The report released today by the International Energy Agency confirms what many suspected, that offshore drilling in the world continues to grow in spite of the BP (NYSE:BP) oil spill, as demand for the black gold continues to rise.
With the response from the Obama administration in the U.S., they will probably be the only country producing less oil, with an estimated loss of 60,000 barrels a day in 2010, growing to about 100,000 barrels a day less in 2011, said the IEA.
Other areas of the world won't have lower production, as the agency said they don't "foresee any significant impact on production elsewhere.”
Actually offshore drilling is really only just getting started as onshore oil fields get harder to find. Many countries are just starting to get their offshore exploration deal going, which promises much more oil in the future.
The problem in the past was being able to see through the salt on the ocean floor to find the oil and gas. New technology now allows them to get past that former obstacle.
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