Rystad Energy - Energy Knowledge House
Rystad Energy - Energy Knowledge House

Press Release

Offshore greenfield sanctioning: a deep dive

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Amidst the excitement surrounding recent advancements in the ultra-deepwater market, it’s easy to forget the offshore industry’s humble beginnings; a simple pier off the coast of California in 1897. In fact, until 1970, $150 billion (real dollars) worth of offshore projects were developed in 25 meters of water depth or less, accounting for 65% of the market. As exploration pushed farther from shore, deepwater offshore field development began to grow in the 1980s with the proliferation of advancing deepwater technology, such as semisubmersible drilling rigs, subsea trees, and floating production, storage and offloading vessels. By 2000, 15% of developed offshore resources worldwide were located a water depths beyond 150 meters. And when oil was discovered in the deep waters of the Gulf of Mexico, West Africa, and Brazil in the 2000s, field development beyond 1000 meters began in earnest, marking the start of the deepwater industry.

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Audun Martinsen
Head of Oilfield Service Research
Phone: +47 24 00 42 00

Jerome Fuzeau
Product Marketing Manager
Phone: +47 24 00 42 00


About Rystad Energy

Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry. Our products and services cover energy fundamentals and the global and regional upstream, oilfield services and renewable energy industries, tailored to analysts, managers and executives alike. Rystad Energy’s headquarters are located in Oslo, Norway with offices in London, New York, Houston, Stavanger, Moscow, Rio de Janeiro, Singapore, Bangalore, Tokyo, Sydney and Dubai.