Latin America’s Deepwater Spend Forecast to Overtake Africa
*Africa and the Americas represent 72% of spend 2012-2016*
Speaking today at the SUT Learning Luncheon in Houston Steven Kopits, Douglas-Westwood Director, commented, “For oil companies the overall outlook for 2012 is positive. The longer-term outlook indicates that subsea, predominately deepwater; developments will continue to play a major part in the portfolios of the majors IOCs (such as Total, Shell, BP and Exxon) and some NOCs (such as Petrobras and Statoil).”
The 12th edition of the World Deepwater Market Report forecasts a 90% growth in expenditure, compared with the previous five-year period, with $232 billion to be spent 2012-2016. The outlook for the deepwater business is clearly one of significant long-term opportunity. As deepwater projects becoming increasingly capital-intensive there is an economic challenge for E&P companies and a significant potential prize for international oilfield service and equipment vendors.
Douglas-Westwood pioneered the original deepwater report in 1998 and the award-winning company has tracked and analysed the deepwater market extensively ever since, developing unparalleled knowledge and experience in the sector. This comprehensive report goes beyond a complete breakdown and forecast for the industry and provides unique insight into how changes in the industry, in the short to medium term, will impact market players.
Report author, Lucy Miller, concludes, “Regionally, the focus for development activity will largely remain in the deepwater ‘golden triangle’ with Africa and the Americas representing 72% of Douglas-Westwood’s forecast spend. Within this group Latin America is likely to experience substantial growth, exceeding Africa’s deepwater expenditure towards the middle of the forecast period, driven by Petrobras’ development of its Campos and Santos (pre-salt) fields off Brazil.”
About the report
It offers an overview of the drivers and indicators for the sector and details the life of a field from discovery to production. Key topics include supply-side constraints, cost inflation and financing issues. Unique and proprietary data forms the basis of historic and forecast deepwater capital expenditure breakdowns by region and component.
Douglas-Westwood carries out advisory work, business research, analysis & strategy development for the international energy industries. The World Deepwater Market Forecast is the latest in the acclaimed series of Douglas-Westwood energy business studies – and is built on the company’s unique knowledge of the sector. Douglas-Westwood has clients in more than 70 countries and to date over 750 projects have been completed. Clients range from the oil majors and contractors to equipment manufacturers, financial institutions, research organisations and departments of government in several countries.
Interviews are available on request and additional material, including charts and tables – as well as selected raw data are available
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