Deepwater crude oil output: How large will the uptick be?

11/01/2010
Rafael SandreaIPC Petroleum Consultants Inc.Broken Arrow, Okla.Ivan SandreaStatoilOsloWorld offshore crude oil production started in the 1940s and has grown from a modest 1 million b/d in the 1960s to nearly 24 million b/d in 2009, representing one third of present world crude oil output.Indeed offshore production has been the main source of growth for world oil supply in recent years as onshore output has been essentially flat for the last 2 decades.1Offshore oil production has also been flat since 2002 due mostly to the decline in shallow water (≤400 m) production since 2000. Shallow water accounted for almost the entirety of offshore production until the 1990s, when important deepwa...
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