DUBLIN, March 2, 2016 /PRNewswire/ —
A recent report published on Research and Market forecasts the global offshore oil market and the global offshore gas market to grow at a CAGR of 2.7% and 1.9%, respectively, over the period 2015-2019. According to the report, depleting onshore oil reserves have resulted in a shift from onshore to offshore reserves such as deep-water and ultra-deep-water reserves to increase oil and gas production. This has been further evidenced by Statoil’s announcement that they have been awarded six options to search for oil and gas offshore Ireland in the country’s latest licensing round.
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The Norwegian multinational will operate four and partner in two licensing options, operated by ExxonMobil. They have been awarded 7,700 km2 in the Porcupine Basin in water depths ranging between 1,100 and 3,150 metres, according to reports. The companies are expected to carry out seismic surveys during 2016 and 2017, with the option to drill depending on the analysis of the data.
A report on the offshore drilling market forecast revenue to grow at a CAGR of 9.25% over the period 2015-2019. It says the demand for oil and gas is leading to investments in deep sea and ultra-deep sea drilling. It expects that diminishing extraction from onshore oil and gas resources will further drive the global offshore drilling market. A similar report expects the offshore drilling market to grow from $78.6 Billion in 2014 to $89.8 Billion by 2020, at a CAGR of 4.54% during 2015-2020.
Up until this point, Statoil’s main asset in Ireland had been its 36.5% stake in the Shell-operated Corrib gas field. The second and final phase of awards is planned for mid-May.
For further information on this topic, and a full list of all related documentation, please visit the Oil section at http://www.researchandmarkets.com/rm/MLLM .
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Source: http://www.reuters.com/article/us-statoil-ireland-idUSKCN0W40TR
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