25 November 2022 | Macroeconomics | Technology

Deepwater oil and gas production will rise 60% by 2030

Deepwater fields are projected to see a steep growth of over 60% by 2023, with its share increasing from 6% to 8% of oil and gas production.

Ultra-deepwater exploration and production — at a water depth of over 1,524m — is the most widespread. It is expected to account for more than half of deepwater production by 2024. 

Production from the world's deepwater fields is the fastest-growing upstream oil and gas segment. It is expected to increase from 300,000 boe/d seen in 1990 to 10.4 million boe/d in 2022. 

According to the report of the global research and consultancy group Woodmac, Brazil is the giant in deepwater production, accounting for around 30% of current global capacity. The country will increase its share in the long term.

Despite the fact that Guyana is considered a new producer, it holds huge potential. It could produce 1 million boe/d within the next five years.

14 other countries are projected to contribute to deepwater production in the coming years.

Subscribe to our newsletter and stay up to date with all the news!