Monday 28 November 2022

Deepwater is the fastest growing upstream oil and gas resource theme. From just 300,000 barrels of oil equivalent per day (boe/d) in 1990, production is expected to hit 10.4 million boe/d in 2022. By the end of the decade, that figure should pass 17 million boe/d.

Deepwater production is set to increase by over 60% between 2022 and 2030, growing from 6% to 8% of overall upstream production. Ultra-deepwater production – from depths of 1,500 metres and above is growing fastest – by 2024 it will account for more than half of all deepwater production (our definition is 400 metres of water depth or above).

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