The World Offshore Drilling Spend Forecast 2009-2013

The definitive drilling report

This unique report provides an essential and complete overview of the technology and future prospects for the offshore drilling business. It reviews and forecasts the world market by region and type of activity by the number of wells being drilled and the investment capital that will be required to fulfill this activity.

 

Offshore Technology
The report analyses the current state of the drilling industry, presenting a detailed historical and current review of offshore drilling technology, discussing traditional and new techniques as well as the commercial impact these may have on the development of the drilling industry over the next few years.

Global Drilling

Drilling is forecast to rise 7% over the period 2009-2013 compared with the period 2004-2008, despite a sharp decline in 2009. Approximately 18,300 offshore wells were drilled globally over the last five years. From 2000 to 2003 numbers declined but picked up in 2004 as prices rose with activity and the oil price, reaching a peak in 2007, before dropping slightly in 2008. The forecast for 2009-2013 is of a decline in 2009, followed by consistently rising numbers including a sharp jump in 2011, to reach 19,600 over the five year period. Well drilling numbers and types are discussed for every country in the world with offshore projects and potential projects. The regional drilling forecasts are presented in table and chart form in a clear and accessible format.

Spends by Sector
Formulated costs for different types of well are detailed in the report, subdivided into the rig, engineering, geoscience and support sectors, then further subdivided into individual cost elements for key offshore drilling services over the period.

Extensive Forecasts

Spending is forecast to rise 32% over the period 2009-2013 compared with 2004-2008 despite reduced spending in 2009 and 2010. Approximately $278bn was spent globally over the last five years on offshore drilling. In 2002 and 2003 amounts were flat but began to pick up in 2004 as prices rose with activity and the oil price. They surged in 2005, 2006 and 2007 but rose only slightly in 2008. The forecast for 2009-2013 is of lower spends in the first two years followed by a return to previous levels of growth, to reach around $367bn over the five year period. In view of the smaller rise in drilling numbers, much of this spending can be ascribed to increased costs both as a result of more expensive well types and general inflation in later years.

‘The World Offshore Drilling Spend Forecast 2009-2013 provides essential information for decision-makers in oil and gas companies and in the contracting and supply industries, and is an invaluable asset for government departments and financial institutions involved in strategy formulation and valuation.

 

CONTENTS

Summary and Conclusions – An Executive overview of the study including regional drilling summary, sector spend summary and regional spend summary
The Foundations of Offshore Drilling – An introduction including definitions, offshore well history, rig developments through the last 50 years and market drivers 
Drilling Technology Review– An overview of the technological developments that have impacted and will impact the offshore drilling business, including review of: exploration, appraisal & development wells; rotary drilling procedures; all the services used on a well 
Regional Drilling Review  – A region by region examination of major offshore drilling projects globally; actual and potential, with summaries of shallow & deepwater drilling; exploratory & development drilling with comparisons of each
Drilling Spend by Sector and Technology – Describing the expenditure model, price movements, drilling days, rig costs, engineering costs (drilling fluids, bits, directional & LWD service rates, casing & cementing, rents & materials, general engineering services and testing, completion or abandonment) geoscience costs (mud and electric logging and other geoscience services), support costs; all subdivided into shallow and deepwater sector spends
Regional Spending Review – Capital expenditure forecasts for offshore drilling over the period 2009-2013 including historic estimates from the period 2004-2008. Results are presented by region and by sector (global, shallow & deep exploratory, shallow & deep development)
Improved Drilling Technologies – A review of the newest drilling techniques,    procedures, materials and tools and how they are developing.

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