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Emerging Frontiers: Focus on the Subsea

Authors
Jeff Spath (2014 SPE President)
DOI
https://doi.org/10.2118/0614-0014-JPT
Document ID
SPE-0614-0014-JPT
Publisher
Society of Petroleum Engineers
Source
Journal of Petroleum Technology
Volume
66
Issue
06
Publication Date
June 2014
Document Type
Journal Paper
Pages
14 - 16
Language
English
ISSN
0149-2136
Copyright
2014. Copyright is retained by the author. This document is distributed by SPE with the permission of the author. Contact the author for permission to use material from this document.
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SPE Member Price: Free
SPE Non-Member Price: USD 2.00

President's column

Over the past 6 months, I’ve talked about several emerging geographic and technology frontiers in the oil and gas industry. One of the most exciting and prolific emerging technology frontiers is also geographic in a way—the seafloor of deepwater basins around the world. Since the first installation of a subsea production tree in the Gulf of Mexico in 1961, the surge in the deployment of subsea wells has resulted in significant economic and environmental improvements in deepwater development.

High oil prices, technological developments, and the need to counterbalance declining production in mature shallow-water basins have been driving the move of offshore oil and gas operations into deep and ultradeep (>10,000 ft) waters. Growth in this sector has been momentous over the past few decades. Subsea installations will grow from roughly 2,000 in 2001 to an estimated 8,500 by 2018. Growth in capital expenditure (Capex), driven primarily by Asia, Africa, and the North Sea is estimated to grow by 120% between now and 2018.

Increasingly, operators are cost-effectively targeting reservoirs over a much wider area, tying back subsea wells both to fixed platforms in shallow waters and to floating infrastructure in deeper waters. In fact, capital-intensive ultradeepwater developments are expected to capture 48% of Capex and 23% of tree installations in 2014–2017, in contrast to 37% of Capex and 15% of installations in 2008–2013.
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