The ultra-deepwater market has been almost overlooked by the press and analyst community lately due to a laser-like focus on strong North American onshore activity trends. But the growth outlook remains robust, fleets are fully contracted, and contractors continue to build new rigs. While some deepwater projects have recently slipped to the right, these delays are more one-off in nature as deepwater exploration economics are compelling in today's price environment. Through the next ten slides, we'll take a look at activity trends and market conditions in the ultra-deepwater drilling market.
Slide 1: Plenty of Deepwater Value to Unlock in Mexico, but When?
This visual from Pareto Securities is one of the most compelling arguments we've seen in support of Mexican deepwater exploration. It shows how Gulf of Mexico deepwater infrastructure and exploration activity (the red areas) simply dissappear at the line of demarcation between the US and Mexican sides of the GOM. As geology cares not for political boundaries, this image suggests there may be great untapped potential in vast Mexican deepwater acreage. Pemex is certainly aware of this, and has recently stated it may have as much as 29boe in the GOM; however, to date the NOC's efforts have primarily been confined to shallow shelf waters. Should Pemex ever open up to outside funding, we'd expect deepwater activity to ramp up pretty quickly.
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Employment opportunities for horizontal drilling in Oklahoma is massive. Oklahoma is all about oil and natural gas. Unemployment rate is way below than national average, and it’s because of this industry. Nearly one-quarter of all jobs in Oklahoma are tied to the energy industry. A recent research of the Oklahoma Energy Resources Board shows us the oil and gas industry was responsible for pouring more then $51 million into the state's economy and created jobs for over 300,000 people.
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