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Mid-water and Deeper Environments
Since about 2008, many discoveries of oil fields in mid-water and deep water environments have been made, and they have been a big factor pushing growth of offshore oil drilling. In 2008 alone 32 mid-water and deeper fields were discovered, and the pace of discovery only increased from there. In 2009 and 2010, 74 more fields were discovered http://www.sanjosesharksteamstore.com/adidas-brent-burns-jersey , and 28 more were discovered in 2011. Through the first half of 2012, 22 mid-water or deeper fields were discovered, and 2012 could be a record-breaking year for offshore oil discovery. Clearly exploration pipeline is expected to be in greater demand as the pace of discovery remains strong.
Reactivation of Jack-Up Rigs
Shallow water drilling is ramping up as well, and drilling companies have found themselves reactivating unused and surplus jack-up rigs to respond to increased demand. Owners of these rigs are seeing higher revenues from leasing them to companies drilling in shallow water environments. Demand for this type of rig is higher in Saudi Arabia and the Middle East in general. Saudi Arabia plans to develop oil fields in shallow regions of the Persian Gulf, and Southeast Asia is seeing increased demand for these rigs also. Revitalization is occurring in the North Sea as well http://www.sanjosesharksteamstore.com/adidas-brenden-dillon-jersey , and jack-up rig supply is currently so tight that customers are reserving them as far ahead as the year 2014.
Increase in Arctic Drilling
Shell has received permission to drill in the Chukchi Sea and the Beaufort Sea. These projects, both located north of Alaska, represent the first exploration program in U.S. Arctic water in over a decade. It could herald the beginning of offshore commercial drilling in the region, though it is expected to take another ten years or so to establish production oil wells. According to the U.S. Geological Survey, the Arctic contains up to 90 billion barrels of oil http://www.sanjosesharksteamstore.com/adidas-brandon-mashinter-jersey , which represents around 13% of the recoverable supply in the world. Arctic exploration off the coasts of Norway and Russia is also increasing, with more places north of the Arctic Circle becoming accessible.
Kurdistan Courting International Oil Companies
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