Global Subsea Market spend to increase by 65%
2008.01.27 -
Subsea Headlines
US$106bn is forecast to be spent on the Global Subsea Market capex over the next five years. The Fourth Edition of the Global Perspectives Subsea Market Update, published by Infield Energy Analysts, provides an in depth analysis of this market for the period 2008-2012.
The Subsea forecast spend is a 65% increase on the previous five years to 2007. Over the next five years, in terms of regions Africa will see an increase in Subsea CAPEX to US$31bn from US$17.5bn and Asia and Australasia will see large increases in subsea spend from US$3.7bn to US$16.8bn. In Both Europe and North America will see a 20% increase in subsea spend to US$39.7bn. Latin America will see a 69% increase in subsea spend to US$17.6bn.
A total of 2,408 subsea wells are forecast to be installed 2008/12, compared to 1,467 in 2003/07.
Applied Acoustics has recently announced the sale of its 50th Easytrak subsea tracking system at Offshore Europe, Aberdeen. The system is one of a pair that has been ordered by CaspianLab in Azerbaijan for use in their operations in the Caspian Sea.
The Tampen Link pipeline for gas export from the North Sea’s Statfjord field to the St Fergus gas terminal in Scotland opened on Friday evening. The field is consequently beginning a new era.
StatoilHydro, as operator of the Troll field, has recommended to its partners to discontinue the Troll Future Development project.
Petrobras Americas Inc. has awarded Aker Kvaerner a contract to supply subsea power cables and control umbilicals to its Cascade and Chinook fields in the Gulf of Mexico. The contract, worth approximately USD 65 million, represents a significant breakthrough for Aker Kvaerner's power cable technology.
StatoilHydro will today, 25th of October, sign a frame agreement with Gazprom to become partner in the Shtokman development, phase 1.
