Opportunities For Offshore Oil And Gas Contracting

It is estimated by Barclay’s Capital in a recent industry survey that nearly $600 billion will be spent by oil and gas exploration and production companies in 2012 (an increase of 10% over 2011). One reason is that the oil industry is mature which is reflected by the rising costs. From 1995-2004, $2.4 trillion of capital expenditure resulted in an increase of global oil production of 12.3 MMbpd; in the following six years, 2005-2010, despite the same spend oil production fell by 0.2 MMbpd.