AREA (on): na

OIL PEAK: (forecast)



The first simple oil tanker began working in the Caspian Sea in 1878. Soon after the first well to tap oil in a reservoir directly beneath the sea was drilled from a wharf in California, but it was not until 1925 when the first offshore field (as defined here) was developed in Azerbaijan followed in 1937 by small shallow developments off Texas and Louisiana in the Gulf of Mexico.


The earliest mobile offshore drilling rig did not start operating until 1954. Thus production from beneath water began in the 19th Century, and production from marine platforms began in the 1930s, but offshore oil did not start to have an impact on the global energy market until the 1960s when the shallow waters of the Gulf of Mexico and the Persian Gulf could be seriously developed using technology that was a precursor to the technology we use today.


In the 1970s offshore oil output rose rapidly as many countries across the world began to explore and produce in deeper and deeper waters, especially those bordering the North Sea and the South China Sea. Production continued to rise through the 1980s and 1990s, despite declines in discovery rates, reaching a plateau in 1998. New technology and higher oil prices have just about kept output flat but permanent decline is expected after 2015 as the world’s easily accessible shallow waters have reached maturity.


Conversely gas production, which steadily grew from the US Gulf of Mexico, the North Sea and the South China Sea in particular after the mid-1970s, has many more years of growth potential. Stranded gas reserves, already discovered in many countries far from obvious markets, will progressively come onstream using new technologies in the LNG industry to kick-start major developments.


NB: Shallow water oil production is shown here without Natural Gas Liquids production as these are not specific to water depths - with processing occurring away from the field.


This is a simple forecast - detailed forecasts including offshore and onshore, deep water splits, sedimentary basins and major fields and drilling etc. can be purchased for most countries.





An onshore and offshore oil and gas production, consumption and drilling activity forecast report on this country can be commissioned,

including all relevant charts. Contact us for price and contents list.


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