WPC: Deep water holds industry's greatest challenges, opportunities

Deepwater theaters offer the world's best promise for finding and developing major oil and gas discoveries.That was the consensus of an international panel of deepwater specialists at the World Petroleum Congress in Calgary earlier this month.Activity will increase, and competition will become more intense, with the industry expected to spend about $76 billion to find and develop about 19 billion boe in deep waters around the globe through 2004, said Luiz Rodolfo Landim Machado, a Petroleo Brasileiro SA executive.About 32% of those reserves will be developed in deep waters off West Africa, 27% in the Gulf of Mexico, and 22% off Brazil, said Machado, who chaired the WPC panel discussi...

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