Why global industry is shifting focus offshore, into deepwater

摘要

The shift in exploration and production (E&P) focus to the offshore is one of the petroleum industry's most significant trends to emerge in the last decade. This shift is characterized by international licensing activity. In 1984, nearly 75% of the acreage awarded for E&P purposes lay onshore, whereas 3% lay in onshore blocks that extended offshore, and 22% of awarded acreage lay offshore. By mid-2001, onshore acreage awards had shrunk to 42%, and offshore acreage awards topped 53%. This 2.5-fold increase in the proportion of offshore acreage awards reflects the industry's quest to invest in progressively deeper waters.