On the account of high prices, offshore oil and gas production has been gradually increasing over the decades and has picked up momentum strongly over the past few years, which has resulted in increase of capital spending in the offshore arena by the oil and gas companies. In order to satisfy this growing demand for oil and gas, E&P companies seek to extract the full potential of remote oil and gas fields, which were once inaccessible because of technological limitations.
Deep water drilling is concerned with the exploration and extraction of oil and natural gas at depths of several thousands of feet (1000 feet approx.). Deep water activities were expensive, however, the high prices of oil and gas during the 21st decade has made deep water drilling feasible. With the advancement in technology and rise in the demand for energy from emerging economies has made the oil and gas companies increase their capital spending in deep water drilling activities.
Ultra-Deep water drilling is concerned with the exploration and extraction of oil and natural gas at depths of several thousands of feet (12000 feet approx.). Demand for ultra-deep water rigs is very high and is increasing due to sustained high oil prices and also the desire of oil & gas companies to achieve production targets is driving the demand in all the regions.
Browse through the market data tables, figures and detailed ToC on the “Ultra Deep Water Drilling Market.”
Shallow Water Drilling Market:
Shallow water drilling activities is the process involving oil and gas exploration and production in less than 500 feet of water. Unlike deep and ultra-deep water, shallow water rigs have legs that reach the bottom of the sea floor and have blowout preventers above the surface of the water that are accessible for inspection, maintenance and repair, and can be controlled either remotely or manually in case of an emergency. Drilling activity in shallow waters is less risky and easier to repair if damaged, because divers are able to reach the well.
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