Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decadeslong projects including some in the remote iceberg waters far off Canada¡¯s Atlantic coast.
Surging oil prices are encouraging the investments, along with mounting European energy demand as the Ukraine-Russia war drags on.
Offshore production sites are more expensive to build than onshore shale, the last decade¡¯s investment darling. But once they are up and running, they can turn profits at lower prices than other forms of production, according to consultancy Rystad Energy.
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