R&D efforts target deepwater, arctic
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[时间:2009-01-07 E&P 关注度:0]
摘要:RD efforts target deepwater, arctic
Despite the downturn in the economy, RD dollars continue to be invested in techno...
R&D efforts target deepwater, arctic
Despite the downturn in the economy, R&D dollars continue to be invested in technologies that will take drilling and production into deeper water and colder climates.
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Projections indicate that nearly US $60 billion will be spent on deepwater drilling in 2012. (Image courtesy of Energyfiles Ltd.)
There is a lot of bad news in the press lately about the global financial situation and the pending recession. A number of oil and gas companies have reined in investment, others have put off projects that are not time critical, and still others (albeit few) have begun layoffs. These indicators point to a slowdown in the oil and gas industry. And there is reason to believe that things will slow considerably more before all is said and done.
Fortunately, these are only some of the indicators, and there is additional evidence that supports a less bleak view of the industry’s future.
According to a report released by Infield Systems Inc., dropping oil prices are likely to bring down the overall number of projects per annum and to reduce capex levels, but unless the oil price falls dramatically, planned projects will not be hugely impacted.
Will Rowley, author of the report and director of analytical services for Infield, said the lack of credit, which is a problem in many sectors of the global economy, will not be an issue for most of the international oil companies and national oil companies, which he classifies as “cash rich.”
Although a number of projects will be deferred — and others could face extended delays — in the main, the majority of mid- to large-sized projects will continue, Rowley said.
Spending is also going ahead in the R&D sector. Despite the challenges facing the industry today — including a weak global economy and extremely volatile oil markets — companies know the industry is notoriously cyclical and that an upturn could happen at any time. If these companies are going to be ready for the next upswing, they have to invest today in R&D so new technologies are available when the industry has the cash to pay for them.
In terms of offshore activity, a substantial amount of R&D money is going toward technology that will open up deep water. According to Dr. Michael R. Smith, chief executive of Energyfiles, “Around 32% of the remaining recoverable oil volumes that will be extracted over the next century lie offshore, while just over 20% of the oil produced up to end 2007 came from offshore areas. Around 18% of offshore volumes that will be extracted over the next hundred years lie in water depths greater than 1,000 meters (~ 3,000 ft).”
A report issued by Douglas-Westwood Ltd. in 2Q 2008 says deepwater spending is on the rise and that nearly US $60 billion will be spent on deepwater drilling in 2012.
Another area that is receiving research dollars is arctic technology. According to Smith, perhaps 5% of the remaining offshore oil reserves lie within the Arctic Circle. Smith cautioned that the actual numbers are “pure speculation and are irrelevant to the current oil market and possibly for the foreseeable future,” but developing, testing, and manufacturing systems capable of working in this region will take considerable time. Companies that want to be ready for the arctic challenge when exploration drilling becomes a short-term objective are already reaching into their pockets to fund research.
Though Smith was less than optimistic about the immediate need for some of these technologies, he was very positive about their application when the time is ripe. “Assuming a suitably high oil price and cost reductions through better technologies, most deepwater and arctic oil could be recovered in the future,” he said.
R&D dollars are going to programs that ensure tomorrow’s frontiers will not be off limits because of the lack of technology necessary to gain access.
The oil and gas industry has weathered many ups in downs over the years and will no doubt come through the current dip in much the same manner that it has done so in the past — somewhat the worse for wear, but having used the time wisely to lay the groundwork for future challenges.
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