Conventional oil reserves are becoming more and more unsteady, and the world has finite hydrocarbon resources. With the odds stacked against maintaining oil levels through traditional methods, alternative means of finding and procuring oil are being considered.
New oil reservoirs are consistently being discovered in deep and ultra deep waters across the world, and these discoveries are providing medium-term answers to declining production from traditional methods of getting oil and gas. According to a recent study by ASDReports, this year the global capital expenditure in subsea production & processing systems infrastructure will be $8.89bn.
According to the study:
Exploration and production companies are investing heavily in offshore development projects. Most offshore projects in water depths beyond 200-300 metres benefit from subsea production and processing systems to lift hydrocarbons to the surface. As a greater share of oil and gas is supplied from deeper water depths, investment in subsea production and processing systems will grow larger over the next ten years.
While up until the 1970s there were few commercial gas and oil facilities producing from deepwater reservoirs, ongoing innovations in the way of multiphase pumps, subsea oil/water/gas/sand separation unites and wellhead systems has helped the system evolve to overcome earlier obstacles. Larger companies are now able to produce hydrocarbons even from the most challenging of environments, such as harsh or sensitive climates. Industry professionals are hopeful that with continued development, subsea production and processing systems will be a more safe and environmentally sustainable method of gathering hydrocarbons.