The Future of the Offshore Drilling Industry to 2015 - Market Analysis, Capital Spend and Competitive Landscape
This report provides an in-depth analysis of the offshore drilling industry and highlights the various concerns, shifting trends and emerging regions in the global offshore drilling industry. The report provides forecasts on the offshore drilling expenditure to 2015. The report includes exploratory and development drilling expenditure forecasts to 2015. The report also provides an in-depth analysis of the key trends and challenges in the global drilling industry. The report also discusses the major offshore projects globally and provides an analysis of the competitive scenario in each of the geographies. ( http://www.bharatbook.com/
Global Offshore Drilling Expenditure is Expected to Grow to More Than $490 Billion in the Period from 2009 to 2015
The global offshore drilling expenditure has increased in recent years especially during the period from 2004 to 2008. According to GBI Research’s estimates, approximately $350 billion was spent on offshore drilling from 2000 to 2008. The regions accounting for the major share of the spending were the US Gulf of Mexico (USGOM), West Africa, Brazil and Asia Pacific. The offshore drilling expenditure peaked in 2007- 2008.
The global drilling expenditure is forecast to grow at an annual average growth rate of about 6.6% in the forecast period of 2009 to 2015. The depletion of the reserves in onshore and shallow waters and the advancement in seismic and drilling technologies are driving the increased drilling activities in deepwater offshore regions. This trend is most visible in the offshore areas of the USGOM, Brazil and West Africa. The discovery of deep water and subsalt reserves is expected to drive investments in the sector.
As a result of the increasing demand and the decline of the reserves of crude oil and natural gas, the prices of crude oil and natural gas are expected to continue to rise. However, factors such as decreases in service costs as the offshore regions mature, and advances in technology leading to increased efficiency and a reduction in extraction costs, will combine to reduce the total investments. Nonetheless, the positive factors leading to increases in investments are likely to outweigh the negative factors, thereby significantly increasing the offshore drilling expenditure in the future.
Increasing Trend Towards Deep and Ultra Deep Water Exploration and Production is Driving the Growth of the Offshore Drilling Industry
In recent years, there has been an increasing trend towards deep and ultra deep water exploration. With the decline in the available resources in the onshore areas, there has been a marked shift towards increased offshore exploration. Initially, the offshore exploration was mainly in shallow waters. However, in recent years, with the near complete exploitation of the shallow water resources worldwide, companies have begun drilling deeper in the oceans.
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