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The global deepwater exploration market has grown at a rapid rate over the last decade and by 2013 and by 2013 has been forecast to hit a value of $83.2 billion.
Deepwater exploration is the process of oil and gas exploration and production in depths of more than 500 feet. By this definition, there are approximately 600 deepwater wells in the Gulf of Mexico.
The deepwater oil and gas business is now, without-doubt, firmly established as a major expenditure driver in the offshore sector.
There are a number of reasons behind the fast growth in this market. Primarily, technological advancements have enabled companies to explore deepwater petroleum geologies. Since 2003, when the first well below 3,000 metres was drilled, a number of major new discoveries have been made in previously unexplored ultra deepwater territories.
In a time where oil production is declining in many of the traditional oil producing countries in Europe and North America and increasing political tensions in the Middle East increase supply insecurity, deepwater and ultra deepwater exploration offers a great alternative to secure rising world oil demand.
The additional benefit of deepwater and ultra deepwater oil & gas, while it incurs higher risk and upfront capital costs, is that new finds tend to be significantly larger than recent onshore discoveries.
It has been economically infeasible for many years, but with rising oil prices, more companies are investing in this area. Major companies working in this sector include Diamond Offshore, TransOcean, and Baker Hughes.
For more information on the deepwater exploration market, see the latest research: Deepwater Exploration Market
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