Infield Systems has published a new report on the offshore Arctic oil and gas sector. This innovative new report provides a comprehensive analysis of the market drivers and constraints, technologies, vessel and drilling rig requirements for this challenging region. The report also provides a detailed forecast, by sector, of capital expenditure expected to be spent in the offshore Arctic region going forward to 2017.
Infield Systems’ first Offshore Arctic Oil and Gas Market Report provides a comprehensive state of play regarding the oil and gas scene in this frontier region though to 2017. As well as providing detailed research and analysis of current and future offshore oil and gas developments within the Arctic circle, the report also includes research and analysis of developments in three major “sub-Arctic” regions as well; being Sakhalin Island offshore Far East Russia, the Jeanne D’Arc Basin offshore Eastern Canada (Newfoundland and Labrador) and the Cook Inlet in Alaska.
According to Infield Systems there are over 130 Bboe in already discovered oil, gas and condensate reserves in offshore Arctic and sub-Arctic regions. Approximately 114 Bboe of this are offshore gas reserves, or 86% of total reserves, and around 16 billion bbl are oil reserves. According to Infield Systems’ estimates, no less than 99 Bboe of these reserves are discovered natural gas fields located in the Russian offshore Arctic region (not including the sub-Arctic Sakhalin Island area).
Infield Systems has identified 147 discovered fields, with only 25 these fields actually currently producing in the offshore Arctic and sub-Arctic regions. With just a further 13 fields either with a firm plan or under development the bulk of these offshore discovered fields are still many years from development; reflecting that the Arctic region’s offshore oil and gas development is still in its very early stages with much potential for output growth yet to be realised. The vast majority of fields, or 101, are classified as “possible” in terms of development status. Therefore many fields are not expected to be developed until the longer term, yet the resource potential in the offshore Arctic is substantial should the infrastructure requirements be made.
Indeed Infield Systems expects capital expenditure in the Arctic region to increase steadily throughout this decade, rising year on year to over $7bn by 2017. With significant reserves, Russia is expected to drive expenditure in the region throughout the forecast period, especially in the years 2013-2015 (due mainly to the Shtokman project).
The Shtokman field is due to come on stream in 2016, and with reserves of over 24bn boe, will account for a large proportion of Russian Arctic expenditure over the next decade should this project proceed as scheduled. Further development of Sakhalin Island and other projects expected to be developed also contribute to Russia’s large share of Capex. Canada may experience a sustained rise in expenditure after 2013, including for activities associated with fields in sub-Arctic offshore Newfoundland, and, should some currently speculative projects proceed, smaller fields in the Canadian Arctic Islands as well.
Norway’s Barents Sea fields of Snohvit and Goliat will contribute to sustained expenditure as well. The remaining Arctic regions of Greenland (Denmark) and the US (Alaska) are expected to contribute modestly to development expenditure. In these regions more expenditure is likely to be concentrated on further exploration.
The report also provides a comprehensive Arctic offshore oil and gas field and development profile for Russia, US (Alaska), Norway, Canada and Greenland, which includes analysis of licensing policies in each country on offshore Arctic exploration and development.
As a result the report provides a broad overview of the Arctic offshore oil and gas scene, from licensing of blocks to the provision of infrastructure.
Purchasers of the Offshore Arctic Oil & Gas Market Report will receive 12 months’ free access to an online database of fields being planned or considered for development in the current year and six years forward for projects within the Arctic circle. Details about each project include:
InfieldLive provides access to the previous day’s updates. Subscriptions can be upgraded to include other regions, time frames and other data sets from the Infield Offshore Energy Database or to include access to the Arctic Frontiers Online Mapping & Data Gateway.
The Arctic Frontiers Oil & Gas Online Data & Mapping Gateway is designed to give visual and full data access to the challenging Arctic region of the offshore oil and gas industry. Full details about each field, platform and pipeline shown on the map is listed behind each symbol and can be searched, downloaded or exported from the EnergyGateway or through Infield Systems’ data portal, InfieldLive.
Regions covered:
Subscription Costs: Costs for 12 months subscription to this complete Arctic Frontier package are as follows:
Where Infield publications are supplied as a PDF, the file is restricted to a single user at a single site and a single print to hard copy. You can purchase additional copies or upgrade to a corporate licence with the report supplied with unrestricted access for your organisation. All prices are shown below and are exclusive of VAT where applicable.
Infield Systems uses the File Open system to control the distribution of their reports and you must be able to install the File Open Plug In which is available from plugin.fileopen.com in order to open and print the PDFs.
By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without prior written and specific permission from Infield Systems Limited. Our standard terms and conditions are available either upon request or at www.infieldlive.com.
Choose your option to buy
Buy your hard copy and enter the quantity of additional copies of your choice