Offshore Oil Discoveries Thrive

Analysts and energy industry executives are sounding the alarm about underinvestments in oil and gas exploration. This has been going on for years, and it is a recipe for shortages down the road. But despite the industry as a whole spending less money on exploration and drilling only where it is virtually certain it would hit oil, exploration continues—especially offshore. In 2023, oil and gas companies operating in the Gulf of Mexico announced eight new discoveries in the deepwater section of the area, Offshore Magazine reported earlier…