Big Oil increases deepwater drilling investment to $130.7bn by 2027 due to higher demand, lower breakeven costs, and lower carbon emissions.
Big Oil is shifting focus back to deepwater exploration due to higher demand, lower breakeven costs, and lower carbon emissions compared to shale production. Capital spending on deepwater drilling is set for a 12-year high, with $130.7bn investment predicted in 2027, a 30% increase from 2023. Recent discoveries in Guyana, Namibia, and the U.S. Gulf Coast are key drivers of the trend.
May 05, 2024
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