Industry Article: Achieving Deepwater Success

Achieving Deepwater Success
Publication: Journal of Petroleum Technology
Publication Date: 05/01/2013

The long-term outlook for energy demand remains strong and the industry will continue to be challenged to meet hydrocarbon supply over the next decade. The International Energy Agency recently estimated that approximately 32% of oil production needed by the end of the decade has yet to be discovered or developed, and by 2035 it will be closer to 50%. In response, the E&P industry has become more ambitious in searching out new frontiers, with some notable success over the past few years, particularly in deep water. More than half of oil and gas reserves discovered worldwide over the past decade have been offshore and the majority of large finds have been in water depths of more than 500m (1,640 ft). Approximately 200 new deepwater fields will enter production over the next four years, and by 2020, production from deepwater fields will represent nearly one-third of total offshore production.

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