Douglas-Westwood forecast spend during 2013-2017 to double to $124 billion compared to the preceding five-year period. Deepwater activity is booming in the 'Golden Triangle'; Brazil, West Africa and the Gulf of Mexico, which is forecast to account for 44% of total subsea hardware expenditure. The downturn in offshore installation activity between 2009 and 2011 is being followed by strong recovery and this is expected to continue through to 2017.
Trunkline projects are of particular significance with major deepwater connections planned for, and extending beyond, the forecast period.
This report analyses the market through to 2017, examining the key activity trends to provide detailed insight for major players and new entrants alike.
This report notes that reducing conventional opportunities, high oil prices and more advanced subsea hardware solutions are resulting in fields being increasingly developed in deeper waters, in remote locations and in more extreme metocean conditions. In addition, the offshore industry is being challenged to recover smaller, more widely scattered reserves. The growing use of subsea processing technology, such as subsea separation, multi-phase pumping and gas compression, as an alternative to the use of fixed processing platforms will also tend to provide upside potential. Moves in the industry, particularly from operator BP, to develop 20,000 PSI technology could unlock fields that are currently inaccessible with existing hardware.