WORLD’S DEEPEST OIL WELL UNFOLDS
The oil industry is pushing the boundaries of offshore exploration with plans to drill a record-setting deepwater well in Colombia within the next few months. Occidental Petroleum Corp. and Ecopetrol SA are preparing to explore the depths of Colombia’s Caribbean waters in search of natural gas and oil. They plan to drill the Komodo-1 well before the end of the year, reaching depths of approximately 3,900 meters (nearly 13,000 feet). This depth is equivalent to about 10 Empire State Buildings stacked on top of each other and would surpass the current water-depth record held in Angola. Oil explorers globally are returning to deep-sea drilling as production growth from North American shale fields slows, prompting companies to expand their operations elsewhere. SLB, the world's largest oilfield-services provider, anticipates commitments exceeding $100 billion for offshore projects in 2024-2025. “Offshore and deepwater are currently undergoing a remarkable renaissance, driven by ...