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November 22, 2008 7:28:47 CST

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Ship Shortage Stalls Offshore Oil Drilling

Posted Jun 19, 08 3:22 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

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


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