Oil Industry Safety Spending Could Touch $56 Billion by 2030

Spurred by a number of recent safety disasters that have killed and injured workers and triggered environmental catastrophes, the oil and gas industry, has begun investing heavily in safety spending. In fact, according to a new report, this investment in environment, health and safety spending in the oil and gas industry could increase to as much as $56 billion by 2030.

In 2011, the industry invested $35 billion in such spending.

The report was released by Lux Research, and is titled Using Technology to Drive Improvements in Health, Safety and Environment. The analysis specifically investigated oil and gas companies’ approach to pressing environmental health as well as safety issues in the industry.

According to the analysis, more than 39% of all environmental health and safety expenditure in this industry currently takes place in the United States. This situation is expected to continue for several years, because of strict regulations by the Environmental Protection Agency and others that will keep companies on their toes.

Upstream oil producers spend approximately $.70 per barrel of oil equivalent while midstream operators currently spend less than one cent per barrel of oil equivalent.The report also finds that leak containment and detection is going to be a major focus of spending in the years ahead.

Investment in health and safety is likely to increase, as many oil and gas companies intensify exploration actives in dangerous territory, like the Arctic. Obviously, this will require greater innovations in safety technology, therefore driving greater spending.

The Texas offshore injury lawyers at Schechter, Shaffer & Harris, L.L.P., Accident & Injury Lawyers  represent workers injured in offshore oil rig and oil platform accidents across Texas.