The outlook for the deepwater business is clearly one of significant long-term opportunity. As deepwater projects become increasingly capital-intensive there is an economic challenge for exploration & production (E&P) companies and a significant potential prize for international oilfield service and equipment vendors.
The "Golden Triangle" of deepwater will dominate deepwater expenditure over the next five years with activity in West Africa, the Gulf of Mexico and Brazil. African and Latin American developments are expected to drive the forecast spend, with African developments largely concentrated in Angola, Ghana and Nigeria. Latin America is likely to experience substantial growth, exceeding Africa's deepwater expenditure towards the end of the forecast period. Activity in the region is driven by Petrobras investing in development of its pre-salt Campos and Santos fields off Brazil.
Despite the delays caused by local content requirements and geopolitical disputes, significant investment will occur in the "Golden Triangle", whilst regions with historically small bases will experience astounding growth over the next five years. Technological advances and increased cost-efficiency of existing technologies will be required to ensure the viability of future prospects in both existing and new deepwater provinces. Recent discoveries in East Africa will be developed towards the end of the decade; furthermore barriers to financing are being reduced as equity markets show signs of recovery, resulting in an extremely positive outlook for the deepwater industry, much coming to fruition beyond the report forecast period.
The Report covers all key commercial themes relevant to players across the value chain in the deepwater and vessel sector:
The report also includes: