MONTE CARLO-- Total offshore spend is forecast to grow from $260 billion in 2008 to $360 billion in 2013, according to John Westwood. Westwood, in his industry forecast at the opening plenary at DOT in Monaco on Tuesday, Nov. 3, says the world will increasingly rely on offshore and deepwater.
Oil production from deepwater, one of the cheapest sources of liquid fuels, Westwood explains, is expected to exceed 10 MMb/d by 2015. Deepwater wells will account for 61% of total wells by 2015, and the deepwater FPS market is estimated to be $30 billion over the period 2010-2014. Meanwhile, Westwood forecasts the FLNG sector will grow to about $23 billion over the period 2010-2016.