Barclays Bank reports that oil and gas companies expect to increase spending on exploration and production (E&P) by 6.1 percent to $723 billion in 2014, based on a survey of over 300 energy firms.

The bank also predicts growing emphasis on increasing investor return next year, due to rising shareholder activity in the industry. After two years of slow growth, North America is expected to increase spending most of all, with Barclays forecasting a rise of seven percent compared with two percent last year.  Additionally, the report shows spending is moving away from large infrastructure projects, towards drilling, evaluation and completion activity, implying new revenue opportunities may become available for more diversified oil service companies.

Outside North America, spending is also set to increase by six percent to a record $524 billion in 2014. Barclays reports that limited growth by the industry’s largest firms means a possible reduction in international spending but this should be offset by growth in the Middle East, Russia and Latin America.

Patrick Phelan, Managing Director at Aquaterra Energy, said: “These investment forecasts are very encouraging for the global oil and gas industry. With people on the ground in key regions and a reputation for innovation in offshore engineering solutions, Aquaterra Energy is ideally placed to offer outstanding service in every stage of offshore development: from conceptual design and 3D modelling, through riser analysis and construction, to installation and maintenance.

“Aquaterra Energy was formally recognised in April 2009 with a Queen’s Award for International Trade and we are one of the leading engineering partners to the international oil and gas industry with offices in Aberdeen, Cambridge, Norwich, Kuala Lumpur, and Stavanger.”