Offshore oil prolongation in deepwater and ultra deepwater is increasing

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Global offshore oil prolongation (including franchise condensate and hydrocarbon gas liquids) from deepwater projects reached 9.3 million barrels per day (b/d) in 2015. Deepwater production, or prolongation in H2O of inlet larger than 125 meters, has augmenting 25% from scarcely 7 million b/d a decade ago. Shallow H2O has been comparatively reduction costly and reduction technically severe for operators to try and drill, though changing economics and a depletion of some shoal offshore resources has helped to pull producers to deepwater or, in some areas, ultra deepwater (at inlet of 1,500 meters or more) resources. The share of offshore prolongation from shoal H2O in 2015 was 64%, a lowest on record.

Image credit:  U.S. Energy Information Administration

Image credit: U.S. Energy Information Administration

Globally, offshore oil prolongation accounted for about 30% of sum oil prolongation over a past decade. In 2015, offshore prolongation was 29% of sum tellurian production, a assuage diminution from 32% in 2005.

Advancements in drilling technology, energetic positioning equipment, and floating prolongation and drilling units have done prospects viable that were formerly unreachable. Although technological advancements have done new areas accessible, deepwater projects need some-more investment and time compared to shoal waters or onshore developments. As a result, many nations with offshore resources work usually in shoal water.

In areas with deepwater operations, prolongation has grown significantly, and in many cases overtaken shallow-water production. The infancy of deepwater or ultra deepwater prolongation occurs in 4 countries: Brazil, a United States, Angola, and Norway. Each of these countries has satisfied an augmenting share of wanton oil prolongation from deepwater or ultra deepwater projects over a prior decade. The United States and Brazil together comment for some-more than 90% of tellurian ultra deepwater production, with ultra deepwater prolongation approaching to boost in 2016 and 2017 in both countries.

Image credit:  U.S. Energy Information Administration

Image credit: U.S. Energy Information Administration

Brazil leads a universe in a growth of deepwater and ultra deepwater projects. Brazil has augmenting low and or ultra deepwater prolongation from 1.3 million b/d in 2005 to 2.2 million b/d in 2015. An augmenting volume of Brazil’s prolongation comes from presalt resources found underneath thick layers of salt during impassioned depths. The seashore of Angola shares identical geologic facilities with a seashore of Brazil since of a subdivision of a African and South American tectonic plates during a Early Cretaceous period, around 150 million years ago. These geological similarities have led producers in Angola to aim several vital basins for presalt exploration.

Source: EIA