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GLOBAL DEEPWATER REVIEW

Driving deepwater growth s Infield Systems prepares deep and ultra-deepwater experience

In? eld Systems analyst for the annual release of its from areas such as the GOM and West

Catarina Podevyn reviews

A

Deep and Ultra-deepwater Africa to emerging development zones

Market Report to 2018, we look to and frontier waters where signi? cant some of the projects global development of the deepwater deepwater production potential is to forecasted to drive growth, sector and the emerging trends over be found. the forthcoming ? ve years. Looking The forthcoming period is expected and expenditures, in the back over the previous five-year to see a consolidation among the deepwater sector around the period, offshore investment directed major deepwater investors, with towards deepwater development has capex from the top 10 global deepwa- globe over the next ? ve years.

increased from 22% of the global total ter operators expected to almost dou- capital expenditure (capex) in 2009 to ble going forwards to 2018, compared 48% today; a trend that is expected to the previous 2009-2013 timeframe. to continue towards 2018, when over Petrobras is anticipated to remain

Global capital expenditure (%) half of offshore capital expenditure the key investor within the market, by water depth (m) is anticipated to be directed towards holding a forecast 33% share of the projects at water depths of 500m and deepwater sector and a 49% share of >1499 greater. the ultra-deepwater market over the

The extraordinary growth in deep- timeframe. Key projects for the NOC 18% water development has been driven are expected to include the multi- by projects located at depths of 1500m phase Franco developments, Lula 0-99 and greater, with the ultra-deepwater Central and Alto, and Iracema Sul. 39% sector expected to comprise 28% of Despite accounting for a signifi- 2009- 1000- total offshore capex across the 2014- cantly smaller proportion of total 14% 1499 2018 timeframe; which equates to deepwater spend compared to 2013 57% of total deepwater capex spend Petrobras, French IOC Total is antici- 7% during the period. While the ultra- pated to remain a strong player within deepwater market will continue to the market, with West Africa continu- 500-999 be driven by developments offshore ing to be the main destination for the 22%

Brazil and the Gulf of Mexico (GOM), operator’s investments, and where 100-499

In? eld Systems expects a further 20 the Egina development is expected to countries to require capital expendi- demand the highest capital expendi- ture on ultra-deepwater developments ture for the operator. during the 2014-2018 timeframe. Such Chevron is expected to be the third developments include the contin- largest investor in deepwater devel- >1499 ued development of the Dhirubhai opment globally over the period, 0-99 28% fields, in addition to the Krishna with the largest proportion of the 30%

Godavari development offshore India; US-based IOC’s spend expected to

Leviathan and Tamar offshore Israel, be directed towards Gulf of Mexico 2014- and a number of ultra-deepwater ? eld projects, driven by the Keathley developments within the Rovuma Canyon-Buckskin and Moccasin 2018

Basin offshore Mozambique. Indeed, developments, in addition to the 14% going forward, Infield Systems Walker Ridge-Jack & St Malo hub. On 1000- expects a signi? cant growth in ultra- a global level, Chevron’s deepwater 1499 21% 7% deepwater activities outside the cen- activity is expected to remain diverse, 100-499 tral “deepwater triangle,” with IOCs with signi? cant spend expected on 500-999 and leading Independents taking their projects offshore Indonesia, Australia

Source: In? eld

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