WorldOil

Deepwater sector's growth will remain steady through 2010

Motivated by a shortage of onshore prospects, high commodity prices and good demand growth, operators continue to invest in high-cost deepwater projects. The World Deepwater Market Forecast, recently published by energy analysts Douglas-Westwood, forecasts continued growth in the deepwater sector, with annual expenditures reaching over $20 billion by 2010. In this article, the authors present the key findings of the study in conjunction with related information from The World Offshore Drilling Spend Forecast and The World Oil and Gas Forecast, both published by Douglas-Westwood in association with Energyfiles. INTO THE DEEP The underlying driver for all offshore activity is growth in global energy demand. For the medium term, at least, this means demand for hydrocarbons (mostly oil and gas). Over the long term, the trend toward increasing energy consumption is clear. Annual global energy consumption has more than tripled over the past 50 years...