To keep up with increasing demand, pundits suggest that industry will have to increase its capital spending by more than $2.4 trillion in the next 10 years, compared to the previous decade, to $5.79 trillion. According to Jack Moore, chief executive at oilfield equipment supplier Cameron, much of the increase will be allocated to onshore unconventional plays and deepwater exploration, while drilling offshore in shallow water will likely decline. Upstream spoke with Moore recently about the state of play in the US oil patch.
UPSTREAM: You’ve talked about operations in the Gulf of Mexico stabilizing at a “new norm” – what does that new norm look like?
MOORE: From our view it’s a more regulatory environment, so compliance around OEM (original equipment manufacturer) standards, making sure your equipment performs as it was originally designed to perform. That is a new norm. It’s not like we are re-designing everything.
