Summary The Rise of Offshore Oil and Gas Production
Offshore, or sea-based, production of oil and gas has been growing since the early 2000s. New technologies are making it possible to move farther and father from the coast and drill at ever-greater water depths, of up to 3,000 meters below the ocean surface. This is where the largest reserves are located. Although offshore production costs are high, they remain competitive with those of other unconventional hydrocarbon reserves. At the same time, technologies have become increasingly sophisticated, with platforms, production vessels, bigger and better drilling ships and robotic equipment that can function as an undersea factory. Technological progress and the systematic anticipation of risks are helping to improve safety for a type of production that is set to expand.