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  • Offshore drilling typically refers to the discovery and development of oil and gas resources which lie underwater. Most commonly, the term is used to describe oil extraction off the coasts of continents, though the term can also apply to drilling in lakes and inland seas.
    Offshore drilling presents environmental challenges, especially in the Arctic or close to the shore. Controversies include the ongoing US offshore drilling debate.
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  • The lake is shallow, with an average depth of 5 to 7 feet and a maximum depth of just over 16 feet, which made it an ideal spot for early offshore drilling operations.
  • An oil drilling platform off the coast of Santa Barbara, California – 6 December 2011. Offshore drilling is a mechanical process where a wellbore is drilled...
  • To truly grasp offshore drilling, you must start with the basics. Offshore drilling involves the use of sophisticated rigs that can withstand harsh ocean environments.
  • Onshore drilling has certain advantages over offshore drilling. One of the most obvious is that onshore drilling does not need to house employees onsite.
  • However, the collapse in oil prices starting in mid-2014 took offshore-focused spending with it. The offshore drilling market finally began rebounding in 2019.
  • According to the survey, the global offshore drilling market is projected to rise to 56.97 billion dollars by 2026, with a 7.9 CAGR during the forecast period.
  • As the question of onshore and offshore drilling arises, there are ongoing debates on the differences between onshore and offshore drilling.
  • Offshore drilling can be risky due to the remote location and depth of the wells, which makes it difficult to respond quickly in case of an emergency.
  • As of 2018, the cost of deploying a drilling rig offshore was as much as 15 to 20 times higher than the costs associated with drilling an onshore well.
  • The following are the standard offshore drilling pros most people who support offshore drilling will cite as justification for oil exploration and drilling.