Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decadeslong projects including some in the remote iceberg waters far off Canada's Atlantic coast.
Surging oil prices are encouraging the investments, along with mounting European energy demand as the Ukraine-Russia war drags on.
Offshore production sites are more expensive to build than onshore shale, the last decade's investment darling. But once they are up and running, they can turn profits at lower prices than other forms of production, according to consultancy Rystad Energy.