1 April 2003
Offshore drilling spending to rise
OIL AND GAS firms are expected to spend around $170bn on offshore drilling over the next five years, with increasing amounts destined for deep-water projects. According to a new report by UK analysts Douglas-Westwood*, by 2007, 14,626 offshore wells will be drilled worldwide. Of these, there will be 10,231 development wells, 2,665 exploration wells and 1,730 appraisal wells. The $170bn figure is only slightly higher than the amount spent between 1998 and 2002, which totalled $1.675bn. Deep-water drilling expenditure is expected to see strong growth, with a forecast $40bn to be spent on around 560 exploration, 330 appraisal and 1,465 development wells. Deep water's share of drilling expenditu
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