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• Twenty years ago the water depth limit for the E&P industry was about 1000 ft. Now companies produce several million barrels a day from greater depths and regularly drill exploratory wells in 10,000’ of water.

• This revolution was technology driven. There is no other industry, with the possible exception of space exploration, that is addressing the range and complexity of challenges, making it the most technologically sophisticated of industries.

• The revolution continues with the industry focused on:

• Moving as much activity as possible from surface facilities to the seafloor
• Multiphase pumping
• Oil-gas-water separation
• Compression
• Drilling ultradeep wells in layers previously unviewable by seismic
• Subsalt in Gulf of Mexico and Brazil