Future offshore outlays driven by drilling, analyst says

01/23/2006
Over the next 5 years drilling activities will draw a major share of offshore expenditures, according to international UK research firm Douglas-Westwood Ltd.Through 2006-10 more than $195 billion will be spent on shallow-water drilling with deepwater drilling expenditures nearly doubling to $65 billion, according to the firm’s recent report, World Offshore Drilling Spend Forecast 2006-10.The above drilling expenditures compare to an estimated $160 billion spent on shallow-water drilling and $33 billion spent on deepwater drilling over the past 5 years.The report said that while shallow waters are seeing increased expenditures almost solely because of rising prices and rising unit we...
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