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Arctic holds promise for the future says Douglas-Westwood

15.06.2011 + + + The next offshore discovery frontier is the Arctic, said Andrew Reid, CEO of Douglas-Westwood, speaking at the IADC World Drilling Conference.

“More than 400 fields have been discovered to date in the Arctic, providing reserves in excess of 240 Bboe,” he said. “There is no doubt that further drilling activity in this region could have a major impact on offshore production in the foreseeable future."

Looking ahead in the Arctic, Reid said 412 Bboe in undiscovered resources might be found there, and that 84% of that would be offshore.

In a shorter term, Brazil and West Africa look set to lead the way in expenditure with a combined forecast total of $126 billion in 2015 and that deepwater oil production is expected to grow a further 13% by 2020, up from zero in 1990 and 9% in 2010. Current estimates are that offshore production in general accounts for 33% of the total oil produced today.

Source: Offshore Magazine / PennEnergy

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