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The report highlights that over the next five years the primary area of growth will be West Africa. In addition to the traditionally strong markets of Angola and Nigeria there is also likely to be subsea equipment demand from the emerging markets of Ghana, Equatorial Guinea and Congo (Brazzaville). Brazil, the mature areas of the North West European Continental Shelf and the US Gulf of Mexico (GoM) and greenfield developments in South East Asia, China, India and Australia are also likely to figure prominently. The total 2011 to 2015 subsea capital expenditure is forecast to be more than $94bn. Compared to the previous five year period, 2006 to 2010, the biggest change in the top 10 country composition is the expected upturn in subsea activity in China, and more broadly South East Asia.
With regard to oil companies, Petrobras is the operator with the highest expected subsea expenditure over the next five years. West Africa and US-focused BP comes in second, followed by Total primarily for projects in West Africa and the UK. Subsea activity is expected to be highly concentrated among a small number of operators with the top 10 oil companies expected to contribute more than three quarters of the total subsea development costs.
Development drilling is anticipated to account for the majority of subsea total capital expenditure over the next five years. The largest part of this development drilling expenditure is forecast for deepwater regions such as the US GoM, Angola, Brazil and Nigeria. In addition, significant expenditure is expected for the detailed engineering, procurement and construction and installation of subsea equipment such as subsea trees, manifolds and subsea processing units.
The Subsea Market Report highlights that operators are moving towards deeper water environments. This can be clearly seen by the number of subsea trees expected to be installed in the next five years. Approximately 58% of these installations are forecast to lie in water depths of more than 500 metres with a significant proportion in the ultra-deepwater environment – 1,500 metres water depth and greater.
Over the 2011 to 2015 period, there are a number of announced subsea developing technology projects that are anticipated to be installed. These include seabed separation units at Total's Pazflor, and Petrobras' Marlim, Corvina and Congro projects and seabed compression units in Statoil's Asgard projects among others. Infield expects that such methods will gradually become a proven way of enhancing production and that their future is bright despite the "prototype" issues associated with their use.
The Subsea Market Report presents historical information on subsea tree orders indicating that 2010 award activity showed a significant improvement from the previous year. This increase could have been more substantial had it not been for the Macondo oil spill in the US GoM.
For more information please see the Global Perspectives Subsea Market Report to 2015.
Purchasers of the Global Perspectives Subsea Market Report receive 12 months access a database of major subsea projects (fields being developed with four or more subsea wells) being planned or considered for development in the current year and four years forward, worldwide. Subsea Online (Essentials) is continually updated with the following information is provided about each project:
The Subsea Online (Essentials) access can be upgraded to Subsea Online (Standard) or Subsea Online (Professional) or to include other field types or data sets from the Infield Offshore Energy Database.
Subsea Online (Standard) identifies all fields which are going to be developed with one or more subsea wells in the current year and four years forward, worldwide.
Subsea Online (Professional) identifies all fields, operational and future, which have or are going to be developed with one or more subsea completions. Subsea Online (Standard) and (Professional) list the same data set as the Essentials edition, however additional tables are provided that include the following information:
A third data set is provided that shows the total numbers of trees starting up annually from 1960 through to 2027 by split by Tree Manufacturer, Country of Supply and Year of Start up - annually from 1960 to 2027.
These two additional data sets are customised therefore can only been downloaded from InfieldLive and the user is not able to run online searches using the InfieldLive search engine.
To order The Global Perspectives Subsea Market Report To 2015, please complete the order form below.
For reports supplied electronically, the PDF file is restricted to a single user at a single site with a single print to hard copy. Additional single user copies may be purchased for use within a single organisation. A corporate licence provides two printed copies of the report and a PDF with for use within your organisation.
The Subsea Online (Essentials) online access may be upgraded to either the Standard or Professional versions. Prices for upgrades, additional and corporate licences are set out below.
All prices are shown below are exclusive of VAT at the prevailing rate where applicable.
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By purchasing this document, your organisation agrees to Infield Systems Limited's Standard Terms and Conditions of Business and your organisation 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. Infield Standard Terms and Conditions of Business are available either upon request or at www.infield.com.
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