Deepwater: $25B annually by 2012

Thursday, October 11, 2007
A new study published today by analysts Douglas-Westwood The World Deepwater Market Report 2008-2012 forecasts that nearly $25 billion will be spent annually in deepwater capital expenditure by 2012.

Speaking at the Deep Offshore Technology International Conference 2007, Stavanger, today, John Westwood, Douglas-Westwood MD commented that “the deepwater oil & gas industry is set for continued growth through to 2012, with over 30% growth forecast for the 2008-2012 period when compared with the previous five years.

Deepwater oil production currently accounts for almost 15% of total offshore production, but over the next few years its share relative to shallow water output will grow – accounting for around 20% of offshore production by 2011.

“Africa is expected to be the leading deepwater development area over the 2008-2012 period, accounting for nearly 40% of the global deepwater spend. Since the first deepwater ‘elephants’ Africa has emerged as perhaps the most significant deepwater region in the world, with some stunning successes, such as Girassol, Xikomba and Kizomba.

“The Latin America region is dominated by Brazil in terms of deepwater activity. National operator Petrobras has established itself as a pioneer in the use of innovative technology to achieve production from tremendous water depths. Overall, the region is expected to account for nearly 20% of world deepwater development spend over the 2008-2012 period.

“The North America region is expected to account for over 25% of deepwater development Capex over the 2008-2012 period. With a few notable exceptions, deepwater fields in the US Gulf of Mexico tend to be smaller than those in other deepwater ‘hotspots’ such as Brazil or West Africa. The region’s extensive offshore infrastructure and the relative proximity of supply and service centres have a significant influence on E&P activity, turning otherwise marginal prospects into viable commercial propositions. These factors also mean that project lead times tend to be shorter than in other regions.

“The ‘Golden Triangle’ of deepwater, namely the Africa, Gulf of Mexico and Brazilian areas, will still account for 84% of global deepwater expenditure over the forecast period but the rapid emergence of Asia as a significant deepwater region should not be overlooked. Indonesia, Malaysia and India all have development prospects on screen for the 2008-2012 period and the region should account for 10% of deepwater Capex during this time.

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Strategy Can Maximize UKCS potential

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm.

Pile Testing for Wikinger Wind Farm Launched

In October 2014 the first phase of the pile testing campaign for the Wikinger offshore wind farm project was launched after the site’s geotechnical investigation on the Baltic Sea had been completed.

Damen, Palfinger Upgrade North Sea Jack-Up Rig

With the support of Palfinger systems JUMP technology, Damen Shiprepair Vlissingen has completed an upgrade of a Keppel Fels ‘N’ Class drilling rig, one of the largest in the North Sea,

Coast Guard

Bollinger Delivers 11th FRC to the US Coast Guard

Bollinger Shipyards, Inc. has delivered the William Trump, the 11th Fast Response Cutter (FRC) to the United States Coast Guard.   The announcement was made by Bollinger Chief Operating Officer,

The Legal Consequences of 46 CFR Subchapter “M”

As the holiday season and the end of another year quickly approaches, the towing industry patiently waits for the Coast Guard to finalize the long-awaited towing vessel inspection rule.

Migrant Rescue Draws Budget Concerns in the Mediterranean

Seafarers’ Rights International (SRI) has raised concerns about the implications for masters of the recent reports of the launch of the new EU Frontex operation

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1981 sec (5 req/sec)