Page 24: of Offshore Engineer Magazine (Jan/Feb 2014)

23 25

>1499 111000-11499 500-999 500-999 500-999 100-99 00-499 99 0-99 0-99 0-99

Global market forecastGlobal market forecastGlobal market forecastGlobal market forecast prospectivity of Iranian ? elds may also 100% outlook is expected for Nigeria. Despite has long been in the balance, and with increase going forwards.

significant expenditure being directed ExxonMobil now estimating a price tag Whilst Australasia is only expected to 90% 34% 34% 34% towards projects such as Egina and Bonga in the region of US$14billion, it will be hold 5% of total global capital expendi- 80%

Northwest, total forecast investment is far crucial to maintain this budget in order ture demand for 2014, the North Western 45% 45% 45% 45% below the country’s potential. With IOCs to realise potential revenue gains going Australian market is fast developing into 21% 21% 21% 70% reporting substantial revenue losses and forwards. a hub for future liqui? ed natural gas the much-delayed Petroleum Industry In terms of capex, the Middle East (LNG) production, with the giant Prelude

Bill unlikely to be passed through gov- region is expected to account for a FLNG hull ? oating out of Samsung Heavy ernment before the close of the year, relatively marginal 7% share of global Industries yard at the end of 2013 and the future Nigerian capex may reduce further. demand. Abu Dhabi and Qatar are ExxonMobil - BHP Billiton Scarborough

Operators may turn towards the more expected to lead capital expenditure FLNG gaining environmental approval a stable operating environments of its West demand during 2014, with key projects month earlier. During 2014, the Inpex-

African neighbors and East Africa’s emerg- including the giant Qatar North (Barzan operated Ichthys LNG development is ing offshore sector. Offshore East Africa, Gas Project) forecast to enter production expected to demand some of the highest

In? eld Systems expects increas- investment levels of any proj- ing activity over the next year, ect globally, while Chevron’s 2014 Capex (US$M) by region with several operators announc- Wheatstone LNG project is also

North America ing increased exploration bud- forecast to require substantial

Africa gets. Although In? eld Systems expenditure during the year. 10%

Middle East & 16% does not expect offshore produc-

However, while recent years

Caspian Sea 8% tion to take place until 2015 on have seen Australia’s LNG

Aminex’s Kiliwani North ? eld, market touted as a prospective

Tanzania, with Mozambique rival of Qatar’s leading position holding the potential to become within the sector, escalating the world’s third largest exporter costs and the emergence of shale 19%

Asia of LNG after Qatar and Australia, gas may act to challenge this 23%

Latin America capex on developments offshore potential.

East Africa is anticipated to Indeed, the global offshore increase substantially over the industry certainly has some sig- 5%

Australasia upcoming ? ve years. However, ni? cant challenges to face going 19% with shale gas exports expected forwards. Although investment

Europe to increase significantly over once again looks strong, and a the same period, it is vital for number of industry ? rsts are

Source: In? eld Systems’ Market Modelling and Forecasting System operators looking to unlock this nearing fruition, operators and vast potential to bring on-stream projects during the ? rst half of the year. Once the contractors are simultaneously facing to timescale. two trains of Barzan Gas are brought on- rising costs and technical challenges

Within the North American region line, the entire development is expected brought about by the steady movement

In? eld Systems expects the deepwater to supply approximately 1.4Bscfd, mak- into more challenging environments

GOM to continue to lead capex demand, ing RasGas one of the largest single gas and the development of new production with signi? cant investment anticipated processors in the world. Projects within systems. Furthermore, with a number of on Anadarko’s Heidelberg and the LLOG- the Caspian Sea are forecast to also hold capital-intensive projects in the planning operated Marmalard developments, a signi? cant share of 2014 investment phases, the energy price movements of while the twin of the Heidelberg spar, within the Middle East, with Azerbaijan 2014 will affect the overall economic

Lucius, is expected to enter production capex demand surpassing that of Saudi viability of future developments, and will during 2014. As the largest spar develop- Arabia. At the time of writing, the BP-led undoubtedly play the most pivotal role in ment undertaken by Anadarko, Lucius is Shah Deniz II is expected to reach its deciding future offshore development. designed to process some 80,000 bo/d. ? nal investment decision before the

In addition, the platform also holds gas end of December 2013. Due on-stream Catarina Podevyn processing capabilities, necessitated by in 2018, 2013 saw the Trans Adriatic has been an analyst

ExxonMobil’s Hadrian South tieback, Pipeline winning the contract to trans- with In? eld Systems which is also expected to come on-stream port Shah Deniz output through the Ltd. since 2008, has during the course of 2014. While 88% Southern Gas Corridor, thus providing worked across of North America’s capex for 2014 is 10 billion cu m of gas per annum to the various sectors, and expected to be directed towards GOM European market. authored numerous projects, the single largest expendi- Elsewhere in the region, the giant articles and publica- ture during the year within the region South Pars (Phases 13 and 14) is tions. Her core expertise is the ? oating is anticipated to be demanded by the expected to come on-stream during platform sector, and both the deepwater

ExxonMobil-led Hebron development, 2014, with Iran hoping to commence gas and ultra-deepwater markets, particu- offshore Newfoundland. exports to Iraq by the middle of the year. larly offshore West Africa and Latin

Discovered in 1981, the economic With international relations appearing to America. Podevyn earned an Economics viability of the giant heavy oil prospect soften towards Iran in recent months, the degree from Loughborough University.

January 2014 | OE oedigital.com 26 024_OE0114 CovStory_MktForecast1_infield.indd 26 12/19/13 4:23 PM