Offshore Annual Big Oil Goes Deeper More Efficiently With Advanced Subse Drilling for oil in the Gulf of Mexico has been underway since the 1940s, and each year, as land-based and shallower water supplies have dwindled, operations are moving further offshore; now extending 200 miles out and in water depths to 10,000 ft. While the cost to discover and recover oil and gas in deeper waters is inherently more difficult and expensive, when the price of oil exceeds $50 per barrel, the notion of poking holes in the seafloor from 10,000 ft. above makes economic sense. As the economies in the Far East -- particularly China --continue to grow exponentially in tandem with their energy use, the demands to find and produce oil and gas from increasingly remote and hostile environments will continue to expand. 38 MTR April 2007
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