Oil and gas segmentThere are no translations available.
Today, 85% of energy is coming from fossil non-renewable resources which is not sustainable from current sources. There exist huge deep onshore and offshore oil and gas reservoirs economically not feasible today. Oil and gas market is established, more than 100 years old, with significant growth over long-term horizon. Sector is heavily fragmented with numerous drilling services companies – top drilling companies have <5% of market. Oil and gas drilling market is strongly correlated with current crude oil prices. As the demand for new oil and gas reservoirs is going up, also demand for new rigs is too - making the drilling itself more expensive. Moreover, this fact has strong influence also on the other drilling markets that are not directly linked to crude oil – predominantly geothermal drilling market.
In recent decades new deep underground reservoirs were discovered, here are several examples of new uncovered deep fields that require significant advance in drilling technologies:
-
Gulf of Mexico - about 175 miles off the Louisiana coast at a depth of 8 - 10 km (2100 m under water and more than 6 km drilled well) up to 15 billion barrels of crude oil
-
Brazil - off Rio's coast an exploration area could contain as much as 33 billion barrels of oil, an amount that would nearly triple Brazil's reserves, the world's third-largest reserve
-
Iran - discovered more than 8.8 billion barrels of oil in four layers under existing reserves at a depth more than 5100 meters
-
Uzbekistan - Caspian basin - large reservoirs at depths of 5 - 10 km
-
Hungary - drilling for deep gas in Hungarian basin around 6 km
