Approximately 58 billion barrels of oil equivalent have been discovered in deepwater (defined as waters of at least 500 m) from 18 basins on 6 continents (Figure 1). This consists of 39 million barrels of oil and condensate and approximately 112 trillion ft3 of gas. More than half has been discovered since 1995; however, only about 25% of the discoveries are developed or under development and less than 5% have been produced, indicating that large expenditures remain to be made. Most resources have been found in the Gulf of Mexico, Brazil, and West Africa (see map in...

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