Deepwater oil drilling is an interesting topic. It is almost exactly the same as offshore drilling, but at much deeper depths. The usual offshore drilling is at a depth of 100 – 200 metres below but deep water oil drilling takes place at a depth of over 500 feet. Wood Mackenzie has already stated that deepwater oil drilling has already become level with on shore drilling and shallow water drilling, and its looking to become even more popular.
Because the oil is running out in the most well known areas, oil companies are looking to look further afield for the liquid gold and are turning to deep water oil drilling to fulfill the demand for oil and petroleum. Despite some catastrophic accidents and oil spills, most notably the BP spill of 2010 which killed 11 Rig workers and caused a massive oil spill in the gulf of mexico, deepwater oil drilling still continues to flourish, in fact, by 2011, various investors had spent 145 billion into deep water oil drilling!
What Are The Benefits of Deep Water Oil Drilling?
Well the main benefit of deepwater oil drilling is the ability to go further out to find more pools of oil. The strategy is working, and is needed to sustain the energy that the world needs. The energy department produced a figure, and announced that it is going to be ramping up productions by a quarter, and obtaining 2 million barrels of oil per day, as opposed to the current production of 1.3 million barrels of oil per day. There are currently plans to drill in Lebanon, as there is supposedly undiscovered oil there, but only accessible by deep water oil drilling. This has been the cause for concern, yet Hodgson assures environmentalists that all precautionary measures will be in place, and that as long as Spectrum plan things well, everything should run smoothly.