Oil thats produced 500ft under water has doubled in the last five years to 5 million barrels a day. By 2020 it might double again.
"There's a huge amount of work out there," said Matt Pickard, consulting manager at Quest Offshore Resources, a deepwater research firm. "It's really picking up steam."
According to numbers provided by the Energy Policy Research Foundation.
Oil production in shallow waters are expected to decline to 14 million barrels a day in 2015.
The U.S is currently producing over 1.6 million barrals of oil a day and Brazil produces nearly the same amount as United States.
West Africa, Angola produces about 1.2 million barrels of oil a day and Nigeria 600,000.
"It's getting harder and harder to get access to these lands," said Leta Smith, director of oil and gas supply at Cambridge Energy Research Associates. "These big companies want big discoveries, and big discoveries are getting harder to find onshore."
http://money.cnn.com/2011/01/11/news/economy/oil_drilling_deepwater/index.htm?source=cnn_bin&hpt=Sbin
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