Deep-Water Drilling Is Back

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The Gulf of Mexico has been the vanguard of global experimentation for offshore oil, and success this time could encourage more drilling in the world’s hot new oil basins in countries including Brazil, Guyana, Mexico, and Mozambique. Further on, it could even encourage more U.S. offshore production, if President Trump is able to fulfill his plan to open much of the nation’s coastline to fresh exploration. “In the past, a lot of the cost of development has been new technology,” says Jeff Shellebarger, president of Chevron’s North American division. “With the types of reservoirs we’re drilling today, most of that learning curve is behind us. Now we can keep those costs pretty competitive.”

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