Page 30: of Offshore Engineer Magazine (May/Jun 2014)

29 31

GLOBAL DEEPWATER REVIEW

The tanker will be converted Centennial J by MODEC for Tullow’s TEN feld.

Photo from Tullow Oil Plc/Joseph Lynch shale plays “posted a blow-out year,” rising by 1.3MMb/d as a three-month average by November 2013, and Canada added another 0.7MMb/d for a total

Strength

North American production growth of in numbers

E&P companies will continue to

The rumor: Unconventional Douglas-Westwood. “If the oil supply invest in deepwater exploration onshore shale production is a threat to increases, then any overhang will be global deepwater exploration capital quickly absorbed. That’s what the record and development, despite shale- spending. shows.” based rumors to the contrary.

While the US was frst to develop the

New developments spread across

The fact:

Not exactly, according to technology to unlock shale resources, ofshore Africa, Asia Pacifc, energy advisory frm Douglas-Westwood. non-US countries are quick to adapt the

Despite industry rumors (based on technology in their own relevant basins.

Europe, and North and South investment banks and government Hence, the global threat. But consider

Jeannie Stell

America. reviews agencies forecasts) that oil markets will this: In the US, oil demand reached the highlights of current top be fooded with shale oil, thus leading 20MMb/d in January, up a whopping ofshore projects in water depths to a reduction of deepwater activity, the 1MMb/d, or 5.3%, compared to the exceeding 1500ft.

evidence suggests differently, reports same period last year. Although the US

May 2014 | OE oedigital.com 32 032_OE0514_DW1_Stell.indd 32 4/19/14 2:18 PM