OGJ Newsletter

01/14/2008
General Interest - Quick TakesWestwood sees jump in deepwater investmentOperators will make capital investments in deepwater exploration and production of nearly $25 billion/year by 2012, says John Westwood, managing director of the UK consultancy Douglas-Westwood Ltd.Deep water, Westwood told the Society of Underwater Technology in Houston, represents “virtually the only place where giant oil fields will be found in future years.”Major international oil companies, he stressed, need that kind of discovery.“There are literally hundreds of small, undeveloped offshore fields worldwide, but ‘big oil’ needs big fields,” Westwood said. “The remaining &l...
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