Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: Ann Corrigan who wrote (38126)	8/5/2008 10:21:05 PM
From: puborectalis	Read Replies (2) of 224749

Where are you going to get the rigs for drilling?...... .For years, the Gulf of Mexico, which is the birthplace of offshore drilling and a very active region for underwater exploration, dictated global contract terms for drilling equipment. However, with the emergence of several offshore zones, the Gulf is losing out to hotter prospects off the coasts of Africa, the Middle East, and China. By contrast, many of the Gulf of Mexico’s richest targets have already drilled out, leaving only expensive deep-water and ultra-deep reservoirs untapped. The demand has sparked a dramatic increase in offshore rig building. Companies worldwide are currently building 91 major offshore rigs, up from fewer than 10 in 2003, according to ODS-Petrodata, an offshore-oil-and-gas market-analysis firm. To build a jack-up rig costs $160 million to $190 million and deep-water rigs can cost as much as $600 million, according to ODS-Petrodata. Demand for oil rigs is at an all-time high. This shipyards will be working round the clock for the next four years just building the jack-up oil rigs already on order and that demand is not likely to ease off any time soon.

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