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global demand for oil is expected to rebound significantly over the next several years, particularly in developing economies.
Global energy demand is expected to rise 40% over the next two decades, with fossil fuels accounting for the majority of that increase, according to a 2009 report from the International Energy Agency.
And the industry is banking on that demand growth. Oil companies will spend a total of $167 billion over the next four years on deepwater projects around the world, up 37% over the previous four years, according to Douglas Westwood.
By 2020, the group forecasts that deepwater production will rise to over 2 million barrels per day from just under 1.8 million barrels per day. At that level, deepwater production would represent more than half of total offshore production.
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