Drilling for Offshore Oil and Gas - Europe and the former Soviet Union-Aarkstore Enterprise

Offshore drilling represents nearly 50 per cent ofKey findings and highlights
offshore capex within the global E&P business.From an estimated $51 billion between 2005 and 2009,
This report has been prepared in recognition of drilling'sdrilling expenditure in Western Europe is forecast to
importance to the turnover of almost every oil and gasgrow slightly to $54 billion over the five years from
company and service provider working in the sector.2010 to 2014. Comprising 17 per cent of global spending
Drilling has a fundamental role in the location andin 2009, this percentage is expected to decline to
extraction of all the oil and gas production that can bearound 13 per cent by 2014 as activity reduces,
realized from offshore locations.compared to the large deep water regions.
The report explains, quantifies and costs the offshoreEastern Europe and the FSU attract just 3 per cent of
drilling market, providing historic drilling and spendingglobal offshore drilling spending due to the region's
trends and forecast trends over the period 2010 torelatively small offshore area and low potential outside
2014. It presents a series of estimates and forecaststhe Caspian Sea and Black Seas, and offshore
for drilling and spending on all offshore wells andSakhalin Island and the Arctic waters of Russia.
discusses key drilling events in each country. It alsoOver the last five years it is estimated that $57 billion
provides a regional synthesis of shallow versus deepwas spent on shallow water drilling in Europe and the
water spending and exploratory versus developmentFSU, representing 95 per cent of all drilling expenditure.
spending, and includes a broad discussion of new andMeanwhile just $3 billion was spent on deep water
improved drilling technology, looking at how this maydrilling.
affect the drilling spend market over subsequent years.