Pumping profits from the seabed

The quest for the dark fluid that keeps the world ticking has gone beyond conventional wells, all the way to the bottom of the ocean. And leading this hunt for oil is a bunch of Singapore companies, probing where no man has probed before.

This switch to deepwater exploration has translated into contracts worth billions of dollars for offshore marine firms in Singapore.

The vehicles to pump oil from under the sea are giant offshore rigs, each as tall as a skyscraper and capable of carrying hundreds of workers, who arrive and leave by helicopter or other vessels.
Globally, the deepwater exploration and drilling industry has taken off in recent years, its pace forced by the constant rise in oil prices. A barrel of oil used to cost about US$30 four years ago. Late yesterday evening, prices stood at US$60.44.

This means the push for deepwater drilling is unlikely to slow anytime soon. Already, experts are predicting that it will account for a quarter of all oil production by 2015, compared to just 9 per cent today.

TODAYonline