Subsea production market poised to double

The global market for subsea production equipment is expected to double from its 1998 level over the next 5 years, to almost $12 billion in 2003.This is the forecast of Douglas-Westwood Ltd., Canterbury, U.K., which calculates that subsea developments worth a total $7 billion will be brought on stream this year. Click here to enlarge imageThe analyst reckons that a total of 287 subsea well completions will begin production in 1999. The annual total will fall to 239 in 2000 and then climb to 404 by 2003 (see chart, right and table, below).Economic benefits Click here to enlarge imageDominic Harbinson, analyst at Douglas-Westwood, told OGJ that subsea installations have generally become ...

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