Scottish Energy Minister, Fergus Ewing, is to urge subsea companies to exploit Brazilian opportunities at an inaugural “Maximising Our Future” business seminar being held in Aberdeen.

With around 2.5 million recoverable barrels per day projected by 2015 and subsea Capex worth around $7.76 billion over the next five years, the Latin American state holds a wealth of opportunities for UK subsea companies.

Ewing said: "Scotland has an incredible wealth of energy resources from a range of generating technologies, capable of both meeting our energy needs and significant exports to parts of the UK and Europe.

"As well as natural resources, we also have a fantastic pool of skills, and an innovative, world leading industry. It's clear there are great opportunities for Scottish companies in Brazil, and that the skills and expertise built up over the past decades in the North Sea will be of great use to companies seeking to invest."

Industry body, Subsea UK has partnered with Scottish Enterprise and its overseas arm, Scottish Development International to produce a series of reports to raise awareness of the business potential in international markets and promote trade and export within the Scottish oil and gas supply chain.

Neil Gordon, chief executive of Subsea UK, said: “With Brazilian growth projected to significantly increase over the next five years, it has become a key region, which offers a range of opportunities for UK subsea companies.

“Although there are many issues surrounding the local supply chain, we hope that by tapping into companies’ previous experience in Brazil, this report will not only offer guidance but encourage companies to take that leap into a new market place.”