Deepwater Back In Vogue -- May 5, 2024

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Newer deepwater projects have the attributes oil and gas companies are looking for: longer-term production, lower breakeven costs, big resource potentials and lower carbon emissions, said Pablo Medina, head of new ventures at energy consultants Welligence.

"Deepwater is back in vogue," Medina said.

Capital spending on all-new deepwater drilling is poised to hit a 12-year high next year, predicts consultancy Rystad Energy.

Investment in all-new and existing deepwater fields could hit $130.7 billion in 2027, a 30% jump over 2023, it said.