As oil prices deteriorated to around $50 a barrel, technological advances and increased cost-efficiency has become required more than ever to ensure the success of projects in both existing and new deep-water areas.
Before the decline in oil prices, there was a deep desire from exploration and production companies and oilfield services and equipment sale to invest in extracting oil from deep water, so that these investments a long-term core one.
Most of the investments targeted The Golden Triangle of Latin America, Mexico Gulf and West Africa, with largely concentration in Angola, Ghana, Nigeria and Brazil.
The plunge in oil prices has stimulated a new phase of innovation in energy exploration. Now companies are focusing on efficiency so as to get the most petroleum for the least amount of money. And many are turning now to advanced technology for help.
Big oil-field-services companies like Halliburton Co. and Schlumberger say their customers became more eager for technology that saves them money. Some are using lasers and other high-tech equipment and data analytics before they drill to make sure that the new wells deliver the maximum crude. Others are looking to new techniques that they hope will allow them to produce more crude from both new and old wells.