Offshore Drilling Expenditure Expected to Increase

Wednesday, September 22, 2010

MarketResearch.com announced the addition of GBI Research's new report "Offshore Drilling Industry in the Americas to 2015 - New Deepwater Discoveries and Stringent Offshore Regulations Affecting the Future Industry Outlook," to their collection of Energy market reports.

The report provides forecasts for the offshore drilling industry in the Americas to 2015. The report also provides segmental forecasts of the offshore drilling market by water depth and highlights the major countries in the region. An in-depth analysis of the key trends, challenges, and the competitive scenario is also included.

Offshore drilling expenditure in the Americas is expected to increase to 2015 after a dip in the previous two years, according to GBI Research.

The major offshore oil and gas fields in the Americas are the Gulf of Mexico, off the US coast, the Newfoundland and Nova Scotia oil fields off the Canadian coastline, the Gulf of Mexico off the Mexican coast, and the Campos and Santos Basins off the coast of Brazil. The offshore basins of the islands of Trinidad and Tobago are rich in natural gas reserves. The Carina Aries and Perla oil field shallow water blocks off the Argentine and Venezuelan coasts, respectively, are abundant in natural gas reserves.

Other countries in the Americas which have offshore drilling investment potential are Suriname, the Falkland Islands, Uruguay, Cuba, Peru and Ecuador. Recent exploration attempts in the search for oil and gas reserves have indicated the potential oil and gas reserves in these countries.

Hectic shallow water activity off the South and Central American coasts are expected in the period 2010-15, as a result of previous as well as expected exploration investments off the coasts of Brazil, Mexico, Trinidad and Tobago, Venezuela, and newer regions such as Falkland Islands and Suriname.

The report found that growth in oil and gas demand in the long term and increase in offshore oil and gas production are driving the growth of the offshore drilling industry

The global demand for oil and gas decreased in late 2008 and 2009 due to the global economic slowdown. However, with the expected recovery of the global economy led by the emerging economies of India and China, the demand for oil and gas is likely to recover in 2010. Further, corresponding to the global economic growth, the demand for oil and gas is also expected to continue to increase in the future. This will result in a corresponding increase in production, especially from the offshore regions. With the global crude oil and natural gas demand not expected to subside and the onshore reserves facing depletion, the offshore crude oil and natural gas production is only expected to increase in the future. The offshore oil and gas industry in the Americas is expected to continue to increase in the future. The offshore crude oil production in the Americas was 2,441.1 million boe and the offshore natural gas production in the Americas was 943.7 million boe in 2009, states the report.

Visit http://www.marketresearch.com/product/display.asp?ProductID=2784931 for more information.

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