Deepwater drilling is the process of oil and gas exploration and production far from the coastline. Though definitions vary, drilling is generally considered "deepwater" if it is in water depths of more than 1,000 ft.
It has been economically infeasible for many years, but with rising oil prices, more companies are investing in this area. Major companies working in this sector include Diamond Offshore, TransOcean, Baker Hughes and Global Santa Fe.
SECRETARY SALAZAR: DEEPWATER DRILLING MAY RESUME FOR OPERATORS WHO CLEAR HIGHER BAR FOR SAFETY, ENVIRONMENTAL PROTECTION
Oct 13, 2010; WASHINGTON, Oct. 12 -- The U. S. Department of the Interior's Bureau of Indian Affairs issued the following press release:...