The Offshore Oil Company Is Gushing Once again

The $1.2 billion Deepwater Titan sat idle in a Singaporean shipyard for 5 a long time, searching like an deserted cruise ship with a derrick hooked up to its deck. Before long this vessel that spans almost three soccer fields will depart for the deepest waters of the Gulf of Mexico, where its crew will be equipped to drill 8 miles under the seafloor in look for of oil for Chevron Corp.

The hunt for offshore petroleum is on yet again, fueled by a surge in world demand for energy, provide disruptions activated by the war in Ukraine and crude costs that continue being higher than prepandemic ranges. Other huge rigs this kind of as Titan that were dormant near the stop of the last decade are also now operating in deep waters together the coastline of Brazil, although rigs missing propulsion are mining shallower waters in the Middle East soon after hitching rides to that element of the globe on tugboats.

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