Global offshore drilling spend to reach $80 billion by 2012

04/21/2008
Over the next 5-year period to 2012, high oil prices will continue to drive oil and gas industry spending on offshore drilling to a total of $380 billion. This is an increase of nearly 60% compared with the $240 billion spent in the previous 5 years, according to a forecast released by Douglas-Westwood Ltd. and Energyfiles.The latest edition of the “World Offshore Drilling Spend Forecast 2008-12,” released Apr. 14 by the two research firms, forecasts that by 2012 the global drilling market will be worth an estimated $80 billion, more than doubling since 2003.Based on data derived from Energyfiles’ global database, nearly 18,000 offshore wells were drilled over the last 5...
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