Investment in conventional exploration will increase by US$8 billion, to around US$93 billion in 2013. This is a continuation of a trend that started in 2005, and which will be maintained for at least the next three years, as new high-specification units are added to the deepwater rig count. As a result, we expect that: • Constraints on deepwater drilling will ease and the global level of exploration spend will rise, possibly by up to 10% per year • Companies will increasingly,
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Insight | Mar 2013
New blocks and new rigs explorers crank up deepwater spend
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