Deep water to play key role in new reserves, production

The deep water has proven itself to be one of the most attractive upstream oil and natural gas investment arenas, with world-class projects and high, full-cycle returns. The deep water also is an area within the oil and gas industry that is in a state of transition, from exploration-led stakebuilding to development-led delivery of value.The deep water has been a key source of oil production growth in recent years, adding nearly 4 million b/d of oil to the worldwide slate during 1994-2004—a trend likely to continue throughout the remainder of the present decade.Deepwater oil production should reach about 8.5 million b/d by 2010. This includes 2 million b/d contributed from yet-to-fin...

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