Global upstream spending is forecast to rise this year, driven by increased investment in the deepwater and the development of unconventional resources. This means 2011 should — in theory —be a good year for the oil-field services sector. The deepwater already accounts for almost 10% of global oil production, and that share is rapidly advancing, says Robin West, chairman of consultancy PFC Energy, while US engineering giant Halliburton estimates that global deepwater spending will top $25 billion in the next three years alone. Interest in unconventionals, meanwhile, is beginning to spread beyond its established hotbed of North America and into prospective new areas such as China and Argentina (PIW Dec.13,p8).
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