Description

The electrical equipment for oil and gas market has shown significant growth in 2011. A recent discovery of oil and gas fields in Southeast Asia ensures strong prospects in the region. New exploration activities in the proven reserve acreage promise steady revenue during the forecast period. Meanwhile, the Australian downstream segment is undergoing massive projects. To support exploration and development of the reserves, tax waivers are announced by the governments of the countries. Demand for oil and LNG (liquid natural gas) for power generation and refined petroleum products in industries are major drivers for the growth of market.