Abu Dhabi will look increasingly to the offshore as it bids to ramp up oil output to 3.5 MMbbl/d over the next five years from 2.7 MMbbl/d currently.
Dire market conditions may have caused some to consider halting investment offshore, especially given a strong shale presence onshore. But Noble Energy sees opportunity.
The consequences of BOP failure at 20,000 psi and 320 C (608 F) in ultradeep water are driving operators and manufacturers to meet new, more stringent regulations.
Additional production growth opportunities exist given recent discoveries and even more prospects in the region. But how much value it creates will depend on commodity prices, which remained depressed amid continued global oversupply.
President Barack Obama has rejected putting a large-scale force in Syria, but calls for troop deployment could lead to a conflict that unsteadies the Middle East’s oil production.