Deepwater drilling has been a strategic focus for big oil companies for several years now, as fields in shallower waters mature and production declines, while demand for oil appears to keep going higher.
About a month ago, news emerged that Seadrill and Transocean, the offshore drilling heavyweights, were discussing a merger aimed at capitalizing on a rebound in investments in the business. Soon after, Portugal's Galp launched its second drilling campaign offshore Namibia after a huge discovery, and Suriname is about to become the second Guyana. Offshore is backand it's back to stay.
Even so, the investment trends in offshore oil suggest shale's peak is on the horizon. The 2024 sum is a 50% increase on 2020. Even accounting for the fact that 2020 was a devastating year for oil investments as a whole, the increase is substantial in the context of the transition push.
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