The World Offshore Drilling Spend Forecast 2009-2013

lickforkabsorbingOil and Offshore

Nov 8, 2013 (3 years and 11 months ago)

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energy business analysts
www.douglas-westwood.com
The definitive drilling report
This unique report provides an essential and complete
overview of the technology and future prospects for the
offshore drilling business. It reviews and forecasts the
world market by region and type of activity. By the number
of wells being drilled and by the investment capital that will
be required to fulfill this activity.
Offshore technology
The report analyses the current state of the drilling industry.
Suitable for readers of all backgrounds it presents a detailed
historical and current review of offshore drilling technology,
discussing traditional and new techniques as well as the
commercial impact these may have on the development of
the drilling industry over the next few years.
Global drilling
Drilling is forecast to rise 7% over the period 2009-2013
compared with the period 2004-2008, despite a sharp
decline in 2009. Approximately 18,300 offshore wells were
drilled globally over the last five years. From 2000 to 2003
numbers had declined but they picked up again in 2004 as
prices rose with activity and the oil price, reaching a peak
in 2007, before dropping slightly in 2008. The forecast for
2009-2013 is of a decline in 2009, followed by consistently
rising numbers including a sharp jump in 2011, to reach
around 19,600 over the five year period. Well drilling
numbers and types are discussed for every country in the
world with offshore projects and potential projects. The
regional drilling forecasts are presented in table and chart
form in a clear and accessible format.
Spends by sector
In 2008 rigs are estimated to have represented an average
of 37% of total well costs in that year, much the same as
2007, of which 42% was spent on semi-submersibles, 35%
on jackups and somewhat less on the remainder. A little
under 40% of rig costs were used to drill deep water wells,
unchanged from 2007 after a 25% jump in that year.

The World Offshore Drilling Spend
Forecast 2009-2013
Global rig spends had been increasing dramatically since
2004 both as a proportion of well costs related to deep
water drilling increases (where the rig costs command a
greater proportion of total costs) and due to inflationary
effects. However, spends stabilised in 2008 and are
expected to decline in 2009, followed by a slow and then
faster resurgence from 2010.

Formulated costs for different types of well are detailed in the
report, subdivided into the rig, engineering, geoscience and
support sectors, then further subdivided into individual cost
elements for key offshore drilling services over the period.
Extensive forecasts
Spending is forecast to rise 32% over the period 2009-
2013 compared with 2004-2008 despite reduced spending
in 2009 and 2010. Approximately $278bn was spent
globally over the last five years on offshore drilling. In 2002
and 2003 amounts were flat but began to pick up in 2004
as prices rose with activity and the oil price. They surged
in 2005, 2006 and 2007 but rose only slightly in 2008. The
forecast for 2009-2013 is of lower spends in the first two
years followed by a return to previous levels of growth, to
reach around $367bn over the five year period. In view of
the smaller rise in drilling numbers, much of this spending
can be ascribed to increased costs both as a result of more
expensive well types and general inflation in later years.

‘The World Offshore Drilling Spend Forecast 2009-2013’
provides essential information for decision-makers in oil
and gas companies and in the contracting and supply
industries, and is an invaluable asset for government
departments and financial institutions involved in strategy
formulation and valuation.
An acclaimed series
‘The World Offshore Drilling Spend Forecast 2009-
2013’ is the latest in a series of business studies used
by organisations in over 50 countries. These include oil
majors, investment banks, contractors & governments.
© Statoil

Forecasts

Technologies

World Markets
e: publications@dw-1.com
Contents
• Summary & Conclusions - an executive overview of
the study including regional drilling summary, sector
spend summary and regional spend summary.
• The Foundations of Offshore Drilling - an introduction
including definitions, offshore well history, rig
developments through the last 50 years and market
drivers.
• Drilling Technology Review - an overview of the
technological developments that have impacted and will
impact the offshore drilling business, including review of:
exploration, appraisal & development wells; rotary drilling
procedures; all the services used on a well.
• Regional Drilling Review - a region by region
examination of major offshore drilling projects globally;
actual and potential, with regional summaries of shallow &
deepwater drilling numbers from 2004 to 2013;
exploratory & development drilling with comparisons
of each.
• Drilling Spend by Sector & Technology - describing
the expenditure model, price movements, drilling days,
rig costs, engineering costs (drilling fluids, bits, directional
& LWD service rates, casing & cementing, rents
& materials, general engineering services and testing,
completion or abandonment) geoscience costs (mud and
electric logging and other geoscience services), support
costs; all subdivided into shallow and deepwater
sector spends.
• Regional Spending Review - capital expenditure forecasts
for offshore drilling over the period 2009-2013 including
historic estimates from the period 2004-2008. Results are
presented by region and by sector (global, shallow & deep
exploratory, shallow & deep development).
• Improved Drilling Technologies - a review of the
newest drilling techniques, procedures, materials and
tools and how they are developing.
The World Offshore Drilling Spend
Forecast 2009-2013
“ We find the report to be of
great help for us to understand
the markets and associated
technologies ”
- Shipowner (Greece)
“ A ground-breaking report ”

- Offshore Engineer (UK)
“ Rapidly becoming our company
bible on the sector ”

- Oil major (Europe)

ISBN 1-905183-43-7
No. of pages: 185+
No. of charts/figures: 95
No. of tables: 20
energy business analysts
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