Offshore Drilling Industry to 2016 - Rapidly Rising Demand for Hydrocarbons Expected to Boost Offshore Drilling in Ultra-Deepwater and Harsh-weather Environments by GBIResearch

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									    Offshore Drilling Industry to 2016 - Rapidly Rising Demand
     for Hydrocarbons Expected to Boost Offshore Drilling in
        Ultra-Deepwater and Harsh-weather Environments
 Reference Code: GBIGE00053MR                                                                            Publication Date: December 2011


                                     The production from offshore regions accounts for an increasing share of the world’s oil and gas
   The period 2012-2016 for          production. Offshore crude oil production accounts for around 30% or more of the total global crude
   offshore drilling worldwide       oil production. Also, offshore natural gas production accounts for about a quarter of the world’s total
   is expected to be                 natural gas production.
   encouraging considering
   aggressive offshore E&P           In recent decades, the offshore crude oil industry has witnessed consistent growth in production. In
   activity expected in              2000, the annual global crude oil production from offshore resources was 8,700 million barrels
   regions worldwide.                (MMbbl). This is expected to increase by around 20% for the financial year 2011 in terms of annual
                                     production, mainly due to an increase in offshore production from major offshore regions
                                     worldwide, such as the deepwater US Gulf of Mexico, offshore Brazil, offshore Africa, offshore
                                     India, China and Australia, and also in offshore regions in Europe. In the past decade, offshore
                                     drilling activity has picked up pace worldwide, in an increased effort to meet energy needs.
                                     The growth of the offshore drilling market is being driven by high demand and rising prices of crude
                                     oil and natural gas. However, the global offshore drilling market experienced a temporary slowdown
                                     in 2009 as a result of relatively fewer investments by offshore exploration companies in that year,
                                     due to the global financial crisis and the subsequent fall in demand. However, the period 2012-
                                     2016 for offshore drilling worldwide is expected to be encouraging considering aggressive offshore
                                     E&P activity expected in regions worldwide. This is a result of ambitious plans by international oil
                                     companies, national oil companies and governments worldwide to boost the search for fresh
                                     discoveries of hydrocarbons; with the predicted recovery of the industry from the financial
                                     slowdown meaning that drilling expenditure is expected to steadily rise until 2016.
                                     Rising Demand for Hydrocarbons Is Expected to Boost Offshore Drilling in Geographically
   The increasing need for           Challenging and Remote Regions Such as the Arctic Sea
   fresh successful
   discoveries of offshore           The increasing need for fresh successful discoveries of offshore reserves has pushed the global
   reserves has been                 exploration areas to the geographically challenging Arctic regions.
   pushing the global                Recently, the oil and gas regulatory body of Canada, the National Energy Board (NEB) has been
   exploration areas to the          extensively reviewing its safety and environmental norms. Since 2010, NEB has been collaborating
   geographically challenging        with other regulatory bodies, environmental bodies, oil and gas supermajors, and scientists from
   Arctic regions.                   the upstream oil and gas sector in an effort to understand safety, environmental, and probable
                                     technical issues involved in implementing effective, efficient and safe offshore technology for its
                                     exploration and production (E&P) operations in Arctic waters.
                                     In the near future, many exploration companies are expected to commence offshore drilling
                                     operations in the Beaufort Sea as they have purchased exploration rights in these offshore areas.
                                     For instance, Imperial Oil has planned a budget allocation of around $600m for its drilling
                                     operations in Arctic waters. Also, currently, exploratory drilling has already commenced near
                                     Denmark’s offshore areas – a fact that could boost Canadian as well as Russian interests in the
                                     offshore Arctic region.
                                     It should be noted that technology-based findings have indicated that in the event of an oil spill in
                                     the offshore Arctic region, the clean-up procedure would pose significant challenges. There would
                                     be an extremely low level of recovery of leaked hydrocarbons due to the recovery challenges
                                     presented by the conditions: ice-filled waters and sub-zero temperatures which cause moving ice
                                     formations, storms and hurricanes. As a result, any oil spill in the Artic could cause substantial
                                     damage to the ecosystem, besides the monetary losses of any such incident. Any clean-up process
                                     would be time-consuming and dangerous.




Offshore Drilling Industry to 2016 - Rapidly Rising Demand for                                            GBIGE00053MR /Published DEC 2011
Hydrocarbons Expected to Boost Offshore Drilling in Ultra-                                                                                Page 1
Deepwater and Harsh-weather Environments                               © GBI Research. This report is a licensed product and is not to be copied,
                                                                                                       reproduced, shared or resold in any form
                                     Stringent Policies by Regulatory Bodies Are Expected to Better Offshore Drilling Operations
   Rigorous regulatory norms         With Regard to Meticulous Compliance of Environment and Safety Norms
   imposed on offshore
   drilling contractors by           Rigorous regulatory norms imposed on exploration and production (E&P) companies and offshore
   offshore regulatory bodies        drilling contractors by the offshore regulatory bodies of governments worldwide are expected to
   worldwide are expected to         make a positive change in terms of making operational environments safe and environmentally
   make the operational              sensitive in the offshore drilling industry.
   environment safe and              In June 2011, around 3,200 barrels of crude oil and drilling fluids were spilled in the Bohai Bay
   environmentally sensitive.        offshore region in the interior of the Yellow Sea in Northeastern China during exploration and
                                     production operations carried out by oil supermajor ConocoPhillips. Taking a serious note of the
                                     incident, in September 2011, the state-run Oceanic Administration temporarily stalled operations in
                                     the hydrocarbon field and, under pressure from government agencies, is planning to file a lawsuit
                                     against ConocoPhillips demanding penal action against the American E&P major. The move
                                     suggests an aggressive approach has been adopted by the Chinese regulatory agencies as a step
                                     towards enacting and enforcing more stringent policies with regard to maintaining environmental
                                     safety in operations.
                                     Additionally, the Chinese government has called for increased safety checks on all E&P activity
                                     being carried out in offshore China, and has stalled the approval of environmental impact plans for
                                     new wells. Also, E&P companies in China will additionally require companies to re-apply for the
                                     certification of new exploration and production machinery and equipment.
                                     The subsequent rise in regulatory stringency in China could potentially mean a delayed E&P and
                                     offshore drilling activity in the region, thereby reducing hydrocarbon production considerably.
                                     Recently, in September 2011, Michael Bromwich, chief director of the Bureau of Ocean Energy
                                     Management, Regulation and Enforcement (USBOEMRE), stated that the USBOEMRE lacked the
                                     staff to handle the existing workload. Another challenge the USBOEMRE was facing was the
                                     implementation of increasingly stringent and rigorous reviews and analyses of fresh applications for
                                     offshore E&P permits. Despite this, the bureau took sufficient measures to ensure that safety
                                     regulation compliance checks were being carried out before the issuing of drilling permits, and the
                                     body was keeping pace in terms of its speed of processing applications.
                                     The BOEMRE chief also declared that the US government would soon be launching a detailed
                                     procedure designed to strengthen the standards which govern offshore well design and also the
                                     emergency equipment that is used to protect the operations structure. Enhanced drilling safety for
                                     the operating crew as well as environmental protection were the prime objectives of this task.
                                     In October 2011, the newly formed offshore regulatory body of the United States, Bureau of Safety
                                     and Environmental Enforcement issued stringent sanctions against oil supermajor BP Plc and the
                                     major stakeholders involved in the 2010 Deepwater Horizon rig accident and the subsequent loss
                                     of life and environmental damage that occurred as a result of the oil spill.
                                     BP Plc, which was the operator and owner of the Macando well which ruptured to cause the
                                     disaster, was imposed with extremely severe penal sanctions – with reasons ranging from the
                                     failure of those concerned to protect environmental and human health and safety, and also for its
                                     operational failure in the form of its poor well control which caused the accident. Additionally, both,
                                     Deepwater Horizon rig manager Transocean Ltd. which was responsible for the maintenance of the
                                     rig’s blowout preventer, and oilfield services major Halliburton which was responsible for well
                                     cementing operations at the Macando site, are expected to face penalties.
                                     The Deepwater Horizon incident in the US Gulf of Mexico involving the oil supermajor BP and
                                     Transocean, the world’s leading offshore drilling contractor, has provoked countries in the
                                     European region to impose stricter regulations for offshore drilling. Norway, the world’s second
                                     largest gas exporter and sixth largest oil exporter, has already put in some strict safety and
                                     operational requirements and temporarily suspended any new drilling licenses in 2010 until the
                                     cause of the GOM oil spill became clear.
                                     Oil exploration companies seeking fresh discoveries of new reserves in Arctic waters will now be
                                     required to invest in extra protection measures, including heating installations to prevent sea spray
                                     from freezing and better endurance suits for personnel in case of any accidents. Superior
                                     technologies are necessary to help identify leaks on subsea installations, while working expenses
                                     are expected to rise further where waters are deep and oil installations are remote. Norway is
                                     Europe's second largest energy exporter and has some of the world’s toughest safety regulations.




Offshore Drilling Industry to 2016 - Rapidly Rising Demand for                                            GBIGE00053MR /Published DEC 2011
Hydrocarbons Expected to Boost Offshore Drilling in Ultra-                                                                                Page 2
Deepwater and Harsh-weather Environments                               © GBI Research. This report is a licensed product and is not to be copied,
                                                                                                       reproduced, shared or resold in any form
                                     The UK has doubled its annual inspection of drilling rigs to ensure that safety regulations are being
                                     met, and an Oil Spill Prevention and Response Advisory Group reviews the country’s offshore
                                     practices and readiness to respond to a major incident like the US Gulf of Mexico tragedy.
                                     The regulatory administrations of Azerbaijan and Russia are expected to implement stricter
                                     offshore drilling norms and regulations in the wake of the GOM spill. Officials from these countries
                                     are expected to meet with offshore operators to review their safety procedures, but they do not
                                     anticipate any long term effects of the oil spill on drilling activity.
                                     Political Tensions Could Hamper Offshore Drilling in Specific Regions
  Political disputes on
  territorial rights over            Political disputes involving territorial rights over specific offshore regions worldwide could be seen
  specific offshore regions          as deterrents to offshore drilling activity.
  worldwide could be seen            For instance, in recent times, there has been a huge discovery of natural gas deposits in the
  as deterrents to the               offshore Eastern Mediterranean region, which could potentially boost Israel's offshore exploration
  offshore drilling activity.        and production activities and investments. Two major natural gas finds have been made off the
                                     coast of Israel – the Tamar field and the Leviathan field. The Levant Basin province in offshore
                                     Israel also comprises significant gas reserves. However, the offshore discovery has culminated in
                                     the creation of political tensions, and hence, offshore drilling activity would face major challenges.
                                     These offshore reserves possess the potential to enhance Israel's energy security supply.
                                     However, these projects come with a host of uncertainties well beyond the usual operational and
                                     technical challenges associated with offshore drilling.
                                     The first problem stems from the government's plans to revisit its natural resources revenue
                                     legislation of 1952, with the aim of increasing its take of oil and gas taxes and royalties. This has
                                     sparked ardent opposition from the US-Israeli consortium Noble Energy and Delek Group, which
                                     argues that such a move would hamper investment in Israel's nascent oil and gas sector.
                                     The political debate over whether the Leviathan deposit extends into Lebanese waters is also
                                     hampering the economic development in the region. This poses considerable security risks, as both
                                     sides have begun posturing and threatening to take action should they find their sovereignty
                                     compromised or resources stolen.
                                     The harnessing of these hydrocarbon reserves will be critical for the health of the regional economy
                                     and will help to reshape Israel's energy landscape. Nevertheless, bringing these projects online will
                                     be fraught with a series of operational, legislative, security and geopolitical risks, any of which could
                                     significantly delay or outright stall development with regards to offshore exploration and production
                                     activity.
                                     Successful Deepwater Explorations Worldwide Resulting In Fresh Discoveries Are Expected
   Offshore technology               to Boost the Offshore Drilling Activity
   advances encouraging
                                     In the past decade, offshore drilling activity has gathered pace worldwide, as part of increased
   deepwater and harsh-
                                     efforts to meet energy needs. The governments of various countries across different geographies
   environment drilling are
                                     have been encouraging offshore exploration and production activities in their maritime boundaries
   likely to boost ambitious
                                     as aggressive and proactive measures to meet their individual hydrocarbon needs to achieve
   plans by E&P companies
                                     energy self-reliance. According to GBI Research’s estimates, approximately $311 billion was spent
   to drill in remote offshore
                                     on offshore drilling from 2000 to 2008.
   areas.
                                     However, the global financial crisis in 2008 and a resulting decline in the demand for energy
                                     sources such as crude oil and natural gas, and a subsequent drop in crude prices adversely
                                     affected offshore drilling activity and subsequently, the offshore drilling investments in late 2008
                                     and 2009. With the world economy starting to recover in early 2010, offshore drilling activity started
                                     to resume around the same period. However, in the wake of the Deepwater Horizon incident on
                                     April 20, 2010 and the subsequent aftermath of the accident, including the imposing of a six-month
                                     moratorium on offshore drilling in the US Gulf of Mexico (USGOM) by the USBOEMRE (United
                                     States Bureau of Ocean Energy Management, Regulation, and Enforcement), the US
                                     Government’s regulatory body concerned with offshore activity regulation, offshore drilling activity
                                     across the world experienced a severe temporary decline, almost until the end of 2010. However,
                                     with the lifting of the US offshore drilling moratorium and the resumption of drilling activity in a
                                     major offshore region such as the USGOM, and the increasing global need for offshore drilling to
                                     meet energy needs, offshore drilling expenditure has surged in the first half of 2011, and is
                                     expected to steadily rise to 2016.




Offshore Drilling Industry to 2016 - Rapidly Rising Demand for                                             GBIGE00053MR /Published DEC 2011
Hydrocarbons Expected to Boost Offshore Drilling in Ultra-                                                                                 Page 3
Deepwater and Harsh-weather Environments                                © GBI Research. This report is a licensed product and is not to be copied,
                                                                                                        reproduced, shared or resold in any form
                                     An observed trend is a shift towards an increase in deepwater exploration and drilling and also in
                                     geographically challenging areas such as the Arctic region, as more and more international as well
                                     as national oil companies are successfully venturing into deepwater and remote region exploration
                                     and production to find new oil and gas reserves.
                                     It should also be noted that offshore technology advancements encouraging deepwater and harsh-
                                     environment drilling which lead to the enhanced efficiency of offshore operations and subsequent
                                     reductions in operational costs are likely to boost ambitious plans by international oil companies
                                     and national oil companies (NOCs) to drill in remote offshore areas in the search of fresh reserves
                                     of oil and gas. The introduction of sixth generation enterprise-class drillships capable of drilling in
                                     water depths upto 12,000 feet and specialized jackup segments such as premium-class, ultra-
                                     premium-class, and harsh-environment jackups are examples of technology advancements in the
                                     offshore drilling sector. For instance, in deepwater Brazil, offshore West Africa, the Krishna
                                     Godavari deepwater basin located on the eastern coast of India, and the US Gulf of Mexico, along
                                     with some specific basins identified in the Arctic Sea, are all proving to be hotbeds in terms of
                                     offshore drilling activity and expenditure, especially in deepwater and geographically challenging
                                     offshore areas. As a result, deepwater activity is expected to grow substantially in the period 2012
                                     to 2016, and is likely to witness aggressive steps by E&P companies worldwide seeking to drill for
                                     fresh hydrocarbon reserves in deeper waters.

                                       Offshore Drilling Expenditure, Global, $bn, 2000-2016

                                                                         80


                                                                         70


                                                                         60
                                             Drilling Expenditure, $bn




                                                                         50


                                                                         40


                                                                         30


                                                                         20


                                                                         10


                                                                          0
                                                                              2000

                                                                                     2001

                                                                                            2002

                                                                                                   2003

                                                                                                          2004

                                                                                                                    2005

                                                                                                                           2006

                                                                                                                                    2007

                                                                                                                                           2008

                                                                                                                                                  2009

                                                                                                                                                            2010

                                                                                                                                                                   H1 2011

                                                                                                                                                                             H2 2011

                                                                                                                                                                                       2012

                                                                                                                                                                                              2013

                                                                                                                                                                                                     2014

                                                                                                                                                                                                            2015

                                                                                                                                                                                                                   2016
                                                                                                                                              Year

                                                                                                                                  Shallow Water          Deepwater

                                       Source: GBI Research




Offshore Drilling Industry to 2016 - Rapidly Rising Demand for                                                                                      GBIGE00053MR /Published DEC 2011
Hydrocarbons Expected to Boost Offshore Drilling in Ultra-                                                                                                                          Page 4
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                                     Offshore Drilling Rig Growth will Shift towards Growing Markets like Southeast Asia and
   Thailand, Indonesia, and          South Asia
   India should witness a
   significant rise in offshore      Thailand, Indonesia, and India should witness a significant rise in offshore drilling activity in the
   drilling activity in the          near future, as their governments are aggressively encouraging foreign direct investments for
   coming five years                 offshore exploration in attempts to make their countries increasingly self-reliant with regard to their
                                     energy needs.
                                     For instance, Thailand plans to move ahead with oil exploration off the coast of the popular tourist
                                     island of Samui despite protests from environmentalists and pleas from the tourism industry. The
                                     drilling would take place in exploration blocks belonging to Chevron and three smaller oil
                                     companies: NuCoastal, Salamander Energy, and Pearl Oil Thailand. The majority of the Thai
                                     reserves are in the Gulf of Thailand.
                                     The Indian government is also encouraging international oil and gas companies to participate in
                                     bidding for fresh offshore blocks with strong reserve potential, in the form of attractive tax benefits
                                     and lucrative production sharing contracts. As a result, the offshore drilling industry in India is
                                     expected to grow at an attractive pace in the coming years.
                                     The offshore gas discoveries in the deepwater Krishna Godavari basin by Reliance Petroleum
                                     along with its recent exploration technology-sharing based partnership with BP are expected to
                                     boost the offshore drilling activity in the region. Also, the rapid recent rise in offshore drilling activity,
                                     especially in deepwater areas off the Chinese coasts in an attempt to make China more energy
                                     self-reliant, is expected to propel the Asia-Pacific drilling expenditure in an upward direction.
                                     CNOOC Ltd., China’s national oil company for offshore exploration and a major investor in offshore
                                     exploration and production activity, has been working on plans to heavily invest in offshore
                                     exploration activity for fresh oil and gas discoveries. In August 2010, for instance, CNOOC Ltd.
                                     signed a $300m oil exploration joint venture agreement with Roc Oil (China), an Australia-
                                     headquartered oil exploration company, for development of the WZ 6-12 and WZ 12-8 West Oil
                                     Fields in the Beibu Gulf, offshore China. This signals a bright future for the offshore drilling industry
                                     in China as well.




Offshore Drilling Industry to 2016 - Rapidly Rising Demand for                                               GBIGE00053MR /Published DEC 2011
Hydrocarbons Expected to Boost Offshore Drilling in Ultra-                                                                                   Page 5
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                                     1         Table of Contents
                                     1 Table of Contents ........................................................................................................................ 6
                                       1.1    List of Tables..................................................................................................................... 8
                                       1.2    List of Figures ................................................................................................................... 8
                                     2 Offshore Drilling Industry to 2016 ................................................................................................ 9
                                       2.1    GBI Research Report Guidance ....................................................................................... 9
                                     3 Introduction to the Offshore Drilling Industry ............................................................................. 10
                                       3.1    Significance of Offshore Drilling and Major Offshore Areas Worldwide .......................... 11
                                       3.2    Impact of the Offshore Exploration Business on the Offshore Drilling Business ............. 11
                                       3.3    Importance of Various Local Governmental and Private Regulations Influencing the
                                              Offshore Exploration and Drilling Business ..................................................................... 12
                                       3.4    Offshore Drilling Business Development and Key Bid Evaluation Criteria (BEC)............ 12
                                          3.4.1    Technical Suitability ................................................................................................. 12
                                          3.4.2    Price ........................................................................................................................ 12
                                          3.4.3    Availability................................................................................................................ 12
                                       3.5    The Offshore Drilling Industry and Its Role as Part of the Upstream Oil and Gas Industry
                                              Value Chain .................................................................................................................... 13
                                       3.6    Types of Rigs and Support Services ............................................................................... 13
                                          3.6.1    Mobile Bottom-supported Rigs ................................................................................ 13
                                          3.6.2    Floating Rigs............................................................................................................ 14
                                          3.6.3    Key Technologies Used as Supporting Mechanisms in Floating Rigs ..................... 14
                                          3.6.4    Subsea Production and Processing Systems .......................................................... 15
                                       3.7    Offshore Drilling Technology Concepts ........................................................................... 15
                                          3.7.1    Exploratory Wells..................................................................................................... 15
                                          3.7.2    Appraisal Wells ........................................................................................................ 15
                                          3.7.3    Development Wells.................................................................................................. 15
                                          3.7.4    Deepwater Drilling ................................................................................................... 15
                                          3.7.5    Rotary Drilling Procedures ....................................................................................... 15
                                       3.8    Key Allied Segments Supplementing the Core Offshore Drilling Business ..................... 17
                                          3.8.1    Oilfield Services ....................................................................................................... 17
                                          3.8.2    Geo-scientific Support Services............................................................................... 17
                                          3.8.3    Rig Support Services ............................................................................................... 17
                                          3.8.4    Engineering and Equipment Support Services ........................................................ 17
                                     4 Key Trends and Challenges for the Global Offshore Drilling Industry........................................ 18
                                       4.1    Key Drivers for the Global Offshore Drilling Industry....................................................... 18
                                          4.1.1    Strong Initiatives by the Australian Government to Encourage LNG Usage Are
                                                   Expected to Further Boost the Offshore Exploration and Drilling Industry in Australia
                                                    ................................................................................................................................ 18
                                          4.1.2    Rising Demand for Hydrocarbons Is Expected to Boost Offshore Drilling in
                                                   Geographically Challenging and Remote Regions Such as the Arctic Sea ............. 18
                                          4.1.3    Stringent Policies by Regulatory Bodies are Expected to Improve Offshore Drilling
                                                   Operations With Regards to Meticulous Compliance with Environment and Safety
                                                   Norms ...................................................................................................................... 19
                                          4.1.4    Offshore Drilling Rig Growth will Shift towards Growing Markets like Southeast Asia
                                                   and South Asia ........................................................................................................ 20
                                          4.1.5    Increasing Trend towards Deep and Ultra-deep Water Exploration and Production is
                                                   Driving the Growth of the Offshore Drilling Industry................................................. 20
                                          4.1.6    Rapid Technology Advances are a Key Driver of the Development of the Offshore
                                                   Drilling Industry ........................................................................................................ 21
                                          4.1.7    Growth in Oil and Gas Demand in the Long-term and the Increase in Offshore Oil
                                                   and Gas Production are Driving the Growth of the Offshore Drilling Industry .......... 22
                                       4.2    Major Challenges for the Offshore Drilling Industry......................................................... 22
                                          4.2.1    Tougher Offshore Regulations by Governments Could Possibly Hamper the Speed
                                                   of Offshore Drilling Operations ................................................................................ 22
                                          4.2.2    Political Tensions Could Hamper Offshore Oil and Gas Drilling in Specific Regions
                                                    ................................................................................................................................ 23

Offshore Drilling Industry to 2016 - Rapidly Rising Demand for                                                           GBIGE00053MR /Published DEC 2011
Hydrocarbons Expected to Boost Offshore Drilling in Ultra-                                                                                               Page 6
Deepwater and Harsh-weather Environments                                              © GBI Research. This report is a licensed product and is not to be copied,
                                                                                                                      reproduced, shared or resold in any form
                                     5 Current Status of Worldwide Offshore Rigs and Expected Newbuilds....................................... 24
                                     6 Global Offshore Drilling Expenditure Forecasts to 2016 ............................................................ 42
                                       6.1    Global Offshore Drilling Expenditure Forecasts to 2016 ................................................. 42
                                       6.2    Offshore Drilling Expenditure Forecasts to 2016, by Region .......................................... 44
                                       6.3    Profiles of Major Offshore Drilling Contractors ................................................................ 46
                                          6.3.1    Transocean Ltd........................................................................................................ 46
                                          6.3.2    Noble Corporation ................................................................................................... 46
                                          6.3.3    Diamond Offshore Drilling ....................................................................................... 46
                                          6.3.4    Ensco International .................................................................................................. 46
                                          6.3.5    Seadrill .................................................................................................................... 46
                                     7 Offshore Drilling Expenditure Forecasts to 2016, By Region..................................................... 47
                                       7.1    Offshore Drilling Expenditure Forecasts to 2016, Asia Pacific ........................................ 47
                                          7.1.1    Asia Pacific Offshore Drilling, 2000-2016, Shallow Water Drilling Expenditure ....... 50
                                          7.1.2    Asia Pacific Offshore Drilling, 2000-2016, Deepwater Drilling Expenditure ............. 52
                                          7.1.3    Asia Pacific, Top Offshore Blocks, H1 2011 ............................................................ 54
                                       7.2    Offshore Drilling Expenditure Forecasts to 2016, Europe ............................................... 56
                                          7.2.1    Europe Offshore Drilling, 2000-2016, Shallow Water Drilling Expenditure .............. 58
                                          7.2.2    Europe Offshore Drilling, 2000-2016, Deepwater Drilling Expenditure .................... 60
                                          7.2.3    Europe, Top Offshore Blocks, H1 2011 ................................................................... 62
                                       7.3    Offshore Drilling Expenditure Forecasts to 2016, Middle East and Africa ....................... 64
                                          7.3.1    Middle East and Africa Offshore Drilling, 2000-2016, Shallow Water Drilling
                                                   Expenditure ............................................................................................................. 66
                                          7.3.2    Middle East and Africa Offshore Drilling, 2000-2016, Deepwater Drilling Expenditure
                                                    ................................................................................................................................ 68
                                          7.3.3    Middle East and Africa, Top Offshore Blocks, H1 2011 ............
								
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