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A mass of investment has been launched into deep offshore operations as the industry shifts to deeper water. Although West Africa, Gulf of Mexico combined with Brazil, the conventional “Golden Triangle” of deepwater still account for over 80% of global deepwater expenditure. Experts pointed out that we should not turn a blind eye to the burgeoning Asia as a momentous deepwater area. Fuelled by the strong economic growth and the growing thirsty for oil and gas, Indonesia, Malaysia, India and China are rushing into deepwater in succession, accounting for nearly 10% of deepwater Capex during 2008-2012.
Technology innovation is one of the everlasting topics. Deepwater giants, for instance, Shell, Exxon Mobile, and Petrobas, have got huge success by huge R&D investment. Increasing national oil companies and independent oil companies already set their foot in deepwater. Accelerating technology innovation will make operations more effective in Asia-Pacific.
Cooperation plays a significant role in Asia-Pacific deepwater development. The games between IOCs, NOCs and services companies attract lots of attention. Traditionally, IOCs were regarded as technology provider, project manager, money collector and field developer. However, situation has changed because of services companies’ transformation and NOCs’ development. Oilfield services sector is facing unprecedented levels of business. To some extent, services companies partially supplant the big oil as technology provider and field operator. Also, NOCs have ready access to money from their government’s treasury, or global capital markets. Strengthening cooperation among these parties would be a critical factor that will maximize output in this region.
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