Atlantic region to maintain dominance of deepwater capex

Offshore staff

CANTERBURY, UK – Douglas-Westwood’s latest report forecasts global deepwater capex of $223 billion over the next five years.

Report author Rachel Stonehouse said Latin America, Gulf of Mexico, and West Africa will continue to dominate deepwater expenditure during 2013-2017.

“Brazil is likely to experience substantial growth, exceeding Africa’s deepwater expenditure toward the end of the forecast period, with activity driven by Petrobras’ development of its presalt Campos and Santos fields.

“Despite the delays caused by nations’ local content requirements and geopolitical disputes, significant investment will occur in the Golden Triangle, whilst some regions with historically small deepwater activity will experience astounding growth over the next five years. However, continuing technological advances and increased cost-efficiency will be required to ensure the viability of future prospects in both existing and new deepwater provinces.

“Recent discoveries in East Africa will be developed toward the end of the decade and West African presalt also shows longer-term potential. Furthermore, barriers to financing are being reduced as markets show signs of recovery. The bottom line is an extremely positive outlook for the deepwater industry, with even more projects coming to fruition beyond the report’s forecast period.”

2/8/2013

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