Page 15: of Offshore Engineer Magazine (Nov/Dec 2022)

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GLOBAL OFFSHORE

EXPLORATION OUTLOOK –

NEW PLAY EXPLORATION

APPETITE STEADY BUT STRONG

Welligence expects global ofshore exploration drilling activity in 2023 to remain relatively steady year-on-year, with the majors driving much of the activity in their core regions. Two areas with big impact potential - the Atlantic Basin and the Eastern

Mediterranean - will draw much of the exploration investment.

By Ruaraidh Montgomery, Head of Global Research at Welligence Energy Analytics elligence expects global offshore explora- the exploration investment – the Atlantic Basin and the tion drilling activity in 2023 to remain Eastern Mediterranean. relatively steady year-on-year. The Majors Most companies will chase oil, but gas is the primary will drive much of the activity in their target in the latter region. Indeed, with FLNG starting to

W core regions, along with Petrobras, the world’s leading build momentum as a development solution, gas is an in- deepwater operator. creasingly appealing option. Furthermore, new plays offer

And while there are far fewer independents active in the large discovery potential – these ?nds bene?t from econo- offshore today compared to 10 years ago, Welligence still mies of scale and operation, making them very attractive anticipates over 30 members of the peer group to operate not just under standard economic metrics, but also green- exploration wells. house gas emission metrics, an increasingly important cri-

Two areas with big impact potential will draw much of teria for the sector.

november/december 2022 OFFSHORE ENGINEER 15