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Offshore oil & gas industry spend forecast to surge to $247 billion by 2010

Offshore

Offshore staff

(UK) - Daily offshore oil & gas production, currently standing at around 43 MMboe, is forecast to grow to 53 MMboe in 2010 and drive industry annual expenditure from $193 billion in 2006 to $248 billion by 2010.

The World Offshore Oil and Gas Production & Spend Forecast, a study on the prospects for the offshore oil & gas industry, is published by Douglas-Westwood and based on information in the Energyfiles database.

Speaking at the Offshore Technology Conference in Houston on Monday, Douglas-Westwood's Managing Director John Westwood said, "High oil & gas prices over the period to 2010 will result in continued strong growth in the offshore oil & gas sector.

"Over the next five years we expect annual capital expenditure to increase by 10% from just under $110 billion in 2006 to $120 billion in 2010, but the real star of the show will be the less glamorous operational sector with a forecast growth of 53%, from $83 billion to $127 billion."