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Offshore Drilling Industry in Europe to 2016 - Norway a Driving Force for the European Offshore Drilling Industry, Reserves and Development Projects

The study, which is an offering from the company's Energy Research Group, provides an in-depth analysis of the offshore drilling industry in Europe and highlights the various concerns, shifting trends and major happenings in regions worldwide.

Scope

  • Overview and analysis of the offshore drilling industry of Europe
  • Analysis of the historical trends and forecasts to 2016
  • Analysis and forecasts of offshore wells drilled and offshore drilling expenditure
  • Provides country-specific data analysis of Norway, Denmark, The Netherlands, UK, Russia, FSU and others
  • Analyzes the opportunities and challenges in the offshore drilling industry in Europe
  • Analyzes the competitive scenario in the offshore drilling industry in Europe

Reasons to buy

  • Develop business strategies with the help of specific insights about the offshore drilling industry in Europe
  • Identify opportunities and challenges in the offshore drilling industry in Europe
  • Increase future revenues and profitability with the help of insights on the future opportunities and critical success factors in the offshore drilling industry in Europe
  • Benchmark your operations and strategies against the major players in the offshore drilling industry in Europe

Executive Summary

Norway a Driving Force of the European Region in Terms of Offshore Reserves and Development Projects

It is expected that fresh offshore development projects commencing in the next one to two years in Norway will stabilize hydrocarbon production by late 2013 or early 2014. Hydrocarbon production will then remain steady through to 2017.

In terms of exploration activity, there were 13 new discoveries offshore Norway in 2012, possessing together about 132 MMcmoe (million cubic meters of oil equivalent) of fresh hydrocarbon reserves.

The economies of both Norway and the UK have benefited from successful explorations by Statoil. Statoil has submitted plans for four new major projects, with an estimated capital expenditure of $23 billion.

There have been considerable offshore developments in Norway in the recent past. In the North Sea, Statoil plans to produce 225 million barrels of oil equivalent (MMboe) of hydrocarbon from the Dagny oil and gas field. BP plc (BP) has commenced production from the Skarv oil and gas field, in the Norwegian Sea. The capital expenditure allocated for the project is about $7 billion.

According to the latest 2012 estimates from the Norwegian Petroleum Directorate (NPD), total recoverable petroleum resources amount to 13.6 billion cubic meters of oil equivalent, which is about 3.3% higher than the 2011 estimate. The increase was partly because of a rise in offshore reserves. The rise in offshore reserves was because of fresh discoveries, increased estimates of reserves, and an increase in the amount of undiscovered resources.

The NPD estimates that there are much larger undiscovered quantities of oil in the Norwegian shelf, the North Sea, and the Barents Sea, than was previously estimated. Thus, Norway has strong potential for offshore drilling investments over the next two to three years.

Offshore in Europe Witnessing Substantial North-West Exploration and Production Activity

Until the end of 2012, offshore hydrocarbon reserves in Britain were reducing consistently. However, the recent discovery of gas and condensate at the North Uist offshore field, off the coast of Shetland, is promising for Britain.

The Rosebank offshore oil and gas field, which is near the North Uist field and operated by Chevron, is also expected to drive development and offshore production in the region. It would also be Britain's deepest offshore field, with a water depth of 1,100 meters.

The UK government has been providing new allowances for offshore fields exceeding water depths of 1,000 meters, and there were government initiatives in 2012 to encourage offshore exploration and production in the form of tax breaks on heavy oil field developments. This has been driving exploration and production activity. For instance, Statoil and its partners launched the giant Mariner project in the North Sea in December 2012. The Talisman/Sinopec's Montrose area redevelopment, in central North Sea, is another example of a positive industry initiative. The project involves the construction of a new processing/production platform (Montrose BLP) linked to the existing Montrose A platform, and handling output from the Cayley and Shaw fields.

The creation of a better environment for investors in the UK has resulted in increased exploratory drilling. In 2013, the Irish exploration and production company Providence Resources plans to drill for hydrocarbon in the offshore regions off the coast of Ireland, mainly in the St George's channel, as well as at the Kish basin, east of Dublin; and the Rathlin basin, off the coast of northern Ireland. Providence Resources is also keen to form partnerships to develop the Barryroe oil and gas field, offshore southern Ireland.

Wintershall successfully found fresh offshore reserves off the coast of Norway, in 2012 and 2013, in the Skarfjell and Asha Noor prospects, respectively (Wintershall, 2013). In the Utsira High region of the North Sea and at the Luno II project, Lundin Petroleum has made successful discoveries. While in the Johan Sverdrup offshore field in the North Sea Statoil has made a discovery. Statoil has also confirmed a fresh gas field discovery in the southern Norwegian Sea.

In the UK, there are several offshore field developments being carried out, including Total's Martin Linge, Statoil's Gina Krog, and DNO's Ivar Aasen field, in the North Sea.

Denmark has also been witnessing offshore developments in the form of the platform-based Hejre oil and gas field development. In early 2013, Iceland issued the country's first offshore exploration license through its national energy authority, Orkustofnun. Iceland has also been cooperating with Norwegian authorities on study projects to assess the feasibility of exploration in the Jan Mayen area.

Offshore Drilling Expenditure in Europe Expected to Grow to About $12.8 billion in 2016

Offshore drilling expenditure is expected to rise steadily between 2013 and 2016, from about $10.6 billion in 2013, to about $12.8 billion in 2016, at an Average Annual Growth Rate (AAGR) of 6.9%.

Table of Contents

1. Table of Contents

  • 1.1. List of Tables
  • 1.2. List of Figures

2. Introduction to the Offshore Drilling Industry

  • 2.1. Significance of Offshore Drilling and Major Offshore Areas in Europe
  • 2.2. Impact of the Offshore Exploration Business on the Offshore Drilling Business
  • 2.3. Importance of Various Local Government and Private Regulations Influencing the Offshore Exploration and Drilling Business
  • 2.4. Offshore Drilling Business Development and Key Bid Evaluation Criteria
    • 2.4.1. Technical Suitability
    • 2.4.2. Price
    • 2.4.3. Availability
  • 2.5. The Offshore Drilling Industry and Its Role as a Part of the Upstream Oil and Gas Industry Value Chain
  • 2.6. Types of Rig and Support Services
    • 2.6.1. Mobile Bottom Supported Rigs
    • 2.6.2. Floating Rigs
    • 2.6.3. Key Technologies Used as Supporting Mechanisms in Floating Rigs
    • 2.6.4. Subsea Production and Processing Systems
  • 2.7. Offshore Drilling Technology Concepts
    • 2.7.1. Exploratory Wells
    • 2.7.2. Appraisal Wells
    • 2.7.3. Development Wells
    • 2.7.4. Deepwater Drilling
    • 2.7.5. Rotary Drilling Procedures
  • 2.8. Key Allied Segments Supplementing the Core Offshore Drilling Business
    • 2.8.1. Oilfield Services
    • 2.8.2. Geo-scientific Support Services
    • 2.8.3. Rig Support Services
    • 2.8.4. Engineering and Equipment Support Services

3. Offshore Drilling Industry in Europe to 2016 - Key Trends and Challenges

  • 3.1. Offshore Regulations in Europe Expected to Become More Stringent After the Expected Approval of the Recent Oil and Gas Safety Directive
  • 3.2. Kazakhstan Proving to Be a Key Region, Driving Offshore Drilling Activity in the European Region with Major Discoveries
  • 3.3. Encouraging Tax Policies by the UK Government Expected to Drive Investments in the Offshore E&P Sector in the UK
  • 3.4. Tax Incentives Expected to Drive Investments by Offshore Operators and Drilling Contractors
  • 3.5. Arctic Region off the European Coast Expected to Witness Increased Offshore Drilling Activity

4. Offshore Drilling Activity in Europe to 2016 - Drilling and Well Forecasts to 2016, Profiles of Major Regional Contractors

  • 4.1. Offshore Drilling Expenditure Statistics, Europe, 2000-2016
  • 4.2. Offshore Drilling Expenditure Statistics, Europe, by Country, 2000-2016
  • 4.3. Offshore Well Statistics, Europe, 2000-2016
  • 4.4. Offshore Well Statistics, Europe, 2000-2016, by Country
  • 4.5. Profiles of the Major Offshore Drilling Contractors in Europe
    • 4.5.1. KCA Deutag
    • 4.5.2. Archer Limited
    • 4.5.3. Transocean Ltd
    • 4.5.4. State Oil Company of Azerbaijan Republic
    • 4.5.5. Odfjell
    • 4.5.6. Chernomorneftegaz
    • 4.5.7. Noble Corporation
    • 4.5.8. Maersk Drilling
    • 4.5.9. Ensco plc
    • 4.5.10. North Atlantic Drilling
  • 4.6. Rig Fleet Summary by Individual Rig Name, Rig Manager, Status and Country of Deployment

5. Key European Countries' Offshore Wells and Drilling Expenditure Statistics

  • 5.1. Offshore Drilling in Norway - Wells and Expenditure Statistics to 2016
    • 5.1.1. Norway, Offshore Well Statistics, 2000-2016
    • 5.1.2. Norway, Offshore Drilling Expenditure ($m), 2000-2016
    • 5.1.3. Norway, Number of Active Lease-Owned Blocks, 2006-2011
  • 5.2. Offshore Drilling in the UK - Wells and Expenditure Statistics to 2016
    • 5.2.1. UK, Offshore Well Statistics, 2000-2016
    • 5.2.2. UK, Offshore Drilling Expenditure ($m), 2000-2016
    • 5.2.3. UK, Number of Active Lease-Owned Blocks, 2006-2011
  • 5.3. Offshore Drilling in the Netherlands - Wells and Expenditure Statistics to 2016
    • 5.3.1. Netherlands, Offshore Well Statistics, 2000-2016
    • 5.3.2. Netherlands, Offshore Drilling Expenditure ($m), 2000-2016
    • 5.3.3. Netherlands, Number of Active Lease-Owned Blocks, 2006-2011
  • 5.4. Offshore Drilling in Denmark - Wells and Expenditure Statistics to 2016
    • 5.4.1. Denmark, Offshore Well Statistics, 2000-2016
    • 5.4.2. Denmark, Offshore Drilling Expenditure ($m), 2000-2016
    • 5.4.3. Denmark, Number of Active Lease-Owned Blocks, 2006-2011
  • 5.5. Offshore Drilling in Russia - Wells and Expenditure Statistics to 2016
    • 5.5.1. Russia, Offshore Well Statistics, 2000-2016
    • 5.5.2. Russia, Offshore Drilling Expenditure ($m), 2000-2016
    • 5.5.3. Russia, Number of Active Lease-Owned Blocks, 2006-2011
  • 5.6. Offshore Drilling in the Former Soviet Union - Wells and Expenditure Statistics to 2016
    • 5.6.1. Former Soviet Union, Offshore Well Statistics, 2000-2016
    • 5.6.2. Former Soviet Union, Offshore Drilling Expenditure ($m), 2000-2016
    • 5.6.3. Former Soviet Union, Number of Active Lease-Owned Blocks, 2006-2011
  • 5.7. Offshore Drilling in Other Countries in Europe - Wells and Expenditure Statistics to 2016
    • 5.7.1. Other European Countries, Offshore Well Statistics, 2000-2016
    • 5.7.2. Other European Countries, Offshore Drilling Expenditure ($m), 2000-2016
    • 5.7.3. Other European Countries, Number of Active Lease-Owned Blocks, 2006-2011

6. Appendix

  • 6.1. Abbreviations
  • 6.2. Bibliography
  • 6.3. Market Definitions
  • 6.4. Methodology
  • 6.5. Coverage
    • 6.5.1. Secondary Research
    • 6.5.2. Primary Research
    • 6.5.3. Expert Panel Validation
  • 6.6. Contact Us
  • 6.7. About GBI Research
  • 6.8. Disclaimer

List of Tables

  • Table 1: Offshore Drilling Industry, Europe, Offshore Drilling Expenditure ($m), Europe, 2000-2016
  • Table 2: Offshore Drilling Industry, Europe, Offshore Drilling Expenditure ($m), Europe, by Country, 2000-2016
  • Table 3: Offshore Drilling Industry, Europe, Offshore Wells Drilled, Europe, 2000-2016
  • Table 4: Offshore Drilling Industry, Europe, Offshore Wells Drilled, Europe, 2000-2016, by Country
  • Table 5: KCA Deutag, Offshore Rig Fleet Summary, Europe, March 2013
  • Table 6: Archer Limited, Offshore Rig Fleet Summary, Europe, March 2013
  • Table 7: Transocean Ltd, Offshore Rig Fleet Summary, Europe, March 2013
  • Table 8: State Oil Company of Azerbaijan Republic, Offshore Rig Fleet Summary, Europe, March 2013
  • Table 9: Odfjell Drilling AS, Offshore Rig Fleet Summary, Europe, March 2013
  • Table 10: Chernomorneftegaz, Offshore Rig Fleet Summary, Europe, March 2013
  • Table 11: Noble Corporation, Offshore Rig Fleet Summary, Europe, March 2013
  • Table 12: Maersk Drilling, Offshore Rig Fleet Summary, Europe, March 2013
  • Table 13: Ensco plc, Offshore Rig Fleet Summary, Europe, March 2013
  • Table 14: North Atlantic Drilling, Offshore Rig Fleet Summary, Europe, March 2013
  • Table 15: Offshore Rig Fleet Summary, Europe, February 2013
  • Table 16: Norway, Offshore Well Statistics, 2000-2016
  • Table 17: Norway, Offshore Drilling Expenditure ($m), 2000-2016
  • Table 18: Norway, Number of Active Lease-Owned Blocks, 2006-2011
  • Table 19: UK, Offshore Well Statistics, 2000-2016
  • Table 20: UK, Offshore Drilling Expenditure ($m), 2000-2016
  • Table 21: UK, Number of Active Lease-Owned Blocks, 2006-2011
  • Table 22: Netherlands, Offshore Well Statistics, 2000-2016
  • Table 23: Netherlands, Offshore Drilling Expenditure ($m), 2000-2016
  • Table 24: Netherlands, Number of Active Lease-Owned Blocks, 2006-2011
  • Table 25: Denmark, Offshore Well Statistics, 2000-2016
  • Table 26: Denmark, Offshore Drilling Expenditure ($m), 2000-2016
  • Table 27: Denmark, Number of Active Lease-Owned Blocks, 2006-2011
  • Table 28: Russia, Offshore Well Statistics, 2000-2016
  • Table 29: Russia, Offshore Drilling Expenditure ($m), 2000-2016
  • Table 30: Russia, Number of Active Lease-Owned Blocks, 2006-2011
  • Table 31: Former Soviet Union, Offshore Well Statistics, 2000-2016
  • Table 32: Former Soviet Union, Offshore Drilling Expenditure ($m), 2000-2016
  • Table 33: Former Soviet Union, Number of Active Lease-Owned Blocks, 2006-2011
  • Table 34: Other European Countries, Offshore Well Statistics, 2000-2016
  • Table 35: Other European Countries, Offshore Drilling Expenditure ($m), 2000-2016
  • Table 36: Other European Countries, Number of Active Lease-Owned Blocks, 2006-2011

List of Figures

  • Figure 1: Offshore Drilling Industry, Europe, Offshore Drilling Expenditure ($m), Europe, 2000-2016
  • Figure 2: Offshore Drilling Industry, Europe, Offshore Drilling Expenditure ($m), Europe, by Country, 2000-2016
  • Figure 3: Offshore Drilling Industry, Europe, Offshore Wells Drilled, Europe, 2000-2016
  • Figure 4: Offshore Drilling Industry, Europe, Offshore Wells Drilled, Europe, 2000-2016, by Country
  • Figure 5: Norway, Offshore Well Statistics, 2000-2016
  • Figure 6: Norway, Offshore Drilling Expenditure ($m), 2000-2016
  • Figure 7: Norway, Number of Active Lease-Owned Blocks, 2006-2011
  • Figure 8: UK, Offshore Well Statistics, 2000-2016
  • Figure 9: UK, Offshore Drilling Expenditure ($m), 2000-2016
  • Figure 10: UK, Number of Active Lease-Owned Blocks, 2006-2011
  • Figure 11: Netherlands, Offshore Well Statistics, 2000-2016
  • Figure 12: Netherlands, Offshore Drilling Expenditure ($m), 2000-2016
  • Figure 13: Netherlands, Number of Active Lease-Owned Blocks, 2006-2011
  • Figure 14: Denmark, Offshore Well Statistics, 2000-2016
  • Figure 15: Denmark, Offshore Drilling Expenditure ($m), 2000-2016
  • Figure 16: Denmark, Number of Active Lease-Owned Blocks, 2006-2011
  • Figure 17: Russia, Offshore Well Statistics, 2000-2016
  • Figure 18: Russia, Offshore Drilling Expenditure ($m), 2000-2016
  • Figure 19: Russia, Number of Active Lease-Owned Blocks, 2006-2011
  • Figure 20: Former Soviet Union, Offshore Well Statistics, 2000-2016
  • Figure 21: Former Soviet Union, Offshore Drilling Expenditure ($m), 2000-2016
  • Figure 22: Former Soviet Union, Number of Active Lease-Owned Blocks, 2006-2011
  • Figure 23: Other European Countries, Offshore Well Statistics, 2000-2016
  • Figure 24: Other European Countries, Offshore Drilling Expenditure ($m), 2000-2016
  • Figure 25: Other European Countries, Number of Active Lease-Owned Blocks, 2006-2011
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