The real growth story in the report continues to be the move into deep waters. It is estimated that in 2007 nearly $50bn was spent on shallow water drilling compared to $18bn in deep waters. By 2012 deepwater expenditure is expected to have increased by more than 40% whilst shallow water drilling will have risen by just 6%.
But deep water development drilling is increasing rapidly in all regions where fields have been discovered, supported by the many ultra-deep water projects now proceeding, especially in West Africa, Brazil and the Gulf of Mexico.
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