Offshore Petroleum Operations - Worldwide offshore sector offers major challenges

The long-delayed response to the oil price increase is under way.Contractors report greatly increased business in long-lead items, ranging from front-end engineering and design (FEED) to offshore vessel design.The speed of recovery, however, differs by industry sector, and the dynamics seem different from earlier cyclical upturns.A number of clearly definable macro trends are now affecting the world offshore industry:Shallow-water fields are being depleted.Huge numbers of small fields are in prospect.Deepwater discoveries are growing-particularly in the Gulf of Mexico and off Brazil and West Africa.Costs are coming down, due to new technologies and management practices.The time to first o...

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