Michael Cohen (IEA): Offshore oil production continues to be essential for global production

Michael Cohen (Senior Oil Market Analyst at the International Energy Agency)

“Despite the rapid pace of growth in onshore oil production in North America, offshore oil production will account for 30% of the growth in global oil production capacity of 9.3 mb/d between 2011 and 2017”, said Michael Cohen (Senior Oil Market Analyst at the International Energy Agency) during his presentation on the mid term outlook for the oil and gas industry in Rotterdam, Tuesday.

Cohen shared his views during the first ever Offshore Energy Stakeholder meeting, organized by Navingo on the 26th of February at Deloitte’s office in the city’s Maastoren building. The event brought together oil and gas professionals captains of industry and other stakeholders with an interest in offshore energy for a program of informative presentations, informal discussion about industry developments and the agenda for Offshore Energy Exhibition & Conference 2013. Offshore oil production will remain a key part of global supplies, growing by 3 mb/d in the next five years after growing by more than 5 mb/d in the last 5 years. Cohen and others believe this figure will continue to grow, despite several onshore developments. North Sea production and spending will continue to increase, as will output in the US Gulf of Mexico, Latin-America and Africa. Asia will show both staggering gas production increases and energy demand growth.

Deepwater supplies

Cohen also highlighted how deepwater and ultra-deepwater supplies are key contributors to supply growth outside of OPEC countries, and account for a third of the increase in non-OPEC output between 2011 and 2017… Overall, offshore projects are gaining in project complexity. This goes hand in hand with increasing risks and the need for new technologies. All reasons why the need for new technical talent remains a key concern for the industry. Offshore Energy offers professionals a platform to discuss these and other challenges associated with future sector growth. The two-day event includes an exhibition where an expected 500 supply chain companies will showcase their products and services. Next to that, there is an accompanying conference that covers key topics and solutions for the offshore community. Offshore Energy 2013 takes place on the 15th and 16th of October in RAI, Amsterdam. The 2012 edition attracted 7,632 visitors representing 45 nationalities.



Navingo, February 28, 2013