The Subsea Market Report is devoted to the global subsea oil and gas market and provides in-depth analysis of trends, issues, forecasts and technological developments. The Subsea Market Report analyses the subsea market at a number of levels by providing information at a regional level, by providing details of the activities of the predominant exploration and production oil companies and subsea equipment manufacturers (OEMs – original equipment manufacturers) and finally the Subsea Market Report dissects subsea capital expenditure into different components including subsea trees, manifolds, templates and the elements of subsea processing: subsea booster pumps, subsea compression and subsea separation.
The 2012 edition of the Subsea Market Report To 2016 will be launched at Subsea 2012 in Aberdeen on 8 February 2012.
The Global Perspectives Subsea Market Report to 2016 is available as a printed hard copy report or as PDF files. In addition to the report, the package includes access to a unique subsea projects database – Subsea Online (Essentials), which provides details of major subsea fields being planned or considered for development over the next five years. Prices for the report start at £2,200, with additional copies and corporate licences available. Upgrades to Subsea Online (Standard) or Subsea Online (Professional) can also be purchased.
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As operators face the dual challenge of sustaining their production levels in mature regions and effectively exploiting the uncapped reserves in growth areas, such as, West Africa, US Gulf of Mexico and Brazil, the potential for subsea capital expenditure throughout the forecast period has increased dramatically.
In order to leverage against declining production, Operators are being forced to venture into remote and harsher locations. These projects require top tier equipment that can cost significantly more than the standard equivalent. Infield Systems estimate that ultra-deep installations will account for almost 25% of the annual tree market by 2016.
As anticipated, the oil companies that lead the market are heavily involved in the booming Latin American and West African prospects. Petrobras is leading the board with an expected capital expenditure of US$18.9 billion over the 2012-2016 period. Important developments include the pilot projects in Iara and Guara fields and a series of EWTs in Iara, Libra, Franco and Iguazu fields.
Prospects for manufacturers are also looking positive. The market outlook shows a well-supplied market with a total capacity of 690 trees. Towards the end of the forecast period, Infield Systems expects higher utilisation rates and the start of a saturated market, driven mostly by the increasing demand for subsea trees in main phases in Brazil and West Africa. Global subsea tree manufacturers' utilisation rates are expected to increase to an average of 75% in the next 3 years, up from 49% in the 2009-2011 period.
Advances in technology are increasingly being tested and deployed in response to the offshore industry's demand for solutions to challenges, such as: deeper and harsher waters, sustaining production rates in mature developments, boosting flow rates in low pressure reservoirs, accommodating a larger number of fields tied back to host facilities and ensuring the energy and cost efficiency of a project. Possible projects that could benefit from the use of advanced seabed technologies include: the mature fields of the North Sea and the US GoM, where a large number of small developments are expected to be tied back to existing platforms in order to be commercially viable. Infield Systems also expects that West Africa will be one of the key regions for implementing subsea processing because of its already extensive deepwater production, significant oil reserves and most importantly the geographical distribution of its fields that require multiple wells being tied-back to one central processing facility.
In Africa, oil companies such as Total, BP, ExxonMobil, Chevron and Eni will try to take advantage of the area's ample resources to leverage against the declining reserves from other mature areas. Total is leading the subsea bill with a projected US$8 billion of expenditure within the forecast period.
Asia is also becoming an increasingly important part of the world for the global oil and gas market as it is the fastest growing region in terms of energy demand, and the hub of the global LNG sector. The unfortunate events of 2011 in Fukushima, Japan, have also served to increase the region's dependency on natural gas.
Australia is emerging as a major player in the global natural gas market due to the development of offshore natural gas and (onshore) coal bed methane (CBM) projects. Post 2013, a significant backlog of major projects is predicted to provide a boost to the market. More than 50% of the forecast subsea market is expected to relate to subsea tiebacks to a fixed, a floating or a terminal facility.
The European energy market is one of the largest in the world yet it is also a region facing oil and gas production decline. The declining production in this mature region dictates the need for additional expenditure on infrastructure, EOR technologies and exploration campaigns in order to sustain or enhance existing levels.
Latin America, particularly Brazil, has the potential to emerge as a major offshore energy frontier in the global oil market. Petrobras has begun to reveal reserve estimates for its pre-salt finds that stand to significantly increase Brazil's total estimated level of reserves. 38% of the projected subsea Capex will be needed to develop the pre-salt projects.
Finally, the North American market finds itself in a challenging period; global recession followed by the Deep-water Horizon disaster, the last two years have seen a change in the regulatory environment governing operator activities across the region. Any future subsea equipment and infrastructure will need to comply with these regulations and have higher safety specifications, something that will lead to greater capital expenditure per development. In addition, the rise of the local Shale Gas market threatens to mix up the offshore market dynamics by diverting the operators' attention onshore.
Purchasers of the Global Perspectives Subsea Market Report receive 12 months access to 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 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 been, 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 split by: Tree Manufacturer, Country of Supply and Year of Start Up.
These two additional data sets are customised, therefore, can only be downloaded from InfieldLive and the user is not able to run online searches using the InfieldLive search engine.
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 an open PDF 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 shown below are exclusive of VAT which will be charged at the prevailing rate, where applicable.
Infield Systems uses the Lock Lizard system to control the distribution and copyright of their reports and you must be able to install Lock Lizard viewer and the Lock Lizard licence file which requires administrator rights. If you are not able, or permitted, to install the viewer or licence file then please contact Infield Systems.
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 consent and specific permission from Infield Systems Limited. Infield Systems’ Standard Terms and Conditions of Business are available either upon request or at www.infield.com.
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