| Introduction | | | | spending, and includes a broad discussion of new and |
| Offshore drilling represents nearly 50 per cent of | | | | improved drilling technology, looking at how this may |
| offshore capex within the global E&P business. | | | | affect the drilling spend market over subsequent years. |
| This report has been prepared in recognition of drilling's | | | | Key findings and highlights |
| importance to the turnover of almost every oil and gas | | | | Approximately $88 billion was spent over the last five |
| company and service provider working in the sector. | | | | years on offshore drilling in Asia-Pacific. Spending |
| Drilling has a fundamental role in the location and | | | | surged in 2006and this continued into 2007. Spending |
| extraction of all the oil and gas production that can be | | | | then declined in 2008 and sharply declined in 2009. The |
| realized from offshore locations. | | | | forecast is for slow growth through to 2013, finally |
| The report explains, quantifies and costs the offshore | | | | reaching $108 billion over the five-year period. |
| drilling market, providing historic drilling and spending | | | | The prospects for the recovery in drilling numbers vary |
| trends and forecast trends over the period 2010 to | | | | considerably across geographic regions, with |
| 2014. It presents a series of estimates and forecasts | | | | deepwater drilling continuing to be the main driver for |
| for drilling and spending on all offshore wells and | | | | expanding levels of activity in the market. |
| discusses key drilling events in each country. It also | | | | Over the last five years it is estimated that nearly $75 |
| provides a regional synthesis of shallow versus deep | | | | billion was spent on shallow water drilling in Asia-Pacific, |
| water spending and exploratory versus development | | | | representing 85 per cent of all drilling expenditure. |