The global deepwater and ultra deepwater market has been growing rapidly
over the last ten years. The primary reason behind this development is
the advancement in technology which allowed companies to explore
deepwater and ultra deepwater petroleum geologies. Since drilling of the
first well below 3,000 metres in 2003, there have been numerous major
discoveries in previously unexplored ultra deepwater territories around
the world. In a time where oil production is declining in many of the
traditional oil producing countries in Europe and North America and
increasing political tensions in the Middle East increase supply
insecurity, deepwater and ultra deepwater exploration offers a great
alternative to secure rising world oil demand. The additional benefit of
deepwater and ultra deepwater oil & gas, while it incurs higher risk and
upfront capital costs, is that new finds tend to be significantly larger
than recent onshore discoveries. The pre-salt finds offshore Brazil are
a prime example of the potential benefit deepwater and ultra deepwater
reservoirs can hold and since the discovery of the fields offshore
Brazil interest in deepwater and ultra deepwater E&P around the world
has significantly increased. As a consequence, Visiongain has determined
that the value of the global deepwater & ultra deepwater exploration &
production market in 2013 will reach $83.2bn.
Oliver Davison

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