ABSTRACT
This chapter begins by tracing the stages of development of the offshore industry within the broad context of the global oil industry. It outlines the resources concerned, ranging from crude oil to natural gas, as well as their innumerable combinations, taking due account of the key factors that influence the estimation, production and consumption of these resources. The chapter focuses on the economic and social implications of offshore industry operations at various geographical scales, and discusses the governance and management of the industry. Defining characteristics of the offshore industry include its complexity and global scale of operations. The development of hydrocarbon resources beneath the seafloor has proceeded in parallel with the much more extensive development on land. While the marine environment influences the nature of the reserves calculations profoundly through its imposition of high costs of production, it most obviously influences the industry through the specialised technology required to overcome obstacles of water depth and the dynamic ocean–atmosphere system.
