As Asia’s appetite for fuel grows, offshore drilling is growing as well as companies look for new fuel sources. Proven reserves in test wells, as is the case for this project, are also coming back online as drilling technology has improved over the years. This removes the risk of exploration drilling and associated uncertainties.
ORLANDO, FLA. (PRWEB) SEPTEMBER 04, 2019
Global offshore drilling was a $79.53 billion market in 2017 and is expected to reach $152.5 billion by 2026, growing at a CAGR of 7.5% during the forecast period. Offshore drilling is a mechanically held procedure where a well is bored below the seabed. It is normally done in order to see the sights for and consequently take out petroleum that lie in rock that are formed under the seabed. Generally, it represents penetrating exercises on the mainland rack anyway the term can likewise be connected to boring in lakes, inshore waters and inland oceans.
The low-risk offshore drilling project is slated for commencement of drilling activities later in 2019-2020. The funding will help in the acquisition of the targeted service contract, development, and production, ensuring as well full engineering and compliance with the appropriate governmental authorities.
Directional Drilling is estimated to lead the market during the forecast period, the dynamic factor for this is the drop in oil prices which motivated companies to increase the production from basins with proven oil reserves. By Geography, Asia-Pacific is anticipated to be the high in this market during the forecast period. Latest discoveries of oil & gas in the offshore basins in East Asia, Australia region, and China Sea and high demand from China and India are likely to force the in this market. That demand will lead to promote exploration and production in the region, with the ever-rising demand for oil and gas in that region the market is expected to achieve high growth. Key projects in Southeast Asia are expected to contribute about 223 thousand barrels of oil per day (mbd) of global crude production and about 8.1 cubic feet per day (bcfd) of global gas production in 2025.
The method by which this project is to be funded is the brainchild of Mr Gilles Herard. Mr Herard is a seasoned merchant banker and has been in the banking industry for over 40 years. As Managing Director of Capital Corp Merchant Banking, Mr Herard has become a leading figure in international middle-market project financing and engineers all funding structures for projects at Capital Corp. Mr Herard has received numerous awards for his work and other contributions including being appointed to the Presidential Business Commission, Honorary Co-Chairman of the Business Advisory Council, awarded Executive of the Year by the internationally acclaimed National Register’s Who’s Who, and having received the Senatorial Medal of Freedom, among many others.
About Capital Corp Merchant Banking: Capital Corp Merchant Banking offers quality Merchant Banking services for a variety of projects worldwide. Capital Corp Merchant Banking is solution-oriented and known for being the most flexible Funding Source on the Market in creating handcrafted investment structures to meet the needs of the different constituent groups in each individual transaction, including general project funding, equity funding, debt restructuring, and real estate development. For further information, please visit our website.
Asia-Pacific is anticipated to be the greatest market for offshore drilling.