Oil prices have fallen dramatically to the average range of USD $30 to $50 per barrel and are expected to stay in this average range through 2017 or beyond. Field development costs for deepwater have fallen but are still a major obstacle to efficient field development and this is not expected to change in the foreseeable future. A failure to adapt to this new economic reality could seriously impact the industry. New strategies and concepts are needed to ensure a sustainable deepwater industry, especially for the more challenging reserves. This presentation will discuss a step change solution to providing a field development concept that will be economic in today's conditions.

New strategies and concepts for deepwater field development will be discussed for a cost-challenged environment. Partnering and development strategies will be defined, as these will facilitate subsea development of the most challenged assets and could reduce project cost by up to 30% and to shorten project schedule by 18 months to 2 years.

This paper will discuss the following:

  • Development strategies to go forward for a cost-challenged deepwater business

  • New development concepts for field development, including processes and equipment beyond Jules Verne concept

  • New partnership models to allow for economic provision of resources: utilities, water, etc.

  • Standardization recommendations.

Major changes are needed to empower the move to an economic field development concept and these will be discussed with details showing the future of deepwater development.

You can access this article if you purchase or spend a download.