Oil industry Boom: Health, safety & enviro spending to jump 60 percent to $56 Billion in 2030
Oil and gas companies’ spending to ease concerns on health, safety and environment (HSE) will balloon 60 percent to $56 billion in 2030 up from $35 billion in 2011, as heavily publicized environmental disasters have increased regulatory scrutiny, Lux Research says. The result should be a continued reduction in the rate of incidents, which has already been halved over the last decade.
“With producers shifting to extract resources from increasingly harsh environments, new technologies and drastic innovation are required to improve HSE practices, and make the production and transportation of hydrocarbons safer,” said Rick Nariani, Lux Research analyst and the lead author of the report titled, “Using Technology to Drive Improvements in Health, Safety, and Environment.”