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    Future Offshore/Onshore Crude Oil Production Capacities: Twitter

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    Egwuatu Uchenna
    Offshore crude oil production has grown significantly since the 1960s and now accounts for almost one-third of global production. While onshore production has plateaued over the last two decades, offshore production is the only growing segment of the industry. A summary of projections for future global crude oil production capacity broken down by onshore and offshore shows that offshore production will continue growing for another 6 years, reaching 28.9 million barrels per day by 2020, while onshore production will decline after 2010. The model's projections are notably lower than the latest estimates from the EIA, which are 17% higher for 2020 and 50% higher for 2030.

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    Future Offshore/Onshore Crude Oil Production Capacities: Twitter

    Uploaded by

    Egwuatu Uchenna
    12 views1 page
    Offshore crude oil production has grown significantly since the 1960s and now accounts for almost one-third of global production. While onshore production has plateaued over the last two decades, offshore production is the only growing segment of the industry. A summary of projections for future global crude oil production capacity broken down by onshore and offshore shows that offshore production will continue growing for another 6 years, reaching 28.9 million barrels per day by 2020, while onshore production will decline after 2010. The model's projections are notably lower than the latest estimates from the EIA, which are 17% higher for 2020 and 50% higher for 2030.

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    Offshore crude oil production has grown significantly since the 1960s and now accounts for almost one-third of global production. While onshore production has plateaued over the last two decades, offshore production is the only growing segment of the industry. A summary of projections for future global crude oil production capacity broken down by onshore and offshore shows that offshore production will continue growing for another 6 years, reaching 28.9 million barrels per day by 2020, while onshore production will decline after 2010. The model's projections are notably lower than the latest estimates from the EIA, which are 17% higher for 2020 and 50% higher for 2030.

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    12 views1 page

    Future Offshore/Onshore Crude Oil Production Capacities: Twitter

    Uploaded by

    Egwuatu Uchenna
    Offshore crude oil production has grown significantly since the 1960s and now accounts for almost one-third of global production. While onshore production has plateaued over the last two decades, offshore production is the only growing segment of the industry. A summary of projections for future global crude oil production capacity broken down by onshore and offshore shows that offshore production will continue growing for another 6 years, reaching 28.9 million barrels per day by 2020, while onshore production will decline after 2010. The model's projections are notably lower than the latest estimates from the EIA, which are 17% higher for 2020 and 50% higher for 2030.

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    Future Offshore/Onshore Crude Oil Production Capacities

    August 31, 2009 By Dr. Rafael Sandrea

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    Offshore crude oil production started in the 1940s and has grown consistently from a modest 1 million b/d (mbd) in the 1960s to 24 mbd today. In fact, offshore has been the main source of growth for world oil production as onshore has essentially plateaued during the last 2 decades; during the last recession it dropped 10 mb/d from a high of 54 mbd in 1979 and has yet to recoup this potential. Offshore crude oil output now accounts for almost one-third of the worlds production. In fact offshore is the only growing segment of the industry. It is without doubt the new oil & gas frontier. Why the emphasis on crude oil? Well it is the underground oil and the mainstay of the total petroleum liquids supply contributing 83%; additional light liquids are NGLs ( 12%), refinery gains (3%), and unconventionals (2%) such as ethanol, CTLs, GTLs, etc. Reserves refer to crude oil. Oddly enough, global crude oil outlooks from most institutions (IEA, EIA, CERA, etc.) have avoided segregating their predictions along onshore and offshore lines and just show the total result. The production behavior of these two segments, however, is markedly different. Onshore consists mostly of mature fields which will reach the half-life of their reserves in 2010, subsequently going on decline. Offshore, on the other hand, has a strong mix of new and old fields and should continue to grow for another 6 years. Half of the global oil discoveries (reserves) over the last 20 years came from offshore fields! A recent assessment of offshore reserves indicates an EUR of 600 billion barrels of which roughly 40% have been produced through 2008. The production capacity of these reserves as generated by our production model 1 with a reliability of 90+ % is summarized below: Table 1 Future Global Crude Oil Production Capacity mbd EIA Model Production Capacity Model Total Total Onshore Offshore 2010 73.9 71.2 42.3 28.9 2020 82.1 70.0 42.3 27.8 2030 93.1 62.5 42.3 20.2 The table gives the crude oil production capacity outlook through 2030 broken down for offshore and onshore. For the purpose of comparison the results of the latest EIA outlook are also illustrated. Their overall results are notably higher: 17% higher by 2020 and 50% by 2030!

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