Market Research Report :
Offshore Drilling Industry in the Americas to 2015 -
New Deepwater Discoveries and Stringent Offshore
Regulations Affecting the Future Industry Outlook

 Offshore Drilling Industry in the US is Expected to be Temporarily Hampered Due to the New US Offshore Drilling Moratorium 

On July 12th, 2010, the Department of the Interior of the Obama-led US administration issued a new, conditional moratorium on deepwater offshore drilling, not based on water depth criteria as in the previous moratorium, but based on stringent safety standards to be followed by offshore exploration operators, drilling contractors, equipment providers, and oilfield service companies to ensure safe, accident-free and environmentally friendly drilling activity in the future. Apart from new safety regulations, the new moratorium will allow time to examine the spill response capabilities of exploration companies to ensure the minimum possible damage to ecology in the vicinity of the drilling area. New penalty tax laws on oil spills are expected to be introduced in the wake of the offshore drilling moratorium.

The six-month moratorium will also wipe out thousands of jobs and millions of dollars of income from the offshore drilling business.

 Growth in Oil and Gas Demand in the Long Term and Increase in Offshore Oil and Gas Production are Driving the Growth of the Offshore Drilling Industry

The global demand for oil and gas decreased in late 2008 and 2009 due to the global economic slowdown. However, with the expected recovery of the global economy led by the emerging economies of India and China, the demand for oil and gas is likely to recover in 2010. This will result in a corresponding increase in 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.

 Offshore Drilling Expenditure in the Americas is Expected to Continue to Increase to 2015 After a Dip in the Previous Two Years

Recent exploration attempts in the search for oil and gas reserves in Suriname, the Falkland Islands, Uruguay, Cuba, Peru and Ecuador have indicated the potential oil and gas reserves and offshore drilling investment potential in these countries. Intense shallow water activity off the South and Central American coasts are expected in the period 2010-15, as a result of previous as well as expected exploration investments off the coasts of Brazil, Mexico, Trinidad and Tobago, Venezuela, and newer regions such as Falkland Islands and Suriname.

This is taken from the report 'Offshore Drilling Industry in the Americas 2015 -
New Deepwater Discoveries and Stringent Offshore Regulations Affecting the Future Industry Outlook' Published in August 2010.

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The details mentioned above are believed to be accurate but are not guaranteed.

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