Offshore Oil & Gas Industry Projections
Offshore oil & gas production is forecast to grow from 39 million barrels oil equivalent (boe) per day in 2004 to 55 million boe by 2015. From providing around 34% of global oil production and 28% of global gas production in 2004, offshore oil and gas are forecast to reach 39% and 34% respectively by 2015. The full costs to explore, develop and operate offshore oil and gas fields, presently some $111 billion per year, are forecast to total $1,440 billion over the next decade. During this time it is estimated that 200 billion boe will be produced. |
The expenditure forecasts in the report are given in 2004 money assuming continued low inflation. It is also assumed that upward cost pressures from inflation and a higher oil price environment will, as in the past, be roughly counter-balanced by downwards cost pressures through improved technology and better cost cutting strategies. Nevertheless, according to report series editor John Westwood, “over the longer term a sustained increase in oil prices is likely as a global energy supply gap develops and real cost increases materialise which could lead to additional expenditure growth.“ |
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