Global deepwater: the state of the industry
In 2019, deepwater production passed the 10 million boe/d mark. Deepwater has become a core resource theme for the Majors and Petrobras. Brazil and Petrobras lead the industry from a reserves and production basis. For the Majors, it provides high-margin cash flow. Shell's enormous deepwater asset base with leading production and cash flow stands out. Globally, deepwater production has grown from below 300 kboe/d in 1990, to 10.3 million boe/d in 2019 – a 13% growth rate. Output should reach 14.5 million boe/d by 2025.