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.