Deepwater oil and gas production is set to increase by 60% by 2030, to contribute 8% of overall upstream production, according to a new report from Wood Mackenzie, as cited by Rig Zone. Ultra-deepwater production is set to continue growing at breakneck speed to account for half of all deepwater production by 2030. In the oil and gas exploration and production (E&P) industry, deepwater is defined as water depth greater than 1,000 feet while ultra-deepwater is defined as greater than 5,000 feet. Deepwater production remains the fastest-growing…
