Originally Posted by dyna mo

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.