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Offshore Drilling Rigs Close In on $500,000 a Day as Oil Boom Returns to Sea

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Jul 19, 2023

Offshore Drilling Rigs Close In on $500,000 a Day as Oil Boom Returns to Sea

Gas is flared off from an offshore oil and gas platform off the coast of Long Beach, California. Photographer: Tim Rue/Bloomberg Drilling for oil in miles-deep ocean water is booming again with

Gas is flared off from an offshore oil and gas platform off the coast of Long Beach, California.

Photographer: Tim Rue/Bloomberg

Drilling for oil in miles-deep ocean water is booming again with rig-rental prices forecast to climb another 18% after doubling over the past couple years, according to Wood Mackenzie Ltd.

Prices to rent the most advanced offshore drilling rigs averaged $420,000 a day for the first half of this year, as roughly 90% of the industry’s active fleet is contracted for work, the energy consultant wrote Monday in a report, surpassing pre-Covid levels. Rig rates may hit $500,000 a day or more by the end of the year, it added.