A new global deepwater market analysis by energy analyst Douglas-Westwood forecasts $225 billion to be spent in the period 2011-2015. That figure represents an increase of $7 billion in their previous forecast.
With Petrobras announcing that it will invest $53 billion in the development of its pre-salt reserves as part of its five year budget plan, the outlook for the Brazilian deepwater market looks particularly strong, the analysts say. Hence the increased forecast.
In the July 2011 update of the Deepwater Service, they estimate that around $61 billion will be spent on deepwater fields in Latin America over 2011-2015.
"A significant proportion of this forecast capex will come from the drilling and completion of over 470 subsea wells as well as the installation of numerous floating production platforms," the analysts say.
Douglas-Westwood also sees signs that over the last three months the North American deepwater market has begun to recover. Santiago, the first drilling permit issued after the Gulf moratorium, proved a commercial success for operator Noble Energy. Production from this field, along with nearby Santa Cruz and Isabela prospects, is expected from early 2012. The development of the Tubular Bells field is also progressing, with operator Hess Oil choosing a Williams' Gulfstar spar design with topsides sourced from Gulf Island Fabrication. Start-up is currently scheduled for 2014.
Operators featured at DOT
The Deep Offshore Technology (DOT) International conference in New Orleans Oct. 11-13 will include presentations from industry leaders on the world's most high-profile deepwater projects and technological advancements.
|The Deep Offshore Technology (DOT) International conference Is scheduled Oct. 11-13 in New Orleans.|
The opening day will host a series of presentations from operating company executives involved in high-profile deepwater projects: Perdido, Cascade/Chinook, Jubilee, and Who Dat. The Opening Plenary Session will conclude with an industry forecast, presented by Steven R. Kopits, managing director, Douglas Westwood.
An extensive list of international and national operating companies will give presentations in DOT's three-day conference program. These include:
• Chevron's Dr. Ming-Yao Lee, presenting "Dry Tree Alternatives for Drilling and Production in Ultra-Deepwater Gulf of Mexico"
• CNOOC's Dr. Qingping Li, presenting "Flow Assurance Challenges the Development of the Deepwater Gas Field"
• Shell's Daniel Nunez, presenting "Evaluation of Alternatives for Disposal and Monetization of Associated Natural Gas – Offshore Deepwater Brazil"
• Total's Edouard Thibaut, presenting "Electrical Transmission and Distribution for Subsea Compression and Subsea Pumping"
• ConocoPhillips' Michael Choi, presenting "Innovative Well Test System for GoM Deepwater"
• ENI's Engr. Stefano Magi, presenting "Marginal Deepwater Developments: Innovative Engineerig Approach Makes it Possible."
A new addition to DOT in 2011 is the Offshore Risk Management Forum, which focuses on political and regulatory considerations, drilling safety, contract risk and insurance issues, and effective crisis management. The oil and gas industry's foremost experts will gather for a one-day series of panel discussions covering the changing landscape of regulatory and political risk, operational risk, contract risk, and other forms of risk specific to the offshore industry.
For more information on Deep Offshore Technology International Conference & Exhibition 2011, please visithttp://www.deepoffshoretechnology.com.
NOV gets $1.5 billion order
Brazilian shipyard Estaleiro Atlantico Sul (EAS) has contracted National Oilwell Varco Inc. to supply drilling equipment packages for seven drillships at a value of more than $1.5 billion, the company reports. The packages include drilling riser and pressure controls.
NOV says this is its largest single order in its 150-year history. "We are pleased to have been selected as the drilling equipment supplier for this prominent project, and excited to work with one of Brazil's premier shipyard companies, EAS," said Pete Misser, chairman and CEO of National Oilwell Varco. "Brazil's extraordinary deepwater discoveries of the past several years have transformed it into one of the most significant offshore markets we serve, and one we expect to continue to grow."
Formation testing services
Baker Hughes has introduced the next generation of its Reservoir Characterization eXplorer (RCX) and In-situ Fluids eXplorer (IFX) formation testing services. According to the company, used jointly, the services accurately characterize fluid properties in real time, eliminating the need for extensive and time-consuming analyses.
Designed primarily for deepwater and high-temperature wells, the IFX service characterizes downhole fluid compositions in real time to allow robust fluid identification, to optimize sample collection, and to provide input to the petrophysical evaluations for early assessments of a reservoir's value, the company says.
Dana contracts Plexus
Plexus Holdings is set to provide its POS-GRIP 10,000-psi (689-bar) wellhead equipment and M2S mudline suspension system to Dana Petroleum. Under an agreement with well services group, Senergy, the equipment will be used initially for one well on the Possum prospect in the UK North Sea. The contract, valued at £0.25 million ($406,000), starts in December, and may be expanded.
Plexus believes it won the contract due to the ease with which its M2S system, which uses the POS-GRIP end fittings at the sea floor, can convert from a mudline suspension system to subsea production from a jackup rig if the exploration well is successful.
This capability means that a surface wellhead, surface BOP and casing riser are employed, eliminating the need for a high-pressure drilling riser or a subsea BOP, with attendant time and cost savings.
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