New Frontiers of Oil Exploration

Oil will continue to be the primary source of energy until 2035. Despite all efforts to replace it with more fuel-efficient approaches and alternative fuels, demand for oil is still expected to grow by 18% over the next 25 years. That said, the older oil fields are depleting and there is a growing need to explore new frontiers. Most of those that have been discovered are under the sea. In addition the quantum of oil produced from under the sea is substantially more that the amount that gets generated from onshore rigs. While onshore produces 10 barrels a day, offshore rigs produce 1000s of barrels a day. All this makes offshore drilling an extremely lucrative industry with excellent career prospects. Here are some of the newer frontiers that are quickly gaining importance in today’s world.