|By Marketwire .||
|October 4, 2012 06:55 AM EDT|
LONDON, ENGLAND -- (Marketwire) -- 10/04/12 -- The unyielding global appetite for crude oil has caused the industry to undertake new challenges and techniques in order to keep up with demand. With the situation only likely to become more challenging in the future, radical steps new have been required to ensure supply levels are sustained.
When ultra deep sea oil reserves were discovered in 1983, the difficulties associated with extraction seemed almost insurmountable. But with the discovery of increasingly vast fields over the past years, the industry can no longer overlook these opportunities. In a Special Report for The New Economy, Rita Lobo investigates the technical challenges and technological progress that has allowed the oil and gas industry to take this next step in its development.
The New Economy discovers how, since 2010, ultra deep sea drilling has been a fundamental part of the way the company uncovers abundant reserves. Drilling off the south-east coast of Brazil, the sheer depth and perceived impregnability of the terrain have made exploration a real challenge. But with pledged investment of around $200bn in developing the technology and exploring more fields, one company are pioneering the way for others across the world to do the same.
Of course safety and security are of paramount concern. Following the Deep Water Horizon disaster, where 11 rig-workers were killed and 4.9 million barrels of crude oil covered the Louisiana coast, security concerns have been in the forefront of discussions about the future of the oil industry. In its Special Report, The New Economy investigates how new technology is helping make the industry safer and challenging extraction more viable, allowing the industry to open new frontiers in exploration and reaping greater rewards in the process.
Read the full Special Report in the Autumn edition of The New Economy, available in retailers now. For more articles and content, visit: http://www.theneweconomy.com/energy/big-oil-sinks-to-the-depths
The New Economy is a quarterly magazine and website, looking at technology and innovation in its wider business context. In print and online The New Economy is committed to the very highest standards of journalism, bringing together acclaimed contributors and a dedicated in-house editorial team.
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