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The Future of the Offshore Drilling Industry to 2015 - Research Report
Worldoils Oil, Gas and Offshore Marketplace    

Equipment ID   : 882
Equipment name   : The Future of the Offshore Drilling Industry to 2015 - Research Report
Category   : Research Reports
Specifications   :

Name of the Report :
The Future of the Offshore Drilling Industry to 2015

Publication date : February 2010

Global offshore drilling market has experienced a slowdown in
2009 following the hectic activity witnessed in the previous years.
The growth of the offshore drilling market is being driven by high
demand and the prices of crude oil and natural gas. The increase
in the demand for oil and natural gas due to the high economic
growth during the period from 2004 to 2008 was responsible for
the continuous increase of crude oil and natural gas prices until
mid 2008. The demand for oil and gas and the sustained high
prices stimulated increased activity in the offshore drilling market.

However, since the economic slowdown and the collapse of the
oil and gas prices from record levels of 2008, many of the offshore
projects have become uneconomical and have since been delayed
or cancelled. This is because the offshore drilling expenditure is
directly dependent on the exploration and production capital
spending of the international oil companies, national oil companies
and independent producers. The tight credit situation and an
uncertain outlook for the oil and gas global demand have affected
the capital expenditure plans of the exploration and production
companies. These factors had a negative effect on the offshore
drilling spend in 2009. However, future outlook for offshore drilling is
encouraging and the expenditure is expected to steadily increase
to 2015.

Global offshore drilling expenditure is expected to grow to more than
$XX billion in the period from 2009 to 2015
:

The global offshore drilling expenditure has increased in recent years
especially during the period from 2004 to 2008. According to
research’s estimates, approximately $XX billion was spent on offshore
drilling from 2000 to 2008. The regions accounting for the major
share of the spending were the US Gulf of Mexico
(USGOM), West Africa, Brazil and Asia Pacific. The offshore drilling
expenditure peaked in 2007- 2008.

The global drilling expenditure is forecast to grow at an annual average
growth rate of about XX% in the forecast period of 2009 to 2015. The
depletion of the reserves in onshore and shallow waters and the
advancement in seismic and drilling technologies are driving the
increased drilling activities in deepwater offshore regions. This trend
is most visible in the offshore areas of the USGOM, Brazil and West
Africa. The discovery of deep water and subsalt reserves is expected to
drive investments in the sector.

As a result of the increasing demand and the decline of the reserves of
crude oil and natural gas, the prices of crude oil and natural gas are
expected to continue to rise. However, factors such as decreases in
service costs as the offshore regions mature, and advances in
technology leading to increased efficiency and a reduction in extraction
costs, will combine to reduce the total E&P investments. Nonetheless,
the positive factors leading to increases in investments are likely to
outweigh the negative factors, thereby significantly increasing the
offshore drilling expenditure in the future.

Table of Contents
Table of Contents
1 Table of Contents ........6
1.1 List of Tables ........8
1.2 List of Figures ........9
2 The Future of the Offshore Drilling Industry to 2015 ........10
2.1 Report Guidance ........10

3 Introduction To The Offshore Drilling Industry ........12
3.1 Importance of Offshore Oil and Gas Production and Major Offshore
Areas ........13
3.2 Offshore Drilling Industry Structure and the Process of Offshore
Drilling ........14
3.3 Types of Rigs and Support Services ........14
3.3.1 Mobile Bottom Supported Rigs ........15
3.3.2 Floating Rigs ........15
3.3.3 Key Technologies Used As Supporting Mechanisms in Floating
Rigs ......15
3.3.4 Subsea Production and Processing Systems ........16

4 Key Trends And Challenges In The Offshore Drilling Industry ........17
4.1 Key Drivers of the Offshore Drilling Industry ........17
4.1.1 Growth In Oil And Gas Demand In The Long Term And The Increase
In The Offshore Oil And Gas Production are Driving The Growth Of The Offshore
Drilling Industry ........17
4.1.2 The Shift in Investment to New and Emerging Offshore Regions such
as Asia and Brazil is Driving the Growth of Offshore Drilling on these
Regions ........17
4.1.3 Increasing Trend towards Deep and Ultra Deep Water Exploration and
Production is Driving the Growth of the Offshore Drilling Industry ........17
4.1.4 Rapid Technology Advances are a Key Driver of the Development of the
Offshore Drilling Industry ........18
4.2 Major Challenges in The Offshore Drilling Industry ........19
4.2.1 Global Economic Slowdown and Low Commodity Prices are a
Challenge for the Growth of the Offshore Drilling Industry in the Short Term ........19
4.2.2 Decreases in Exploration and Production Capital Expenditure is a
Major Challenge for the Offshore Drilling Contractors ........20
4.2.3 Geopolitical Risks and Terrorist Threats Might Have a Major Impact on the
Offshore Drilling Activities In Particular Countries ........21
4.2.4 Highly Competitive Drilling Industry with Intense Price Competition in
Addition to the Decrease in the Drilling Activity will be a Major Challenge ........22
4.3 Offshore Drilling Units Planned and Under Construction ........22
4.4 Mergers and Acquisitions in the Global Offshore Drilling Industry ........27

5 Global Offshore Drilling Expenditure Forecasts To 2015 ........29
5.1 Global Offshore Drilling Expenditure Forecasts To 2015 ........29
5.2 Global Exploratory and Development Drilling Expenditure ........31
5.3 Competitive Analysis of the Offshore Drilling Industry, 2009 ........34
5.3.1 Competitive Structure ........34
5.3.2 Market Share Analysis of the Global Offshore Drilling Industry,
2009 .......34
5.4 Profiles of the Major Offshore Drilling Contractors ........35
5.4.1 Transocean Ltd ........35
5.4.2 Noble Corporation ........36
5.4.3 Diamond Offshore Drilling ........37
5.4.4 Ensco International ........37
5.4.5 Seadrill ........38

6 North America Offshore Drilling Expenditure Forecasts To 2015 ........40
6.1 North America Drilling Expenditure Forecasts To 2015 ........40
6.2 North America Exploratory Drilling Expenditure ........41
6.3 North America Development Drilling Expenditure ........42
6.4 Major Offshore Oil and Gas Projects In North America ........44
6.5 Exploration and Production Companies’ Offshore Activity in North
America ........44
6.5.1 North America, Top Lease Holders In 2009 ........44

7 South And Central America Offshore Drilling Expenditure Forecasts
To 2015 ........46
7.1 South and Central America Drilling Expenditure Forecasts To
2015 ........46
7.2 South and Central America Exploratory Drilling Expenditure ........47
7.3 South and Central America Development Drilling Expenditure ........49
7.4 Major Offshore Oil and Gas Projects in South and Central America ........50
7.5 Offshore Activity of the Exploration and Production Companies in South
and Central America ........51
7.5.1 South and Central America, Top Lease Holders In 2009 ........51

8 Europe Offshore Drilling Expenditure Forecasts To 2015 ........54
8.1 Europe Drilling Expenditure Forecasts To 2015 ........54
8.2 Europe Exploratory Drilling Expenditure ........55
8.3 Europe Development Drilling Expenditure ........57
8.4 Major Offshore Oil and Gas Projects in Europe ........58
8.5 Offshore Activity of Exploration and Production Companies in
Europe .....59
8.5.1 Europe, Top Lease Holders in 2009 ........59

9 Middle East And Africa Offshore Drilling Expenditure Forecasts To
2015 ........62
9.1 The Middle East and Africa Drilling Expenditure Forecasts to
2015 ........62
9.2 The Middle East and Africa Exploratory Drilling Expenditure ........63
9.3 The Middle East and Africa Development Drilling Expenditure ........65
9.4 Major Offshore Oil and Gas Projects in the Middle East and Africa ........66
9.5 Offshore Exploration and Production Activity in the Middle East And
Africa ........68
9.5.1 Middle East and Africa, Top Lease Holders in 2009 ........68

10 Asia Pacific Offshore Drilling Expenditure Forecasts To 2015 ........70
10.1 Asia Pacific Drilling Expenditure Forecasts To 2015 ........70
10.2 Asia Pacific Exploratory Drilling Expenditure ........72
10.3 Asia Pacific Development Drilling Expenditure ........73
10.4 Major Offshore Oil and Gas Projects in Asia Pacific ........74
10.5 Offshore Exploration and Production Activity in Asia Pacific ........75
10.5.1 Asia Pacific, Top Lease Holders in 2009 ........75

List of Tables
Table 1 Global, Oil & Gas Spending ($ Bn), 2005-2009 ........21
Table 2 Global, Semi-Submersibles Under Construction to 2012 ........23
Table 3 Global, Drillships Under Construction to 2012 ........24
Table 4 Global, Jackup Rigs Under Construction to 2012 ........26
Table 5 Merger & Acquisitions and Asset Transaction Activity in the Offshore
Drilling Industry ($ M), 2007 – 2009 ........28
Table 6 Global, Offshore Drilling Expenditure ($ Bn), 2000-2015 ........30
Table 7 Global, Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 .......32
Table 8 Global, Offshore Developmental Drilling Expenditure ($ Bn),
2000-2015 ........33
Table 9 Global Offshore Drilling Industry, Competitive Analysis, 2009 ........35
Table 10 Transocean Ltd., Key Statistics, 2008 ........36
Table 11 Noble Corporation, Key Statistics, 2008 ........37
Table 12 Diamond Offshore Drilling., Key Statistics, 2008 ........37
Table 13 Ensco International. Key Statistics, 2008 ........38
Table 14 Seadrill Limited. Key Statistics, 2008 ........38
Table 15 North America, Offshore Drilling Expenditure ($ Bn), 2000-2015 ........41
Table 16 North America, Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........42
Table 17 North America, Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........43
Table 18 North America, Major Offshore Oil and Gas Projects, 2010-2015........44
Table 19 North America, Top Offshore Lease Holders, 2009 ........45
Table 20 South and Central America Offshore Drilling Expenditure ($ Bn),
2000-2015 ........47
Table 21 South and Central America Offshore Exploratory Drilling Expenditure
($ Bn), 2000-2015 ........48
Table 22 South and Central America Offshore Development Drilling Expenditure
($ Bn), 2000-2015 ........50
Table 23 South and Central America, Major Offshore Oil and Gas Projects,
2010-2015 ........51
Table 24 South and Central America, Top Offshore Lease Holders, 2009 ........53
Table 25 Europe Offshore Drilling Expenditure ($ Bn), 2000-2015 ........55
Table 26 Europe Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 .......56
Table 27 Europe Offshore Development Drilling Expenditure ($ Bn), 2000-2015 ....58
Table 28 Europe, Major Offshore Oil and Gas Projects, 2010-2015 ........59
Table 29 Europe, Top Offshore Lease Holders, 2009 ........61
Table 30 Middle East and Africa Offshore Drilling Expenditure ($ Bn),
2000-2015 ........63
Table 31 Middle East and Africa Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........64
Table 32 Middle East and Africa, Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........66
Table 33 Middle East and Africa, Major Offshore Oil and Gas Projects,
2010-2015 ........67
Table 34 Middle East and Africa, Top Offshore Lease Holders, 2009 ........69
Table 35 Asia Pacific Offshore Drilling Expenditure ($ Bn), 2000-2015 ........71
Table 36 Asia Pacific Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........73
Table 37 Asia Pacific Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........74
Table 38 Major Offshore Oil and Gas Projects in Asia Pacific, 2010-2015 ........75
Table 39 Asia Pacific Top Offshore Lease Holders, 2009 ........77

List of Figures
Figure 1 Crude Oil Price, Brent and WTI, Natural Gas Price, Henry Hub, December
2008 –January 2010 ........19
Figure 2 Oil & Gas Expenditure ($ Bn), 2005–2009 ........21
Figure 3 Merger & Acquisitions and Asset Transaction Activity in the Offshore Drilling
Industry ($ M), 2007 – 2009 ........28
Figure 4 Global, Offshore Drilling Expenditure ($ Bn), 2000-2015 ........30
Figure 5 Global, Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 .......32
Figure 6 Global, Offshore Development Drilling Expenditure ($ Bn), 2000-2015 ....33
Figure 7 Global Offshore Drilling Industry, Competitive Analysis, 2009 ........35
Figure 8 North America, Offshore Drilling Expenditure ($ Bn), 2000-2015 ........40
Figure 9 North America, Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........42
Figure 10 North America, Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........43
Figure 11 North America, Top Offshore Lease Holders, 2009 ........45
Figure 12 South and Central America Offshore Drilling Expenditure ($ Bn),
2000-2015 ........46
Figure 13 South and Central America Offshore Exploratory Drilling Expenditure
($ Bn), 2000-2015 ........48
Figure 14 South and Central America Offshore Development Drilling Expenditure
($ Bn), 2000-2015 ........49
Figure 15 South and Central America, Top Offshore Lease Holders, 2009 ........52
Figure 16 Europe Offshore Drilling Expenditure ($ Bn), 2000-2015 ........54
Figure 17 Europe Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 .......56
Figure 18 Europe Offshore Development Drilling Expenditure ($ Bn), 2000-2015 ....57
Figure 19 Europe, Top Offshore Lease Holders, 2009 ........60
Figure 20 Middle East and Africa Offshore Drilling Expenditure ($ Bn),
2000-2015 ........62
Figure 21 Middle East and Africa Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........64
Figure 22 Middle East and Africa Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........65
Figure 23 Middle East and Africa, Top Offshore Lease Holders, 2009 ........68
Figure 24 Asia Pacific Offshore Drilling Expenditure ($ Bn), 2000-2015 ........71
Figure 25 Asia Pacific Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........72
Figure 26 Asia Pacific Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........74
Figure 27 Asia Pacific Top Offshore Lease Holders, 2009 ........76
Figure 28 Research Methodology, 2010 ........78

4 Key trends and challenges in the offshore drilling industry

4.1 Key drivers of the offshore drilling industry :

4.1.1 Growth in oil and gas demand in the long term and the
increase in the offshore oil and gas production are driving the
growth of the offshore drilling industry
:

The global demand for oil and gas witnessed a decrease in
late 2008 and 2009 due to the global economic slowdown.
However, with the expected recovery of the global economy
led by emerging economies of India and China, the demand
for oil and gas is likely to recover in 2010. Further,
corresponding to the global economic growth, the demand
for oil and gas is also expected to continue to increase in
the future. This will result in a corresponding increase in the
production, especially from the offshore regions. With the
global crude oil and natural gas demand not expected to
subside and the onshore reserves facing depletion, the
offshore crude oil and natural gas production is only
expected to increase in the future. The global offshore oil
and gas industry is expected to continue to increase in the
future. The global offshore crude oil production was XX
million barrels and the global offshore natural gas
production was XX bcf in 2008. With a positive outlook
and the continuing growth of the offshore industry, the
global offshore crude oil production is expected to increase
to XX million barrels by 2015. The global offshore natural
gas production is expected to increase to XX bcf by 2011.
This increase in offshore production is expected to be a key
driver of the growth of the offshore drilling industry in the
future.

4.1.2 The shift in investment to new and emerging offshore
regions such as Asia and Brazil is driving the growth of
offshore drilling on these regions
:

In recent years, new and emerging offshore areas in Brazil,
Asia and West Africa have attracted increasing investments.
The offshore areas in the US Gulf of Mexico and the North
Sea in Europe were the hotspots for investment in the last
decade. However, the recent discoveries of offshore fields
with huge reserves in various other regions of the world has
started a shift in investments from mature regions such as
the North Sea to nascent offshore areas in Brazil, West
Africa and Asian countries such as China and Vietnam.

4.1.3 Increasing trend towards deep and ultra deep
water exploration and production is driving the growth of
the offshore drilling industry
:

In recent years, there has been an increasing trend
towards deep and ultra deep water exploration. With the
decline in the available resources in the onshore areas,
there has been a marked shift towards increased
offshore exploration. Initially, the offshore exploration
was mainly in shallow waters. However, in recent years,
with the near complete exploitation of the shallow water
resources worldwide, companies have begun drilling
deeper in the oceans.

9 Middle East and Africa offshore drilling expenditure forecasts to 2015 :

West Africa has some of the most promising areas for
offshore oil and gas exploration and the recent
discoveries of subsalt reserves are only expected to
add to the attractiveness of the region for increased
drilling expenditure.

West Africa is one of the world’s emerging offshore
regions. There have been huge discoveries in recent
years which have increased the attractiveness of the
region for exploration and production companies. The
West African region is expected to drive the offshore
drilling expenditure in the years ahead. On the other
hand, there has been relatively little offshore activity
in the Middle East region.

9.1 The Middle East and Africa drilling expenditure forecasts to 2015 :

In recent years, Africa has emerged as one of the major
regions for offshore oil and gas exploration and
development. West Africa, which includes Angola,
Nigeria, Equatorial Guinea and Côte d’Ivoire, is an
important emerging region in the global offshore oil and
gas industry and has combined reserves of XX mmboe.
New offshore fields and the desire of many governments
to develop the rich petroleum resources in the region has
led to the increase in production and thereby an
increase in the drilling activity in recent years. With the
region’s governments keen to capitalize on their oil and
gas resources, the region is expected to continue to
attract huge investments in offshore exploration and
development activity in the future. The Middle East
region, which has  enormous onshore reserves, also
has considerable offshore potential. About XX million
barrels of oil were produced from the Middle East region
in 2000, which increased to XX million barrels in 2008.
With the increased prospects in offshore areas,
especially in West Africa, exploration and production
activity is expected to increase thereby attracting
investments in drilling in the future.

According to research’s estimates, the offshore drilling
expenditure in the Middle East and Africa was more
than $XX billion during the period from 2000 to 2008.
This is expected to increase to more than $XX billion
during the period from 2009 to 2015 with West Africa
accounting for a major share. West Africa has some
of the most promising areas for offshore oil and gas
exploration and the recent discoveries of subsalt
reserves are only expected to add to the attractiveness
of the region for increased drilling expenditure. Along
with Brazil, the West African region is expected to be
a high growth market for offshore drilling.

Disclaimer
All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted
in any form by any means, electronic, mechanical, photocopying, recording or otherwise,
without the prior permission of the publisher.

The facts of this report are believed to be correct at the time of publication but cannot be
guaranteed. Please note that the findings, conclusions and recommendations that the
publisher delivers will be based on information gathered in good faith from both primary
and secondary sources, whose accuracy we are not always in a position to guarantee.
As such the publisher accept no liability whatever for actions taken based on any
information that may subsequently prove to be incorrect.

To order this report, please send an email to mail@worldoils.com

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The Future of the Offshore Drilling Industry to 2015
Market Analysis, Capital Spend and Competitive Landscape
Global Offshore Drilling Expenditure
Structure and the Process of Offshore Drilling
Subsea Production and Processing Systems
Global, Oil & Gas Spending

Major Offshore Oil and Gas Projects
Asia Pacific Offshore Development Drilling Expenditure
Key Trends And Challenges In The Offshore Drilling Industry
Middle East And Africa Offshore Drilling Expenditure Forecasts
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The Future of the Offshore Drilling Industry to 2015 - Research Report
Worldoils Oil, Gas and Offshore Marketplace    Worldoils Oil, Gas and Offshore Marketplace

Equipment ID   : 882
Equipment name   : The Future of the Offshore Drilling Industry to 2015 - Research Report
Category   : Research Reports
Specifications   :

Name of the Report :
The Future of the Offshore Drilling Industry to 2015

Publication date : February 2010

Global offshore drilling market has experienced a slowdown in
2009 following the hectic activity witnessed in the previous years.
The growth of the offshore drilling market is being driven by high
demand and the prices of crude oil and natural gas. The increase
in the demand for oil and natural gas due to the high economic
growth during the period from 2004 to 2008 was responsible for
the continuous increase of crude oil and natural gas prices until
mid 2008. The demand for oil and gas and the sustained high
prices stimulated increased activity in the offshore drilling market.

However, since the economic slowdown and the collapse of the
oil and gas prices from record levels of 2008, many of the offshore
projects have become uneconomical and have since been delayed
or cancelled. This is because the offshore drilling expenditure is
directly dependent on the exploration and production capital
spending of the international oil companies, national oil companies
and independent producers. The tight credit situation and an
uncertain outlook for the oil and gas global demand have affected
the capital expenditure plans of the exploration and production
companies. These factors had a negative effect on the offshore
drilling spend in 2009. However, future outlook for offshore drilling is
encouraging and the expenditure is expected to steadily increase
to 2015.

Global offshore drilling expenditure is expected to grow to more than
$XX billion in the period from 2009 to 2015
:

The global offshore drilling expenditure has increased in recent years
especially during the period from 2004 to 2008. According to
research’s estimates, approximately $XX billion was spent on offshore
drilling from 2000 to 2008. The regions accounting for the major
share of the spending were the US Gulf of Mexico
(USGOM), West Africa, Brazil and Asia Pacific. The offshore drilling
expenditure peaked in 2007- 2008.

The global drilling expenditure is forecast to grow at an annual average
growth rate of about XX% in the forecast period of 2009 to 2015. The
depletion of the reserves in onshore and shallow waters and the
advancement in seismic and drilling technologies are driving the
increased drilling activities in deepwater offshore regions. This trend
is most visible in the offshore areas of the USGOM, Brazil and West
Africa. The discovery of deep water and subsalt reserves is expected to
drive investments in the sector.

As a result of the increasing demand and the decline of the reserves of
crude oil and natural gas, the prices of crude oil and natural gas are
expected to continue to rise. However, factors such as decreases in
service costs as the offshore regions mature, and advances in
technology leading to increased efficiency and a reduction in extraction
costs, will combine to reduce the total E&P investments. Nonetheless,
the positive factors leading to increases in investments are likely to
outweigh the negative factors, thereby significantly increasing the
offshore drilling expenditure in the future.

Table of Contents
Table of Contents
1 Table of Contents ........6
1.1 List of Tables ........8
1.2 List of Figures ........9
2 The Future of the Offshore Drilling Industry to 2015 ........10
2.1 Report Guidance ........10

3 Introduction To The Offshore Drilling Industry ........12
3.1 Importance of Offshore Oil and Gas Production and Major Offshore
Areas ........13
3.2 Offshore Drilling Industry Structure and the Process of Offshore
Drilling ........14
3.3 Types of Rigs and Support Services ........14
3.3.1 Mobile Bottom Supported Rigs ........15
3.3.2 Floating Rigs ........15
3.3.3 Key Technologies Used As Supporting Mechanisms in Floating
Rigs ......15
3.3.4 Subsea Production and Processing Systems ........16

4 Key Trends And Challenges In The Offshore Drilling Industry ........17
4.1 Key Drivers of the Offshore Drilling Industry ........17
4.1.1 Growth In Oil And Gas Demand In The Long Term And The Increase
In The Offshore Oil And Gas Production are Driving The Growth Of The Offshore
Drilling Industry ........17
4.1.2 The Shift in Investment to New and Emerging Offshore Regions such
as Asia and Brazil is Driving the Growth of Offshore Drilling on these
Regions ........17
4.1.3 Increasing Trend towards Deep and Ultra Deep Water Exploration and
Production is Driving the Growth of the Offshore Drilling Industry ........17
4.1.4 Rapid Technology Advances are a Key Driver of the Development of the
Offshore Drilling Industry ........18
4.2 Major Challenges in The Offshore Drilling Industry ........19
4.2.1 Global Economic Slowdown and Low Commodity Prices are a
Challenge for the Growth of the Offshore Drilling Industry in the Short Term ........19
4.2.2 Decreases in Exploration and Production Capital Expenditure is a
Major Challenge for the Offshore Drilling Contractors ........20
4.2.3 Geopolitical Risks and Terrorist Threats Might Have a Major Impact on the
Offshore Drilling Activities In Particular Countries ........21
4.2.4 Highly Competitive Drilling Industry with Intense Price Competition in
Addition to the Decrease in the Drilling Activity will be a Major Challenge ........22
4.3 Offshore Drilling Units Planned and Under Construction ........22
4.4 Mergers and Acquisitions in the Global Offshore Drilling Industry ........27

5 Global Offshore Drilling Expenditure Forecasts To 2015 ........29
5.1 Global Offshore Drilling Expenditure Forecasts To 2015 ........29
5.2 Global Exploratory and Development Drilling Expenditure ........31
5.3 Competitive Analysis of the Offshore Drilling Industry, 2009 ........34
5.3.1 Competitive Structure ........34
5.3.2 Market Share Analysis of the Global Offshore Drilling Industry,
2009 .......34
5.4 Profiles of the Major Offshore Drilling Contractors ........35
5.4.1 Transocean Ltd ........35
5.4.2 Noble Corporation ........36
5.4.3 Diamond Offshore Drilling ........37
5.4.4 Ensco International ........37
5.4.5 Seadrill ........38

6 North America Offshore Drilling Expenditure Forecasts To 2015 ........40
6.1 North America Drilling Expenditure Forecasts To 2015 ........40
6.2 North America Exploratory Drilling Expenditure ........41
6.3 North America Development Drilling Expenditure ........42
6.4 Major Offshore Oil and Gas Projects In North America ........44
6.5 Exploration and Production Companies’ Offshore Activity in North
America ........44
6.5.1 North America, Top Lease Holders In 2009 ........44

7 South And Central America Offshore Drilling Expenditure Forecasts
To 2015 ........46
7.1 South and Central America Drilling Expenditure Forecasts To
2015 ........46
7.2 South and Central America Exploratory Drilling Expenditure ........47
7.3 South and Central America Development Drilling Expenditure ........49
7.4 Major Offshore Oil and Gas Projects in South and Central America ........50
7.5 Offshore Activity of the Exploration and Production Companies in South
and Central America ........51
7.5.1 South and Central America, Top Lease Holders In 2009 ........51

8 Europe Offshore Drilling Expenditure Forecasts To 2015 ........54
8.1 Europe Drilling Expenditure Forecasts To 2015 ........54
8.2 Europe Exploratory Drilling Expenditure ........55
8.3 Europe Development Drilling Expenditure ........57
8.4 Major Offshore Oil and Gas Projects in Europe ........58
8.5 Offshore Activity of Exploration and Production Companies in
Europe .....59
8.5.1 Europe, Top Lease Holders in 2009 ........59

9 Middle East And Africa Offshore Drilling Expenditure Forecasts To
2015 ........62
9.1 The Middle East and Africa Drilling Expenditure Forecasts to
2015 ........62
9.2 The Middle East and Africa Exploratory Drilling Expenditure ........63
9.3 The Middle East and Africa Development Drilling Expenditure ........65
9.4 Major Offshore Oil and Gas Projects in the Middle East and Africa ........66
9.5 Offshore Exploration and Production Activity in the Middle East And
Africa ........68
9.5.1 Middle East and Africa, Top Lease Holders in 2009 ........68

10 Asia Pacific Offshore Drilling Expenditure Forecasts To 2015 ........70
10.1 Asia Pacific Drilling Expenditure Forecasts To 2015 ........70
10.2 Asia Pacific Exploratory Drilling Expenditure ........72
10.3 Asia Pacific Development Drilling Expenditure ........73
10.4 Major Offshore Oil and Gas Projects in Asia Pacific ........74
10.5 Offshore Exploration and Production Activity in Asia Pacific ........75
10.5.1 Asia Pacific, Top Lease Holders in 2009 ........75

List of Tables
Table 1 Global, Oil & Gas Spending ($ Bn), 2005-2009 ........21
Table 2 Global, Semi-Submersibles Under Construction to 2012 ........23
Table 3 Global, Drillships Under Construction to 2012 ........24
Table 4 Global, Jackup Rigs Under Construction to 2012 ........26
Table 5 Merger & Acquisitions and Asset Transaction Activity in the Offshore
Drilling Industry ($ M), 2007 – 2009 ........28
Table 6 Global, Offshore Drilling Expenditure ($ Bn), 2000-2015 ........30
Table 7 Global, Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 .......32
Table 8 Global, Offshore Developmental Drilling Expenditure ($ Bn),
2000-2015 ........33
Table 9 Global Offshore Drilling Industry, Competitive Analysis, 2009 ........35
Table 10 Transocean Ltd., Key Statistics, 2008 ........36
Table 11 Noble Corporation, Key Statistics, 2008 ........37
Table 12 Diamond Offshore Drilling., Key Statistics, 2008 ........37
Table 13 Ensco International. Key Statistics, 2008 ........38
Table 14 Seadrill Limited. Key Statistics, 2008 ........38
Table 15 North America, Offshore Drilling Expenditure ($ Bn), 2000-2015 ........41
Table 16 North America, Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........42
Table 17 North America, Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........43
Table 18 North America, Major Offshore Oil and Gas Projects, 2010-2015........44
Table 19 North America, Top Offshore Lease Holders, 2009 ........45
Table 20 South and Central America Offshore Drilling Expenditure ($ Bn),
2000-2015 ........47
Table 21 South and Central America Offshore Exploratory Drilling Expenditure
($ Bn), 2000-2015 ........48
Table 22 South and Central America Offshore Development Drilling Expenditure
($ Bn), 2000-2015 ........50
Table 23 South and Central America, Major Offshore Oil and Gas Projects,
2010-2015 ........51
Table 24 South and Central America, Top Offshore Lease Holders, 2009 ........53
Table 25 Europe Offshore Drilling Expenditure ($ Bn), 2000-2015 ........55
Table 26 Europe Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 .......56
Table 27 Europe Offshore Development Drilling Expenditure ($ Bn), 2000-2015 ....58
Table 28 Europe, Major Offshore Oil and Gas Projects, 2010-2015 ........59
Table 29 Europe, Top Offshore Lease Holders, 2009 ........61
Table 30 Middle East and Africa Offshore Drilling Expenditure ($ Bn),
2000-2015 ........63
Table 31 Middle East and Africa Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........64
Table 32 Middle East and Africa, Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........66
Table 33 Middle East and Africa, Major Offshore Oil and Gas Projects,
2010-2015 ........67
Table 34 Middle East and Africa, Top Offshore Lease Holders, 2009 ........69
Table 35 Asia Pacific Offshore Drilling Expenditure ($ Bn), 2000-2015 ........71
Table 36 Asia Pacific Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........73
Table 37 Asia Pacific Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........74
Table 38 Major Offshore Oil and Gas Projects in Asia Pacific, 2010-2015 ........75
Table 39 Asia Pacific Top Offshore Lease Holders, 2009 ........77

List of Figures
Figure 1 Crude Oil Price, Brent and WTI, Natural Gas Price, Henry Hub, December
2008 –January 2010 ........19
Figure 2 Oil & Gas Expenditure ($ Bn), 2005–2009 ........21
Figure 3 Merger & Acquisitions and Asset Transaction Activity in the Offshore Drilling
Industry ($ M), 2007 – 2009 ........28
Figure 4 Global, Offshore Drilling Expenditure ($ Bn), 2000-2015 ........30
Figure 5 Global, Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 .......32
Figure 6 Global, Offshore Development Drilling Expenditure ($ Bn), 2000-2015 ....33
Figure 7 Global Offshore Drilling Industry, Competitive Analysis, 2009 ........35
Figure 8 North America, Offshore Drilling Expenditure ($ Bn), 2000-2015 ........40
Figure 9 North America, Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........42
Figure 10 North America, Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........43
Figure 11 North America, Top Offshore Lease Holders, 2009 ........45
Figure 12 South and Central America Offshore Drilling Expenditure ($ Bn),
2000-2015 ........46
Figure 13 South and Central America Offshore Exploratory Drilling Expenditure
($ Bn), 2000-2015 ........48
Figure 14 South and Central America Offshore Development Drilling Expenditure
($ Bn), 2000-2015 ........49
Figure 15 South and Central America, Top Offshore Lease Holders, 2009 ........52
Figure 16 Europe Offshore Drilling Expenditure ($ Bn), 2000-2015 ........54
Figure 17 Europe Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 .......56
Figure 18 Europe Offshore Development Drilling Expenditure ($ Bn), 2000-2015 ....57
Figure 19 Europe, Top Offshore Lease Holders, 2009 ........60
Figure 20 Middle East and Africa Offshore Drilling Expenditure ($ Bn),
2000-2015 ........62
Figure 21 Middle East and Africa Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........64
Figure 22 Middle East and Africa Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........65
Figure 23 Middle East and Africa, Top Offshore Lease Holders, 2009 ........68
Figure 24 Asia Pacific Offshore Drilling Expenditure ($ Bn), 2000-2015 ........71
Figure 25 Asia Pacific Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........72
Figure 26 Asia Pacific Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........74
Figure 27 Asia Pacific Top Offshore Lease Holders, 2009 ........76
Figure 28 Research Methodology, 2010 ........78

4 Key trends and challenges in the offshore drilling industry

4.1 Key drivers of the offshore drilling industry :

4.1.1 Growth in oil and gas demand in the long term and the
increase in the offshore oil and gas production are driving the
growth of the offshore drilling industry
:

The global demand for oil and gas witnessed a decrease in
late 2008 and 2009 due to the global economic slowdown.
However, with the expected recovery of the global economy
led by emerging economies of India and China, the demand
for oil and gas is likely to recover in 2010. Further,
corresponding to the global economic growth, the demand
for oil and gas is also expected to continue to increase in
the future. This will result in a corresponding increase in the
production, especially from the offshore regions. With the
global crude oil and natural gas demand not expected to
subside and the onshore reserves facing depletion, the
offshore crude oil and natural gas production is only
expected to increase in the future. The global offshore oil
and gas industry is expected to continue to increase in the
future. The global offshore crude oil production was XX
million barrels and the global offshore natural gas
production was XX bcf in 2008. With a positive outlook
and the continuing growth of the offshore industry, the
global offshore crude oil production is expected to increase
to XX million barrels by 2015. The global offshore natural
gas production is expected to increase to XX bcf by 2011.
This increase in offshore production is expected to be a key
driver of the growth of the offshore drilling industry in the
future.

4.1.2 The shift in investment to new and emerging offshore
regions such as Asia and Brazil is driving the growth of
offshore drilling on these regions
:

In recent years, new and emerging offshore areas in Brazil,
Asia and West Africa have attracted increasing investments.
The offshore areas in the US Gulf of Mexico and the North
Sea in Europe were the hotspots for investment in the last
decade. However, the recent discoveries of offshore fields
with huge reserves in various other regions of the world has
started a shift in investments from mature regions such as
the North Sea to nascent offshore areas in Brazil, West
Africa and Asian countries such as China and Vietnam.

4.1.3 Increasing trend towards deep and ultra deep
water exploration and production is driving the growth of
the offshore drilling industry
:

In recent years, there has been an increasing trend
towards deep and ultra deep water exploration. With the
decline in the available resources in the onshore areas,
there has been a marked shift towards increased
offshore exploration. Initially, the offshore exploration
was mainly in shallow waters. However, in recent years,
with the near complete exploitation of the shallow water
resources worldwide, companies have begun drilling
deeper in the oceans.

9 Middle East and Africa offshore drilling expenditure forecasts to 2015 :

West Africa has some of the most promising areas for
offshore oil and gas exploration and the recent
discoveries of subsalt reserves are only expected to
add to the attractiveness of the region for increased
drilling expenditure.

West Africa is one of the world’s emerging offshore
regions. There have been huge discoveries in recent
years which have increased the attractiveness of the
region for exploration and production companies. The
West African region is expected to drive the offshore
drilling expenditure in the years ahead. On the other
hand, there has been relatively little offshore activity
in the Middle East region.

9.1 The Middle East and Africa drilling expenditure forecasts to 2015 :

In recent years, Africa has emerged as one of the major
regions for offshore oil and gas exploration and
development. West Africa, which includes Angola,
Nigeria, Equatorial Guinea and Côte d’Ivoire, is an
important emerging region in the global offshore oil and
gas industry and has combined reserves of XX mmboe.
New offshore fields and the desire of many governments
to develop the rich petroleum resources in the region has
led to the increase in production and thereby an
increase in the drilling activity in recent years. With the
region’s governments keen to capitalize on their oil and
gas resources, the region is expected to continue to
attract huge investments in offshore exploration and
development activity in the future. The Middle East
region, which has  enormous onshore reserves, also
has considerable offshore potential. About XX million
barrels of oil were produced from the Middle East region
in 2000, which increased to XX million barrels in 2008.
With the increased prospects in offshore areas,
especially in West Africa, exploration and production
activity is expected to increase thereby attracting
investments in drilling in the future.

According to research’s estimates, the offshore drilling
expenditure in the Middle East and Africa was more
than $XX billion during the period from 2000 to 2008.
This is expected to increase to more than $XX billion
during the period from 2009 to 2015 with West Africa
accounting for a major share. West Africa has some
of the most promising areas for offshore oil and gas
exploration and the recent discoveries of subsalt
reserves are only expected to add to the attractiveness
of the region for increased drilling expenditure. Along
with Brazil, the West African region is expected to be
a high growth market for offshore drilling.

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The Future of the Offshore Drilling Industry to 2015 - Research Report
Worldoils Oil, Gas and Offshore Marketplace    
Worldoils Oil, Gas and Offshore Marketplace

Equipment ID   : 882
Equipment name   : The Future of the Offshore Drilling Industry to 2015 - Research Report
Category   : Research Reports
 
Specifications  :

Name of the Report :
The Future of the Offshore Drilling Industry to 2015

Publication date : February 2010

Global offshore drilling market has experienced a slowdown in
2009 following the hectic activity witnessed in the previous years.
The growth of the offshore drilling market is being driven by high
demand and the prices of crude oil and natural gas. The increase
in the demand for oil and natural gas due to the high economic
growth during the period from 2004 to 2008 was responsible for
the continuous increase of crude oil and natural gas prices until
mid 2008. The demand for oil and gas and the sustained high
prices stimulated increased activity in the offshore drilling market.

However, since the economic slowdown and the collapse of the
oil and gas prices from record levels of 2008, many of the offshore
projects have become uneconomical and have since been delayed
or cancelled. This is because the offshore drilling expenditure is
directly dependent on the exploration and production capital
spending of the international oil companies, national oil companies
and independent producers. The tight credit situation and an
uncertain outlook for the oil and gas global demand have affected
the capital expenditure plans of the exploration and production
companies. These factors had a negative effect on the offshore
drilling spend in 2009. However, future outlook for offshore drilling is
encouraging and the expenditure is expected to steadily increase
to 2015.

Global offshore drilling expenditure is expected to grow to more than
$XX billion in the period from 2009 to 2015
:

The global offshore drilling expenditure has increased in recent years
especially during the period from 2004 to 2008. According to
research’s estimates, approximately $XX billion was spent on offshore
drilling from 2000 to 2008. The regions accounting for the major
share of the spending were the US Gulf of Mexico
(USGOM), West Africa, Brazil and Asia Pacific. The offshore drilling
expenditure peaked in 2007- 2008.

The global drilling expenditure is forecast to grow at an annual average
growth rate of about XX% in the forecast period of 2009 to 2015. The
depletion of the reserves in onshore and shallow waters and the
advancement in seismic and drilling technologies are driving the
increased drilling activities in deepwater offshore regions. This trend
is most visible in the offshore areas of the USGOM, Brazil and West
Africa. The discovery of deep water and subsalt reserves is expected to
drive investments in the sector.

As a result of the increasing demand and the decline of the reserves of
crude oil and natural gas, the prices of crude oil and natural gas are
expected to continue to rise. However, factors such as decreases in
service costs as the offshore regions mature, and advances in
technology leading to increased efficiency and a reduction in extraction
costs, will combine to reduce the total E&P investments. Nonetheless,
the positive factors leading to increases in investments are likely to
outweigh the negative factors, thereby significantly increasing the
offshore drilling expenditure in the future.

Table of Contents
Table of Contents
1 Table of Contents ........6
1.1 List of Tables ........8
1.2 List of Figures ........9
2 The Future of the Offshore Drilling Industry to 2015 ........10
2.1 Report Guidance ........10

3 Introduction To The Offshore Drilling Industry ........12
3.1 Importance of Offshore Oil and Gas Production and Major Offshore
Areas ........13
3.2 Offshore Drilling Industry Structure and the Process of Offshore
Drilling ........14
3.3 Types of Rigs and Support Services ........14
3.3.1 Mobile Bottom Supported Rigs ........15
3.3.2 Floating Rigs ........15
3.3.3 Key Technologies Used As Supporting Mechanisms in Floating
Rigs ......15
3.3.4 Subsea Production and Processing Systems ........16

4 Key Trends And Challenges In The Offshore Drilling Industry ........17
4.1 Key Drivers of the Offshore Drilling Industry ........17
4.1.1 Growth In Oil And Gas Demand In The Long Term And The Increase
In The Offshore Oil And Gas Production are Driving The Growth Of The Offshore
Drilling Industry ........17
4.1.2 The Shift in Investment to New and Emerging Offshore Regions such
as Asia and Brazil is Driving the Growth of Offshore Drilling on these
Regions ........17
4.1.3 Increasing Trend towards Deep and Ultra Deep Water Exploration and
Production is Driving the Growth of the Offshore Drilling Industry ........17
4.1.4 Rapid Technology Advances are a Key Driver of the Development of the
Offshore Drilling Industry ........18
4.2 Major Challenges in The Offshore Drilling Industry ........19
4.2.1 Global Economic Slowdown and Low Commodity Prices are a
Challenge for the Growth of the Offshore Drilling Industry in the Short Term ........19
4.2.2 Decreases in Exploration and Production Capital Expenditure is a
Major Challenge for the Offshore Drilling Contractors ........20
4.2.3 Geopolitical Risks and Terrorist Threats Might Have a Major Impact on the
Offshore Drilling Activities In Particular Countries ........21
4.2.4 Highly Competitive Drilling Industry with Intense Price Competition in
Addition to the Decrease in the Drilling Activity will be a Major Challenge ........22
4.3 Offshore Drilling Units Planned and Under Construction ........22
4.4 Mergers and Acquisitions in the Global Offshore Drilling Industry ........27

5 Global Offshore Drilling Expenditure Forecasts To 2015 ........29
5.1 Global Offshore Drilling Expenditure Forecasts To 2015 ........29
5.2 Global Exploratory and Development Drilling Expenditure ........31
5.3 Competitive Analysis of the Offshore Drilling Industry, 2009 ........34
5.3.1 Competitive Structure ........34
5.3.2 Market Share Analysis of the Global Offshore Drilling Industry,
2009 .......34
5.4 Profiles of the Major Offshore Drilling Contractors ........35
5.4.1 Transocean Ltd ........35
5.4.2 Noble Corporation ........36
5.4.3 Diamond Offshore Drilling ........37
5.4.4 Ensco International ........37
5.4.5 Seadrill ........38

6 North America Offshore Drilling Expenditure Forecasts To 2015 ........40
6.1 North America Drilling Expenditure Forecasts To 2015 ........40
6.2 North America Exploratory Drilling Expenditure ........41
6.3 North America Development Drilling Expenditure ........42
6.4 Major Offshore Oil and Gas Projects In North America ........44
6.5 Exploration and Production Companies’ Offshore Activity in North
America ........44
6.5.1 North America, Top Lease Holders In 2009 ........44

7 South And Central America Offshore Drilling Expenditure Forecasts
To 2015 ........46
7.1 South and Central America Drilling Expenditure Forecasts To
2015 ........46
7.2 South and Central America Exploratory Drilling Expenditure ........47
7.3 South and Central America Development Drilling Expenditure ........49
7.4 Major Offshore Oil and Gas Projects in South and Central America ........50
7.5 Offshore Activity of the Exploration and Production Companies in South
and Central America ........51
7.5.1 South and Central America, Top Lease Holders In 2009 ........51

8 Europe Offshore Drilling Expenditure Forecasts To 2015 ........54
8.1 Europe Drilling Expenditure Forecasts To 2015 ........54
8.2 Europe Exploratory Drilling Expenditure ........55
8.3 Europe Development Drilling Expenditure ........57
8.4 Major Offshore Oil and Gas Projects in Europe ........58
8.5 Offshore Activity of Exploration and Production Companies in
Europe .....59
8.5.1 Europe, Top Lease Holders in 2009 ........59

9 Middle East And Africa Offshore Drilling Expenditure Forecasts To
2015 ........62
9.1 The Middle East and Africa Drilling Expenditure Forecasts to
2015 ........62
9.2 The Middle East and Africa Exploratory Drilling Expenditure ........63
9.3 The Middle East and Africa Development Drilling Expenditure ........65
9.4 Major Offshore Oil and Gas Projects in the Middle East and Africa ........66
9.5 Offshore Exploration and Production Activity in the Middle East And
Africa ........68
9.5.1 Middle East and Africa, Top Lease Holders in 2009 ........68

10 Asia Pacific Offshore Drilling Expenditure Forecasts To 2015 ........70
10.1 Asia Pacific Drilling Expenditure Forecasts To 2015 ........70
10.2 Asia Pacific Exploratory Drilling Expenditure ........72
10.3 Asia Pacific Development Drilling Expenditure ........73
10.4 Major Offshore Oil and Gas Projects in Asia Pacific ........74
10.5 Offshore Exploration and Production Activity in Asia Pacific ........75
10.5.1 Asia Pacific, Top Lease Holders in 2009 ........75

List of Tables
Table 1 Global, Oil & Gas Spending ($ Bn), 2005-2009 ........21
Table 2 Global, Semi-Submersibles Under Construction to 2012 ........23
Table 3 Global, Drillships Under Construction to 2012 ........24
Table 4 Global, Jackup Rigs Under Construction to 2012 ........26
Table 5 Merger & Acquisitions and Asset Transaction Activity in the Offshore
Drilling Industry ($ M), 2007 – 2009 ........28
Table 6 Global, Offshore Drilling Expenditure ($ Bn), 2000-2015 ........30
Table 7 Global, Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 .......32
Table 8 Global, Offshore Developmental Drilling Expenditure ($ Bn),
2000-2015 ........33
Table 9 Global Offshore Drilling Industry, Competitive Analysis, 2009 ........35
Table 10 Transocean Ltd., Key Statistics, 2008 ........36
Table 11 Noble Corporation, Key Statistics, 2008 ........37
Table 12 Diamond Offshore Drilling., Key Statistics, 2008 ........37
Table 13 Ensco International. Key Statistics, 2008 ........38
Table 14 Seadrill Limited. Key Statistics, 2008 ........38
Table 15 North America, Offshore Drilling Expenditure ($ Bn), 2000-2015 ........41
Table 16 North America, Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........42
Table 17 North America, Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........43
Table 18 North America, Major Offshore Oil and Gas Projects, 2010-2015........44
Table 19 North America, Top Offshore Lease Holders, 2009 ........45
Table 20 South and Central America Offshore Drilling Expenditure ($ Bn),
2000-2015 ........47
Table 21 South and Central America Offshore Exploratory Drilling Expenditure
($ Bn), 2000-2015 ........48
Table 22 South and Central America Offshore Development Drilling Expenditure
($ Bn), 2000-2015 ........50
Table 23 South and Central America, Major Offshore Oil and Gas Projects,
2010-2015 ........51
Table 24 South and Central America, Top Offshore Lease Holders, 2009 ........53
Table 25 Europe Offshore Drilling Expenditure ($ Bn), 2000-2015 ........55
Table 26 Europe Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 .......56
Table 27 Europe Offshore Development Drilling Expenditure ($ Bn), 2000-2015 ....58
Table 28 Europe, Major Offshore Oil and Gas Projects, 2010-2015 ........59
Table 29 Europe, Top Offshore Lease Holders, 2009 ........61
Table 30 Middle East and Africa Offshore Drilling Expenditure ($ Bn),
2000-2015 ........63
Table 31 Middle East and Africa Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........64
Table 32 Middle East and Africa, Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........66
Table 33 Middle East and Africa, Major Offshore Oil and Gas Projects,
2010-2015 ........67
Table 34 Middle East and Africa, Top Offshore Lease Holders, 2009 ........69
Table 35 Asia Pacific Offshore Drilling Expenditure ($ Bn), 2000-2015 ........71
Table 36 Asia Pacific Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........73
Table 37 Asia Pacific Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........74
Table 38 Major Offshore Oil and Gas Projects in Asia Pacific, 2010-2015 ........75
Table 39 Asia Pacific Top Offshore Lease Holders, 2009 ........77

List of Figures
Figure 1 Crude Oil Price, Brent and WTI, Natural Gas Price, Henry Hub, December
2008 –January 2010 ........19
Figure 2 Oil & Gas Expenditure ($ Bn), 2005–2009 ........21
Figure 3 Merger & Acquisitions and Asset Transaction Activity in the Offshore Drilling
Industry ($ M), 2007 – 2009 ........28
Figure 4 Global, Offshore Drilling Expenditure ($ Bn), 2000-2015 ........30
Figure 5 Global, Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 .......32
Figure 6 Global, Offshore Development Drilling Expenditure ($ Bn), 2000-2015 ....33
Figure 7 Global Offshore Drilling Industry, Competitive Analysis, 2009 ........35
Figure 8 North America, Offshore Drilling Expenditure ($ Bn), 2000-2015 ........40
Figure 9 North America, Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........42
Figure 10 North America, Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........43
Figure 11 North America, Top Offshore Lease Holders, 2009 ........45
Figure 12 South and Central America Offshore Drilling Expenditure ($ Bn),
2000-2015 ........46
Figure 13 South and Central America Offshore Exploratory Drilling Expenditure
($ Bn), 2000-2015 ........48
Figure 14 South and Central America Offshore Development Drilling Expenditure
($ Bn), 2000-2015 ........49
Figure 15 South and Central America, Top Offshore Lease Holders, 2009 ........52
Figure 16 Europe Offshore Drilling Expenditure ($ Bn), 2000-2015 ........54
Figure 17 Europe Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 .......56
Figure 18 Europe Offshore Development Drilling Expenditure ($ Bn), 2000-2015 ....57
Figure 19 Europe, Top Offshore Lease Holders, 2009 ........60
Figure 20 Middle East and Africa Offshore Drilling Expenditure ($ Bn),
2000-2015 ........62
Figure 21 Middle East and Africa Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........64
Figure 22 Middle East and Africa Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........65
Figure 23 Middle East and Africa, Top Offshore Lease Holders, 2009 ........68
Figure 24 Asia Pacific Offshore Drilling Expenditure ($ Bn), 2000-2015 ........71
Figure 25 Asia Pacific Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 ........72
Figure 26 Asia Pacific Offshore Development Drilling Expenditure ($ Bn),
2000-2015 ........74
Figure 27 Asia Pacific Top Offshore Lease Holders, 2009 ........76
Figure 28 Research Methodology, 2010 ........78

4 Key trends and challenges in the offshore drilling industry

4.1 Key drivers of the offshore drilling industry :

4.1.1 Growth in oil and gas demand in the long term and the
increase in the offshore oil and gas production are driving the
growth of the offshore drilling industry
:

The global demand for oil and gas witnessed a decrease in
late 2008 and 2009 due to the global economic slowdown.
However, with the expected recovery of the global economy
led by emerging economies of India and China, the demand
for oil and gas is likely to recover in 2010. Further,
corresponding to the global economic growth, the demand
for oil and gas is also expected to continue to increase in
the future. This will result in a corresponding increase in the
production, especially from the offshore regions. With the
global crude oil and natural gas demand not expected to
subside and the onshore reserves facing depletion, the
offshore crude oil and natural gas production is only
expected to increase in the future. The global offshore oil
and gas industry is expected to continue to increase in the
future. The global offshore crude oil production was XX
million barrels and the global offshore natural gas
production was XX bcf in 2008. With a positive outlook
and the continuing growth of the offshore industry, the
global offshore crude oil production is expected to increase
to XX million barrels by 2015. The global offshore natural
gas production is expected to increase to XX bcf by 2011.
This increase in offshore production is expected to be a key
driver of the growth of the offshore drilling industry in the
future.

4.1.2 The shift in investment to new and emerging offshore
regions such as Asia and Brazil is driving the growth of
offshore drilling on these regions
:

In recent years, new and emerging offshore areas in Brazil,
Asia and West Africa have attracted increasing investments.
The offshore areas in the US Gulf of Mexico and the North
Sea in Europe were the hotspots for investment in the last
decade. However, the recent discoveries of offshore fields
with huge reserves in various other regions of the world has
started a shift in investments from mature regions such as
the North Sea to nascent offshore areas in Brazil, West
Africa and Asian countries such as China and Vietnam.

4.1.3 Increasing trend towards deep and ultra deep
water exploration and production is driving the growth of
the offshore drilling industry
:

In recent years, there has been an increasing trend
towards deep and ultra deep water exploration. With the
decline in the available resources in the onshore areas,
there has been a marked shift towards increased
offshore exploration. Initially, the offshore exploration
was mainly in shallow waters. However, in recent years,
with the near complete exploitation of the shallow water
resources worldwide, companies have begun drilling
deeper in the oceans.

9 Middle East and Africa offshore drilling expenditure forecasts to 2015 :

West Africa has some of the most promising areas for
offshore oil and gas exploration and the recent
discoveries of subsalt reserves are only expected to
add to the attractiveness of the region for increased
drilling expenditure.

West Africa is one of the world’s emerging offshore
regions. There have been huge discoveries in recent
years which have increased the attractiveness of the
region for exploration and production companies. The
West African region is expected to drive the offshore
drilling expenditure in the years ahead. On the other
hand, there has been relatively little offshore activity
in the Middle East region.

9.1 The Middle East and Africa drilling expenditure forecasts to 2015 :

In recent years, Africa has emerged as one of the major
regions for offshore oil and gas exploration and
development. West Africa, which includes Angola,
Nigeria, Equatorial Guinea and Côte d’Ivoire, is an
important emerging region in the global offshore oil and
gas industry and has combined reserves of XX mmboe.
New offshore fields and the desire of many governments
to develop the rich petroleum resources in the region has
led to the increase in production and thereby an
increase in the drilling activity in recent years. With the
region’s governments keen to capitalize on their oil and
gas resources, the region is expected to continue to
attract huge investments in offshore exploration and
development activity in the future. The Middle East
region, which has  enormous onshore reserves, also
has considerable offshore potential. About XX million
barrels of oil were produced from the Middle East region
in 2000, which increased to XX million barrels in 2008.
With the increased prospects in offshore areas,
especially in West Africa, exploration and production
activity is expected to increase thereby attracting
investments in drilling in the future.

According to research’s estimates, the offshore drilling
expenditure in the Middle East and Africa was more
than $XX billion during the period from 2000 to 2008.
This is expected to increase to more than $XX billion
during the period from 2009 to 2015 with West Africa
accounting for a major share. West Africa has some
of the most promising areas for offshore oil and gas
exploration and the recent discoveries of subsalt
reserves are only expected to add to the attractiveness
of the region for increased drilling expenditure. Along
with Brazil, the West African region is expected to be
a high growth market for offshore drilling.

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publisher delivers will be based on information gathered in good faith from both primary
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As such the publisher accept no liability whatever for actions taken based on any
information that may subsequently prove to be incorrect.

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Search words (for official use only) :
The Future of the Offshore Drilling Industry to 2015
Market Analysis, Capital Spend and Competitive Landscape
Global Offshore Drilling Expenditure
Structure and the Process of Offshore Drilling
Subsea Production and Processing Systems
Global, Oil & Gas Spending

Major Offshore Oil and Gas Projects
Asia Pacific Offshore Development Drilling Expenditure
Key Trends And Challenges In The Offshore Drilling Industry
Middle East And Africa Offshore Drilling Expenditure Forecasts
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