Skip to: Content
Skip to: Site Navigation
Skip to: Search

October 6, 2008 10:59:43 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Ship Shortage Stalls Offshore Oil Drilling

Posted Jun 19, 08 3:22 AM CDT in World,  Business 

(Newser) – A severe shortage of deep-sea drilling rigs will hold up exploitation of offshore oil for years, the New York Times reports. Existing rigs are booked solid for five years, and shipbuilders around the world are scrambling to fill dozens of new orders. Oil companies are frustrated by their inability to get at huge, newly discovered offshore fields.

The squeeze on ship supply means offshore finds are unlikely to drive oil costs down any time soon, but the high prices will keep shipbuilders busy for years to come. “The oil reserves that were easy to reach are drying up,” said the chief of Samsung's offshore rig business. “The future is in exploring the deep seas and harsh environments.”

Source New York Times

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Obama Shifts Tack on Offshore Drilling

    Aug 2, 08 6:10 AM CDT
    Barack Obama softened his opposition to offshore oil drilling yesterday, telling the Palm Beach Post in an interview  that he would be willing to accept  "a careful, well thought-out drilling strategy that was carefully circumscribed to avoid significant environmental damage"  it if necessary to avoid a deadlock on energy policy. He stressed that he was still no fan of drilling and pointed out that ending the ban would take a decade to affect gas prices.
    More »

  • Save the Earth: Drill in the US

    Aug 1, 08 12:21 PM CDT
    Save the Earth: Drill in the US Asked why she so vehemently opposes offshore drilling, Nancy Pelosi recently replied, “I’m trying to save the planet.” Which is a nice thought, Charles Krauthammer writes in the Washington Post, but it’s completely illogical. We’re not saving the planet by leaving the drilling to the likes of Nigeria, where corruption and neglect routinely lead to spills, pipeline explosions, and illegal siphoning. More »

  • Bush Will Lift Ban on Offshore Drilling

    Jul 14, 08 10:24 AM CDT
    Bush Will Lift Ban on Offshore Drilling President Bush is about to lift the ban on offshore drilling that's stood since his father was in office, White House press secretary Dana Perino announced today. The move will be meaningless unless Congress follows suit, the AP reports. Two bans on the practice are in place: an executive order signed by Bush 41 and a law enacted by Congress. More »

  • Hunt Is On for Florida Oil

    Jul 5, 08 10:01 AM CDT
    The record-breaking price of oil is shifting public opinion toward lifting a moratorium on new offshore drilling, reports the AP. Four companies acquired rights to explore parcels of land off the Florida coast in March, under a 2006 Congressional compromise that opened up 8.3 million acres off the Panhandle in exchange for a buffer along the rest of the state's beaches. More »

Workers of Daewoo Shipbuilding & Marine Engineering Co., Ltd. work on a ship in Geoje Island, South Korea. Asian shipbuilders are working overtime to try and fill orders for offshore drill ships.   (Getty Images)
Industry analysts believe the soaring price of oil will push companies to make new discoveries of offshore pil reserves.   ((c) Victor Geere)
Vast oil fields have been discovered off the coast of Brazil but the crunch on oil rigs means companies are unable to begin fully exploiting them.   (AP Photo)
A worldwide shortage of deep-sea drilling rigs is frustrating oil companies keen to discover and exploit offshore oil reserves.   (KRT Photos)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 4)

Tags

oil drilling  • offshore oil  • oil exploration  • oil reserves  • oil rig  • ship


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »