://www.energy.frost.com), Electrical Equipment and Solution for Oil and Gas Markets in the Asia-Pacific, finds that the market earned revenues of $614.4 million in 2011 and estimates this to reach $793.9 million in 2016 on the back of field exploration activities, oil and gas field developmental projects, demand for oil and liquid nitrogen gas for power generation, as well as industrial development. "Currently, these gas fields use obsolete production technology, resulting in inefficient production," said Frost & Sullivan Research Analyst Avanthika Satheesh P. "Owing to the non-renewable nature of oil & gas resources, there is an urgent need for advanced and specialized techniques such as enhanced oil recovery, to extract oil from depleting resources.