The global deepwater and ultra deepwater market has been growing rapidly over
the last ten years. The primary reason behind this development is the
advancement in technology which allowed companies to explore deepwater and ultra
deepwater petroleum geologies. Since drilling of the first well below 3,000
metres in 2003, there have been numerous major discoveries in previously
unexplored ultra deepwater territories around the world. In a time where oil
production is declining in many of the traditional oil producing countries in
Europe and North America and increasing political tensions in the Middle East
increase supply insecurity, deepwater and ultra deepwater exploration offers a
great alternative to secure rising world oil demand. The additional benefit of
deepwater and ultra deepwater oil & gas, while it incurs higher risk and upfront
capital costs, is that new finds tend to be significantly larger than recent
onshore discoveries. The pre-salt finds offshore Brazil are a prime example of
the potential benefit deepwater and ultra deepwater reservoirs can hold and
since the discovery of the fields offshore Brazil interest in deepwater and
ultra deepwater E&P around the world has significantly increased. As a
consequence, has determined that the value of the global deepwater & ultra
deepwater exploration & production market in 2013 will reach $83.2bn.
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