SUMMARY AND CONCLUSIONS
This report has discussed
- significant new discoveries that open large new geologic plays;
- technological innovations and new concepts (e.g., hydrate potential, impact of loop
currents, and LNG terminals) that may have significant effects on the energy outlook of
- sustained deepwater leasing activity and stabilized average bid amounts per block;
- deepwater leaseholdings of major oil and gas companies compared with nonmajor
companies, showing the increased presence of nonmajor companies;
- future deepwater lease availability and anticipated lease expirations;
- declines in deepwater drilling;
- the progression of exploration activities, and the resulting discoveries, into the ultra-deep
- the extension of development activities and infrastructure, which include subsea wells,
hubs, and pipelines reaching into ever deeper waters;
- the anticipated large deepwater reserve additions, especially when unproved reserves,
known resources, and recent industry-announced discoveries are considered;
- the large increase in average deepwater field sizes when compared with same-year,
- predictions for future large deepwater field discoveries;
- the increasing contribution of deepwater oil and gas production toward total GOM
- the domination by major oil companies in deepwater production, led by Shell and BP;
- the production rates of deepwater wells exceeding those of shallow-water wells by 800
to 2,000 percent.
The remainder of this report combines historical leasing, drilling, development, reserve, and production
data, revealing overall trends in deepwater activity and expectations.
Figure 71 illustrates deepwater projects that began production in 2003 and those expected to commence
production in the next 4 years.
Figure 71. Deepwater projects that began production in 2003 and those expected to begin production by yearend 2007. (Click the image to enlarge)
Twelve deepwater projects began production in 2003, another 13 are
expected to begin in 2004, and many more are expected in the following years.
In addition to the projects
shown in figure 71, many more are likely to come online in the next few years, but are not shown because
operators have not yet announced their plans.
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Cover and Title Page
DRILLING AND DEVELOPMENT
RESERVES AND PRODUCTION
SUMMARY AND CONCLUSIONS
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