LONDON – The deepwater and ultra-deepwater capex is forecast to grow at about 8% between 2014 and 2018, says Infield Systems.
Infield’s recently released Global Perspectives Deep and Ultra-deepwater Market Report to 2018 sees Brazil as a key driver, cornering 32% of the total deepwater capex during the period. However, there are other driving factors to consider, including FLNG technology, with capex demand expected from FLNG/FPSO projects within the Middle East, Australasia, and Southeast Asia. Offshore Europe deepwater capex should rise, with the possible South Stream pipeline development and Norway's Aasta Hansteen development.
The traditional “deepwater triangle” of West Africa, Latin America, and the Gulf of Mexico will be joined in the forthcoming five years growth in deep and ultra-deepwater development elsewhere in the world. Significant increases in deepwater activity are expected offshore India with developments such as the Krishna-Godavari UD project and the continued development of Reliance’s Dhirubhai fields and offshore Malaysia the Rotan development the PFLNG-2 facility expected to be installed in 2018.
Among operators, the five-year period is expected to see Petrobras' dominance in market share decrease as independent operators such as Anadarko and Noble increase capex. Altogether, Infield Systems expects a total of 81 operators to direct capital expenditure towards the deep and ultra-deepwater sector over the 2014-2018 timeframe; an increase from 55 operators over the previous 2009-2013period.