The price of oil has trebled in recent years, and regional companies are world leaders in the field.

Today George Rafferty, of NOF Energy, said the situation offered a "new dawn" for the industry regionally.

He said: "We are witnessing a boom and the region is playing a major part. North- east firms and experts have been involved in all the major explorations, bar China, in recent years.

"We are a world-leading centre for sub-sea exploration, and with demand set to remain high, we expect to see a doubling in the number of jobs in the region."

With most of the so-called easy oil now extracted, the challenge the industry faces is reaching the more difficult reserves. This is where North East England companies – such as Wellstream and Duco – are leading the field.

And developments are being closely monitored at Hebburn-based A&P Tyne, one of the leading gas and oil fabricators.

Yard boss Dave Skentelbery is keeping a close eye on growth in the industry.

Mr Rafferty added: "This is not the sunset industry that many predicted a few years ago.

There is no doubt that oil will provide the main focus to meet the world's need for energy over the coming years."

Experts say 50 firms in the region are currently involved in the sub-sea oil sector, employing 5,000 people and contributing £500m to the local economy.

One NorthEast's energy and environmental expert Ray Thompson said the region was beginning to emerge as a rival to the UK oil capital of Aberdeen, adding: "I think there's also an entrepreneurial spirit in North East England that is absent in Aberdeen."