The deep offshore: billions of barrels

To meet rising global demand for oil and gas, the petroleum industry has set out to conquer the deep offshore. In the space of just a few years, this extreme environment has emerged as a key source of new reserves for the future.

The deep offshore is believed to contain more than 5% - an estimated 300 billion barrels - of the world’s liquid hydrocarbon resources, or 12% of total conventional oil resources. In 2013, deepwater liquid reserves accounted for 6% of global production. That share is forecast to rise to close to 11% of conventional oil output, or 9 millions barrels per day, by 2035.



In 2035, deepwater production is forecast to average 9 millions barrels per day, or 11% of global output.