Introduction

Offshore drilling represents nearly 50% of offshore capex within the global E&P business. This report has been prepared in recognition of drilling's importance to the turnover of almost every oil and gas company and service provider working in the sector. Drilling has a fundamental role in the location and extraction of all the oil and gas production that can be realized from offshore locations.

Scope of this research

• Insight on the drilling services market and its evolution in the current market environment from both an operational and expenditure perspective.
• Forecasts of the number of wells to be drilled and the likely level of expenditure required to fulfil predicted levels of activity.
• An overview of drilling equipment and processes and a description of how the associated technologies are costed and allocated to various well types.
• Analysis of individual offshore areas and their role in the future growth of the drilling sector and rig market.

Research and analysis highlights

Approximately $88 billion was spent over the last five years on offshore drilling in Asia-Pacific. Spending surged in 2006and this continued into 2007. Spending then declined in 2008 and sharply declined in 2009. The forecast is for slow growth through to 2013, finally reaching $108 billion over the five-year period.

The prospects for the recovery in drilling numbers vary considerably across geographic regions, with deepwater drilling continuing to be the main driver for expanding levels of activity in the market.

Over the last five years it is estimated that nearly $75 billion was spent on shallow water drilling in Asia-Pacific, representing 85% of all drilling expenditure.

Key reasons to purchase this research

• Develop a drilling investment strategy targeted around Exploration and Production hotspots.
• Evaluate likely technology driven growth opportunities created by the medium term evolution of the drilling sector.
• Analyse how drilling spending patterns will vary between different technology sectors and geographies over a five-year forecast period.