Oil spillmanagement has emerged as a crucial aspect of the oil and gas industry in recent years, after the ecological damage caused by notorious oil spills such as the Deepwater Horizon oil spill in the Gulf of Mexico came to light. Increasing legal support for environmental conservation has extended into the implementation of regulations mandating oil spill management protocols during oil transport and levying heavy fines for oil spills.
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The global oil spill management market, worth US$94.2 bn in 2013, is expected to rise to a valuation of US$114.4 bn by the end of 2020 at a 2.80% CAGR therein. The rising occurrence of oil spills is majorly responsible for this rise of the global oil spill management market.
Legislation of Heavy Fines in Case of Oil Spills Boosts Oil Spill Management Market
Taking cognizance of the damage caused by oil spills to marine life forms, many governments have legislated heavy fines against oil and gas companies in the event of oil spills.
A notable case in this regard is the US$1-mn fine levied upon Tri Marine Management Co. L.L.C. as a result of an oil spill in October 2014. The spill, which occurred in American Samoa, released 35 barrels of oil from the bulbous bow. The company in question is a tuna fishing giant, which demonstrates the overarching importance of the oil spill management market beyond the oil and gas industry.
Provisions for heavy fines in cases of oil spills are also present in European legislations. Countries around the Mediterranean, which is home to some of the world’s busiest naval routes, are key players in this regard.
Training Port Authorities: A Sustainable Way Forward
The Gibraltar Port Authority recently underwent an oil spill management training course. The course, which explains all the pertinent aspects of oil spill management, was the first ever effort of its kind in Gibraltar, one of the most important ports in the world. Rising government support to such courses would go a long way in preventing oil spills or minimizing their harmful impact.
Rising Usage of Undersea Oil Transportation Channels Boosts Oil Spill Management Market
Due to the convenience presented by undersea petroleum transportation, demand for the same is growing. This has boosted the global oil spill management market, as an oil spill protocol has to be put in place for undersea transportation channels.
Pre-oil Spill Management Measures Lead Global Market
Among the various product types in the global oil spill management market, preventive measures such as double hulling ships are more popular than post-oil spill management products and techniques. The International Maritime Organization has mandated double hulling in all ships carrying oil reserves, which has helped the global oil spill management market in recent years.
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