A new Douglas-Westwood report commissioned by INTSOK reveals that overall expenditure levels of 19 target countries and 26 key onshore and offshore market sectors is expected to total $2 trillion over the 2009-2013 period.

Within the offshore target markets, expenditure is expected to grow from $163 billion in 2009 to $222 billion in 2013, according to the report. Key drivers include the strong growth in energy demand from the developing countries, increasing tightness in global energy supplies, and a resultant growth in oil prices.

Douglas-Westwood Chairman John Westwood believes that opportunities within the shallow water markets are becoming increasingly scarce and operators are moving to prospects in greater water depths.

source: Offshore Magazine