Deepwater and Ultra-deepwater Drilling Market to be dominated by Deepwater Drilling Segment through 2028

Rising deepwater oil and gas activity especially in the Gulf of Mexico, Brazil and the North Sea to drive Global Deepwater and Ultra-deepwater Drilling Market in the forecast period, 2023-2028.

According to TechSci Research report, “Global Deepwater and Ultra-deepwater Drilling Market - By Region, Competition, Forecast & Opportunities, 2028”, Global Deepwater and Ultra-deepwater Drilling Market is anticipated to grow at a 7.13% CAGR in the forecast period, 2024-2028. Factors, such as technological improvements and increasing viability of deepwater and ultra-deepwater projects, several new markets, such as Gabon, Senegal, Guyana, Trinidad & Tobago, Egypt, and the Mexican side of the Gulf of Mexico are actively promoting the development of deepwater and ultra-deepwater reserves. This, in turn, is expected to create significant opportunities for the operating countries in the near future.

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Based on Depth, Deepwater Drilling segment is expected to grow at a high CAGR over the forecast period, The investments related to deepwater projects are expected to be limited, before 2025. These resources are typically more expensive to develop, take a longer time to reach full production, and require additional investment in infrastructure, because of their presence in remote locations. However, most of the projects that are currently under development are expected to continue their operations. Despite high fixed costs and the requirement of long lead times from project conception to the first production, offshore deepwater oil projects provide large production volumes that can achieve relatively low per-barrel operating costs over the reservoir life cycle. The majority of deepwater drilling and production takes place in four countries: Brazil, the United States, Angola, and Norway. In recent years Brazil have become a world leader in the development of deepwater projects. Norway pumped approximately USD 6 billion in the exploration and development of deepwater oil & gas platforms. Moreover, the recent waves of cost reductions and critical technological breakthroughs have enabled many oil and gas exploration and production companies to expand their portfolio of sustainable deepwater developments.

Based on Region, South America region is expected to dominate the market for Deepwater and Ultra-deepwater Drilling during the forecast period.  As the demand for energy is increasing rapidly, various countries and major companies and investors are shifting their interest toward deep water, as it holds the potential for a guaranteed supply of oil & gas for few decades. In 2018, Brazil and the United States together accounted for more than 90% of ultra-deepwater production globally. According to EIA, Brazil is a world leader in the development of deepwater and ultra-deepwater projects. The change in government policy in recent years such as liberalization in the oil & gas sector attracted foreign investment in the country. Moreover, the presence of the most experienced international oil companies in the deepwater development and the largest deepwater reserves makes Brazil the most attractive countries for upstream deepwater investment. In 2019, Brazil held its sixth successful oil and gas bid round in just over a year and awarded all four blocks in the prospective pre-salt area for BRL 6.82 billion. The latest investment and upcoming projects in deepwater are likely to drive the growth of the deepwater drilling market during the forecast period in the South America region. Therefore, with rising investments in deepwater and ultra deepwater projects and supporting policies from governments are expected to drive the market in forecast period.

Major companies operating in the Global Deepwater and Ultra-deepwater Drilling market are:

• Transocean Ltd.
• Seadrill Limited
• Noble Corporation
• Ocean Rig UDW Inc.
• Pacific Drilling SA
• Diamond Offshore Drilling, Inc.
• Saipem S.p.A
• Ensco plc
• SapuraKencana Petroleum Berhad
• China Oilfield Services Limited

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“The global Deepwater and Ultra-deepwater Drilling market is driven by several key factors that shape its growth and development. One of the primary drivers of the global deepwater and ultra-deepwater drilling market is the increasing global energy demand. As the world's population grows, industrialization advances, and living standards improve, the need for energy continues to surge. To meet this escalating demand, the energy industry is increasingly turning its attention to deepwater and ultra-deepwater reserves. Onshore oil and gas reserves are gradually depleting, making it imperative to explore alternative sources of hydrocarbons. Deepwater and ultra-deepwater drilling operations offer access to substantial untapped reserves that were once considered technologically and economically challenging to exploit.

Technological advancements have played a pivotal role in making deepwater drilling economically viable. Improved drilling techniques, subsea equipment, and data analytics have enhanced the industry's ability to explore, extract, and produce hydrocarbons efficiently and safely in these challenging environments. As a result, deepwater and ultra-deepwater drilling have become vital components of the global energy mix, helping bridge the gap between supply and demand. The stability of global energy supply and the ability to meet future energy needs depend significantly on the successful development and expansion of deepwater and ultra-deepwater drilling operations.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Deepwater and Ultra-deepwater Drilling Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented by Type (Drill Ship, Semisubmersibles, Tender Rigs, and Others), Depth (Deep water drilling and ultra deep-water drilling), By Region, and By Competition”, has evaluated the future growth potential of global Deepwater and Ultra-deepwater Drilling market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Deepwater and Ultra-deepwater Drilling market.

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