Conclusion

For the time being, offshore oil production appears to be out of the game between conventional and shale oil production. However, the lack of investment in the offshore sector is hampering production, and should therefore mechanically reduce crude oil sales in the medium term.

A 10% reduction in offshore production is of the same order as shale oil capacity in the USA. Yet shale oil production could also eventually reach its environmental limits.

We can therefore assume that offshore oil will find its place again. The question is when. The major disadvantages of offshore developments compared to shale oil developments are the time required to implement them (5 to 8 years) and the size of the investment.

One positive sign, however, is the launch of the Mad Dog project. II in the...