Visiongain: Spending on Subsea Production Systems to Reach USD 8.89 Bln in 2012

Visiongain Spending on Subsea Production Systems to Reach USD 8.89 Bln in 2012

The world has finite hydrocarbon resources and conventional oil reserves are particularly in short supply. Furthermore, conventional oil resources from the Middle East are very much under threat of disruption as embargoes on Iranian oil exports come into full effect at the end of June 2012.

However, new reservoirs of oil are increasingly being discovered in deep waters and ultra deep waters across the world. These new discoveries are providing a respite to declining production from conventional sources of oil and gas, and reducing risks in upstream oil production from the Middle East. Visiongain calculated that capital expenditure in the subsea production & processing systems infrastructure will total $8.89bn in 2012.

Exploration and production companies are investing heavily in offshore development projects. Most offshore projects in water depths beyond 200-300 metres benefit from subsea production and processing systems to lift hydrocarbons to the surface. As a greater share of oil and gas is supplied from deeper water depths, investment in subsea production and processing systems will inevitably grow larger over the next ten years.

Subsea systems not only enable operating companies to optimise production from offshore fields, they also increase the total amount of recoverable hydrocarbons over the life of the well. For example, with pressure boosting systems, total oil recovery rates are significantly increased. Some deepwater oil and gas reservoirs would not have been fully exploited without the aid of subsea systems.

By the early 1970s the world had few commercial oil and gas facilities producing from deepwater reservoirs because challenges such as high temperature and high pressure were too restrictive. Over the years, however, more advanced multiphase pumps, subsea oil/gas/water/sand separation units and wellhead systems have evolved to overcome the difficulties, enabling companies to produce hydrocarbons from the most challenging environments.

Subsea production and processing systems are advancing further to enable companies to produce from very sensitive and harsh environments such as the Arctic and high temperature, high pressure (HTHP) reservoirs. Subsea systems will not be affected by surface ice formations unlike floating platforms and can provide more controlled production from HTHP wells. Therefore, subsea systems minimise environmental risks associated with production from the Arctic region and in deepwater offshore areas.

The Subsea Production & Processing Systems Market 2012-2022 report provides valuable insight into the future developments of this growing market and will benefit those already in the subsea production & processing market as well as those looking to enter this market.

Source: VisionGain, June 18, 2012

 

 

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply