Why Drilling Will Continue to Shape the Future of Energy
The drilling industry continues to be at the forefront of the world’s energy supply, and as the global demand for power becomes ever greater, so does the need for investment and innovation in the sector.
In 2011, the offshore drilling industry is estimated to grow from a value of $80 billion in 2014 to $134 billion by 2019, with exploration and production rates reaching new heights.
The significant growth within the industry is a result of not only the shallow water activities, which dominate the offshore market, but also the deepwater and ultra-deepwater projects, which will increase the demand for semisubmersible rigs and drillships across the globe.
Much of the growth within the sector can be attributed to the fact that it is a truly global industry, with major hubs across the world. Asia-Pacific is the largest market in terms of value, but areas like Brazil, offshore Venezuela and West Africa are key for growth. These regions are where the majority of operators and providers will be focusing their attention over the coming years, strengthening the drilling industry as a whole as it moves into its next phases.
The advancement of new technologies has allowed the redevelopment of current drilling projects, which has satisfied much of the world’s demand as new projects are developed. New technologies have also made significant steps towards increasing safety in the industry, which in turn has had a positive global impact on the workforce.
The strength of the workforce drives the industry, from those who work on the rigs themselves to the experts that focus on perfecting new technologies to increase efficiency and reduce costs.
The drilling industry as a whole is a competitive one, and as a result, long term contracts are the norm. This means that the industry can offer its skilled workforce and key companies a level of security, and with the ever increasing demand for efficient energy, the drilling industry is set to successfully support this.
- Spencer Ogden
- Published on:
- October 31, 2014
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