The Scottish Government has said the country's expected offshore investment could grow by 73% within the next five years.

Energy Minister Fergus Ewing said Scotland's oil and gas industry has "enormous potential" for the future to create significant opportunities for the sector.

According to the global spends and trends reports on a number of key markets, total offshore capital investment is expected to expand by 73% in the next five years to 2017 to $614bn.

In the same period, global operational expenditure (opex) is estimated to increase by 55% to reach a total of $640bn.

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The reports, published by Scottish Enterprise, focus on the key markets of North & South America, Asia-Pacific, the Middle East & North Africa, other African markets, the Former Soviet Union and Europe - and contain detailed information on opportunities for the Scottish supply chain.

It revealed that the Asia-Pacific region is expected to attract the greatest share of global capital investment, while deep and ultra deep water sectors are expected to grow over the forecast period as total opex increases from US$63bn to US$126bn.

Welcoming the reports, Minister Ewing said: "Throughout the world many offshore companies are facing tough times in challenging climates and waters. Scotland is leading the way in the world with strong reputation in working in these challenging conditions.

"We recognise the importance of supporting the industry to create new investment and jobs. The series of reports out today is welcome news for the industry and a look forward to the potential growth open to them.

"Scottish companies are continuing to work together on an international scale in cementing Scotland's global reputation within the oil and gas sector."

(JP/CD)