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This unique report provides an essential and complete overview of the technology and future prospects for the offshore drilling business. It reviews and forecasts the world market by region and type of activity in terms of the numbers of wells being drilled and the investment capital that will be required to fulfil this activity. Offshore technology The report analyses the current state of the drilling industry, presenting a detailed historical and current review of offshore drilling technology, discussing traditional and new techniques as well as the commercial impact these may have on the development of the drilling industry over the next few years. Global drilling In 2007, drilling accounted for nearly 45% of offshore capital expenditure. After a surge in offshore drilling spend everywhere through 2005 and 2006, this was followed by continued but reduced growth in 2007. Well drilling numbers and types are discussed for every country in the world with offshore projects and potential projects. The regional drilling forecasts are presented in table and chart form in a clear and accessible format. Spends by sector Formulated costs for different types of well are detailed in the report, subdivided into the rig, engineering, geoscience and support sectors, then further subdivided into individual cost elements for key offshore drilling services over the period. Extensive forecasts Forecasts through to 2012 are broken down by world region, deep/shallow and by well type. Forecasts demonstrate trends within exploration and development and between the regions showing where and when the cash will be spent. Market Overview High oil prices will drive oil & gas industry spends on offshore drilling to a total of $380 billion (bn) over the five year period to 2012; a rise of nearly 60% in comparison to the $240bn spent in the previous five years. The latest edition of the ‘World Offshore Drilling Spend Forecast 2008-2012’ published today and Energyfiles forecasts that by 2012 the global drilling market will be worth an estimated $80 billion, more than doubling since 2003. The data derived from the ‘Energyfiles Global Database’ shows that nearly 18,000 offshore wells were drilled over the last five years. “The forecast for the next five years is generally stable but with a peak in 2010 and a slight dip in 2011, ultimately equalling a little over 20,000 for the period, and representing a rise of 13%. Asia is now seeing the highest activity, followed by North America and then Western Europe. These areas are expected to continue to see higher drilling levels although average numbers will decline significantly offshore Western Europe,” said report author Dr Michael R. Smith of Energyfiles. Steve Robertson of Douglas-Westwood commented, “with oil prices more than quadrupling over the past five years drilling rig utilisation has reached close to 100% and maximum day rates have soared from $225,000 to more than $520,000, with a future contract agreed at $637,000 for a latest generation deepwater rig.” The real growth story in the report continues to be the move into deep waters. It is estimated that in 2007 nearly $50bn was spent on shallow water drilling compared to $18bn in deep waters. By 2012 deepwater expenditure is expected to have increased by more than 40% whilst shallow water drilling will have risen by just 6%. Dr Smith commented, “Despite today’s political environment there are still lots of offshore opportunities. Even within OPEC, activity is now increasing. Nigeria, Indonesia and Angola, the three OPEC countries with deep water potential, are promoting outside investment into their deep water basins. And countries around the Persian Gulf are drilling many more shallow water wells, as well as encouraging foreign companies to develop their huge gas reserves. “In the future shallow water development spending will be generally flat although will show modest gains after 2010. However, some areas are seeing increases, especially in projects underway in the Persian Gulf to increase production capacity. Also in Russia and Azerbaijan, where unexploited areas are being developed in massive, long-term schemes. But deep water development drilling is increasing rapidly in all regions where fields have been discovered, supported by the many ultra-deep water projects now proceeding, especially in West Africa, Brazil and the Gulf of Mexico. Though rigs have increased their relative share of drilling spend the money is not just being spent there. In 2007 it is estimated that 37% of expenditure was billed by the rig contractors, just over a fifth was earmarked for support, 6% went towards geoscience and the remainder went towards well engineering. “But as the industry probes more complex geology, spending on anything related to longer and more tortuous well paths is expected to grow disproportionately to other technologies,” says Dr Smith. For further information, kindly visit: http://www.bharatbook.com/detail.asp?id=82646 Or contact us at: Bharat Book Bureau 207, Hermes Atrium, Sector 11, PO Box.54, CBD Belapur, Navi Mumbai - 400 614, India. Phone : +91 22 2757 8668 / 2757 9438 Fax : +91 22 2757 9131 E-mail : info@bharatbook.com Website : www.bharatbook.com
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