Offshore Drilling Industry in the Americas to 2016 - Activity in Latin America Expected to Drive Expenditure in the Future

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					Offshore Drilling Industry in the Americas to 2016
Activity in Latin America Expected to Drive Expenditure in the Future
GBI Research Report Guidance




                                             GBI Research Report Guidance
                                             ·     Chapter two provides an introduction and guidance to the report.
                                             ·     Chapter three provides an introduction to the offshore drilling industry – significance of offshore
                                                   drilling activity, major offshore areas in the Americas, the key role regulations play in exploration and
                                                   production activity, and in the business of offshore drilling. The role of the offshore drilling industry as
                                                   a part of the oil and gas industry value chain is also explained. Types of offshore rigs and offshore rig
                                                   support services are also covered in the chapter.
                                             ·     Chapter four discusses the key trends and challenges of the offshore drilling industry in the Americas.
                                             ·     Chapter five gives an overview of the offshore drilling industry of the Americas. It provides drilling and
                                                   well forecasts to 2016, along with profiles of major regional contractors.
                                             ·     Chapter six gives statistical details of offshore wells and drilling expenditure statistics for key countries
                                                   across North America.
                                             ·     Chapter seven gives statistical details of offshore wells and drilling expenditure statistics for key
                                                   countries across South and Central America.
                                             ·     Chapter eight is an appendix which includes details such as market definitions, abbreviations,
                                                   references, methodology, and a disclaimer for GBI Research’s Oil and Gas Upstream Database.




  © GBI Research. This is a licensed product and is not to be photocopied                                                         GBIGE00063MR / Published SEP 2012
                                                                                                                                                             Page 2
Executive Summary




                                             Executive Summary
                                             Stringent Policies by Regulatory Bodies in Relation to Drilling Equipment are Expected to Improve the
                                             Safety of Deepwater Drilling Operations

      The USBOEMRE is expected               A new proposal for making Blow-Out Preventer [BOP] technology on deepwater and ultra-deepwater rigs
      to launch a detailed                   more safe and effective is expected to be launched by September 2012, according to the US Department of
      procedure designed to                  the Interior. The new regulations are expected to push BOP technology development towards achieving a
      strengthen standards which             safer BOP design which would enable BOPs to completely seal off an offshore well in case of emergencies.
      govern offshore well design            The proposal is also expected to impose regulations associated with the quality of maintenance services,
                                             training of personnel, and subsea sensing technology. The US Department of the Interior aims to set
                                             international standards for BOP management through new regulation.
                                             In September 2011, the Bureau of Ocean Energy Management, Regulation and Enforcement [USBOEMRE]
                                             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
                                             operational structures. Enhancing drilling safety for operating crews and environmental protection were the
                                             prime objectives of this procedure.
                                             The Deepwater Horizon incident in the US Gulf of Mexico has provoked countries in Europe to impose
                                             stricter regulations on offshore drilling in their territories. Norway, the world’s second-largest gas exporter
                                             and sixth-largest oil exporter, has already put in some strict safety and operational requirements. 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.
                                             Offshore Drilling Activity and Expenditure in the Americas Expected to be Strongly Driven by Offshore
                                             Drilling in South and Central America in the Future
                                             The offshore drilling expenditure in South and Central America increased over 2000–2008, with substantial
                                             exploration activities off the coast of Brazil in the deepwater Santos and Campos basins. The total South and
                                             Central American offshore drilling expenditure was equal to about $4 billion in 2000 and about $10.50
                                             billion in 2008. A slight decline in expenditure figures from $10.50 billion in 2008 to about $10.10 billion in
                                             2009 was a result of the energy demand drop as a result of the global financial crisis of 2008. However, the
                                             resumption of drilling activity in 2010 has been leading to a steady increase in the expenditure. For 2011–
                                             2016, the offshore drilling expenditure in the South and Central American region is expected to grow at an
                                             Average Annual Growth Rate [AAGR] of around 7.8%, from $12.04 billion in 2011 to around $16.74 billion in
                                             2016. The region has strong potential for successful discoveries of new oil and gas reserves in its offshore
                                             areas.




  © GBI Research. This is a licensed product and is not to be photocopied                                                     GBIGE00063MR / Published SEP 2012
                                                                                                                                                         Page 3
Executive Summary




                                               Offshore Drilling Industry, South and Central America, Expenditure by Water Depth [$bn], 2000–2016

                                                                       18


                                                                       16


                                                                       14


                                                                       12



                                                    Expenditure, $bn
                                                                       10


                                                                       8


                                                                       6


                                                                       4


                                                                       2


                                                                       0
                                                                             2000                                  2008                     2016
                                                                                                                   Year

                                                                                                        Shallow water     Deepwater

                                               Source: GBI Research, Oil and Gas, Upstream Database [July 10th, 2012]




                                             Brazil Could Possibly Expect a Minor Slowdown in Offshore Drilling Activity Temporarily as a Result of the
                                             Combined Effect of Multiple Short-term Factors
       Slowdown in key operational
       decision-making has been              Considering the current slowdown in the global economy, offshore exploration and drilling investments by
       contributing to delays in             E&P companies are expected to experience a short-term decline in Brazil. This situation could be aggravated
       offshore field development            due to some political uncertainty in Brazil.
       projects in Brazil
                                             For instance, in July 10, 2012, Houston-based E&P company Anadarko Petroleum Corporation declared that
                                             it would temporarily halt its plans to dispose of its Brazilian offshore assets as procuring a suitable price for
                                             its assets would be a major challenge in the prevailing scenario. Besides this, international oil companies
                                             operating in offshore Brazil experience delays in offshore field development compared to other countries
                                             due to the mandatory stake or joint venture partnership of these projects with the Brazilian National Oil
                                             Company [NOC] Petrobras and the subsequent slowdown in key operational decision-making as a result of
                                             the same.
                                             Besides this, incidences such as the environment-damaging oil spill which occurred in November last year in
                                             offshore Brazil during drilling operations by US oil supermajor Chevron have resulted in stricter offshore
                                             environment safety regulations by Brazilian offshore regulatory authority ANP, which is likely to affect the
                                             speed of issuance of new offshore drilling permits in the region.




  © GBI Research. This is a licensed product and is not to be photocopied                                                             GBIGE00063MR / Published SEP 2012
                                                                                                                                                                 Page 4
Table of Contents




                                             1         Table of Contents
                                             1   Table of Contents ........................................................................................................................................ 5
                                                 1.1      List of Tables .................................................................................................................................... 7
                                                 1.2      List of Figures................................................................................................................................... 8
                                             2   Introduction ................................................................................................................................................ 9
                                             3   Introduction to the Offshore Drilling Industry .......................................................................................... 10
                                                 3.1      Significance of Offshore Drilling and Major Offshore Areas in the Americas ................................ 10
                                                 3.2      Impact of the Offshore Exploration Business on the Offshore Drilling Business ........................... 10
                                                 3.3      Importance of Various Local Government and Private Regulations Influencing the Offshore
                                                          Exploration and Drilling Business .................................................................................................. 10
                                                 3.4      Offshore Drilling Business Development and Key Bid Evaluation Criteria [BEC] ........................... 11
                                                     3.4.1      Technical Suitability............................................................................................................... 11
                                                     3.4.2      Price....................................................................................................................................... 11
                                                     3.4.3      Availability ............................................................................................................................. 11
                                                 3.5      The Offshore Drilling Industry and Its Role as a Part of the Upstream Oil and Gas Industry Value
                                                          Chain.............................................................................................................................................. 11
                                                 3.6      Types of Rig and Support Services ................................................................................................. 12
                                                     3.6.1      Mobile Bottom Supported Rigs ............................................................................................. 12
                                                     3.6.2      Floating Rigs .......................................................................................................................... 12
                                                     3.6.3      Key Technologies Used as Supporting Mechanisms in Floating Rigs ..................................... 13
                                                     3.6.4      Subsea Production and Processing Systems .......................................................................... 13
                                                 3.7      Offshore Drilling Technology Concepts ......................................................................................... 14
                                                     3.7.1      Exploratory Wells .................................................................................................................. 14
                                                     3.7.2      Appraisal Wells...................................................................................................................... 14
                                                     3.7.3      Development Wells ............................................................................................................... 14
                                                     3.7.4      Deepwater Drilling ................................................................................................................ 14
                                                     3.7.5      Rotary Drilling Procedures..................................................................................................... 14
                                                 3.8      Key Allied Segments Supplementing the Core Offshore Drilling Business..................................... 15
                                                     3.8.1      Oilfield Services ..................................................................................................................... 15
                                                     3.8.2      Geo-Scientific Support Services ............................................................................................. 15
                                                     3.8.3      Rig Support Services .............................................................................................................. 15
                                                     3.8.4      Engineering and Equipment Support Services ....................................................................... 16
                                             4   Offshore Drilling Industry in the Americas to 2016 – Key Trends and Challenges .................................... 17
                                                 4.1      Stringent Offshore Regulations and Slowdown in Process of Issuance of Fresh Drilling Permits
                                                          Hampering Speed of Activity in the US Gulf of Mexico [USGOM] ................................................. 17
                                                 4.2      Offshore Exploration in the Arctic Region Expected to be Driven in the Second Half of 2012 and
                                                          2013 by Operations Planned by International Oil Majors ............................................................. 17
                                                 4.3      Rise in Demand for Deepwater and Ultradeep Water Drilling is Expected to Increase Offshore
                                                          Day Rates for Drillships and Semi-submersibles ............................................................................ 18
                                                 4.4      Dearth of Qualified Marine Crew Operating in Deepwater US Gulf of Mexico [USGOM] Is Posing
                                                          Risk of Temporary Operational Slowdown in Deepwater Activity ................................................ 19
                                                 4.5      Offshore Exploration and Production Activity Plans by Oil Companies in South and Central
                                                          America Expected to Drive Offshore Drilling Expenditure and Demand for Rigs .......................... 19
                                             5   Offshore Drilling Activity in the Americas to 2016 – Drilling and Well Forecasts to 2016, Profiles of Major
                                                 Regional Contractors ................................................................................................................................. 20
                                                 5.1      Offshore Drilling Expenditure Forecast for the Americas to 2016 ................................................. 20
                                                 5.2      Offshore Drilling Expenditure Forecast for the Americas by Region, 2000–2016 ......................... 22
                                                 5.3      Offshore Well Forecast for the Americas to 2016 ......................................................................... 24
                                                 5.4      Offshore Well Forecast for the Americas to 2016, by Region ....................................................... 26
                                                 5.5      Profiles of the Major Offshore Drilling Contractors in the Americas ............................................. 28
                                                     5.5.1      Transocean Ltd. ..................................................................................................................... 28
                                                     5.5.2      Noble Drilling ......................................................................................................................... 28


  © GBI Research. This is a licensed product and is not to be photocopied                                                                                            GBIGE00063MR / Published SEP 2012
                                                                                                                                                                                                Page 5
Table of Contents




                                                   5.5.3      Diamond Offshore Drilling, Inc. ............................................................................................. 29
                                                   5.5.4      Ensco plc ................................................................................................................................ 29
                                                   5.5.5      Hercules Offshore .................................................................................................................. 30
                                             6 Key North American Countries’ Offshore Wells and Drilling Expenditure Statistics ................................. 31
                                               6.1      North America, Offshore Drilling Forecast to 2016 ....................................................................... 31
                                                   6.1.1      North America, Offshore Drilling Expenditure Forecast to 2016, by Water Depth ................ 31
                                                   6.1.2      North America, Offshore Drilling Expenditure Forecast to 2016, by Country ........................ 33
                                                   6.1.3      North America Offshore Wells Forecast to 2016 ................................................................... 35
                                                   6.1.4      North America Offshore Wells Forecast to 2016, by Country ................................................ 37
                                               6.2      United States, Offshore Drilling – Wells Statistics and Expenditure To 2016 ................................ 39
                                                   6.2.1      United States, Offshore Wells Forecast, 2000–2016 ............................................................. 39
                                                   6.2.2      United States, Offshore Drilling Expenditure [$bn], by Water Depth, 2000–2016 ................ 41
                                                   6.2.3      United States, Top Offshore Lease Holders, 2011, by Lease-owned Blocks ........................... 43
                                               6.3      Canada, Offshore Drilling – Wells Statistics and Expenditure To 2016 .......................................... 44
                                                   6.3.1      Canada, Offshore Wells Forecast, 2000–2016 ...................................................................... 44
                                                   6.3.2      Canada, Offshore Drilling Expenditure, by Water Depth, 2000–2016 ................................... 46
                                             7 Key South and Central American Countries’ Offshore Wells and Drilling Expenditure Statistics .............. 48
                                               7.1      South and Central America, Offshore Drilling Forecast to 2016 .................................................... 48
                                                   7.1.1      South and Central America, Offshore Drilling Expenditure Forecast to 2016, by Water Depth
                                                              .............................................................................................................................................. 48
                                                   7.1.2      South and Central America, Offshore Drilling Expenditure Forecast to 2016, by Country ..... 50
                                                   7.1.3      South and Central America Offshore Wells Forecast to 2016 ................................................ 52
                                                   7.1.4      South and Central America Offshore Wells Forecast to 2016, by Country ............................ 54
                                               7.2      Brazil, Offshore Drilling Forecast to 2016 ...................................................................................... 56
                                                   7.2.1      Brazil, Offshore Wells Forecast, 2000–2016 .......................................................................... 56
                                                   7.2.2      Brazil, Offshore Drilling Expenditure, by Water Depth, 2000–2016 ...................................... 58
                                                   7.2.3      Brazil, Top Offshore Lease Holders, 2011 .............................................................................. 60
                                               7.3      Venezuela, Offshore Drilling Forecast to 2016 .............................................................................. 61
                                                   7.3.1      Venezuela, Offshore Wells Forecast, 2000–2016 .................................................................. 61
                                                   7.3.2      Venezuela, Offshore Drilling Expenditure, by Water Depth, 2000–2016 ............................... 63
                                                   7.3.3      Venezuela, Top Lease Holders, 2011 ..................................................................................... 65
                                               7.4      Argentina, Offshore Drilling Forecast to 2016 ............................................................................... 66
                                                   7.4.1      Argentina, Offshore Wells Forecast, 2000–2016 ................................................................... 66
                                                   7.4.2      Argentina, Offshore Drilling Expenditure, by Water Depth, 2000–2016 ............................... 68
                                                   7.4.3      Argentina, Top Lease Holders, 2011 ...................................................................................... 70
                                               7.5      Trinidad and Tobago, Offshore Drilling Forecast to 2016 .............................................................. 71
                                                   7.5.1      Trinidad and Tobago, Offshore Wells Forecast, 2000–2016.................................................. 71
                                                   7.5.2      Trinidad and Tobago, Offshore Drilling Expenditure, $ billion, by Water Depth, 2000–2016 73
                                                   7.5.3      Trinidad and Tobago, Top Offshore Lease Holders, 2011 ...................................................... 75
                                               7.6      Mexico, Offshore Drilling Forecast to 2016 ................................................................................... 76
                                                   7.6.1      Mexico, Offshore Wells Forecast, 2000–2016 ....................................................................... 76
                                                   7.6.2      Mexico, Offshore Drilling Expenditure, by Water Depth, 2000–2016.................................... 78
                                             8 Appendix ................................................................................................................................................... 80
                                               8.1      Market Definitions......................................................................................................................... 80
                                               8.2      Abbreviations ................................................................................................................................ 80
                                               8.3      References ..................................................................................................................................... 80
                                               8.4      Methodology ................................................................................................................................. 81
                                                   8.4.1      Coverage ............................................................................................................................... 81
                                                   8.4.2      Secondary Research .............................................................................................................. 81
                                                   8.4.3      Primary Research .................................................................................................................. 81
                                                   8.4.4      Expert Panel Validation ......................................................................................................... 82
                                               8.5      Contact Us ..................................................................................................................................... 82


  © GBI Research. This is a licensed product and is not to be photocopied                                                                                           GBIGE00063MR / Published SEP 2012
                                                                                                                                                                                               Page 6
Table of Contents




                                                 8.6      Disclaimer ...................................................................................................................................... 82


                                             1.1       List of Tables
                                             Table 1:     Offshore Drilling Industry, Americas, Expenditure by Water Depth [$bn], 2000–2016 ............... 21
                                             Table 2:     Offshore Drilling Industry, Americas, Expenditure by Region [$bn], 2000–2016 ......................... 23
                                             Table 3:     Offshore Wells Drilled, Americas, 2000–2016 .............................................................................. 25
                                             Table 4:     Offshore Wells Drilled, The Americas, by Region, 2000–2016 ..................................................... 27
                                             Table 5:     Transocean Ltd. — Offshore Rig Fleet Summary for the Americas, H1 2012 ............................... 28
                                             Table 6:     Noble Drilling — Offshore Rig Fleet Summary for the Americas, H1 2012 ................................... 28
                                             Table 7:     Diamond Offshore Drilling, Inc. — Offshore Rig Fleet Summary for the Americas, H1 2012 ....... 29
                                             Table 8:     Ensco plc — Offshore Rig Fleet Summary for the A
				
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Description: The report, which is an offering from the company’s Energy Research Group, provides an in-depth analysis of the offshore drilling market in the Americas and highlights the various concerns, shifting trends and major players in the region. The report provides forecasts for the offshore drilling industry in the Americas region to 2016. The report also provides segmental forecasts of the offshore drilling market in the Americas region by water depth and highlights the major countries in the region. The report provides in-depth analysis of the key trends and challenges in the offshore drilling market in the region. An analysis of the competitive scenario, data on the offshore wells and drilling expenditure in the region are also provided for each of the market segments.
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