U.S. Offshore Drilling Renaissance Driven by Technological Advancements

New technology is driving a renaissance in offshore drilling in the US, with expected crude oil output from Gulf of Mexico fields to rise to 2.4 million barrels daily by 2027. Big Oil is deploying ultra-high pressure drilling tech, unlocking previously inaccessible reserves, with Chevron and TotalEnergies using it in the Anchor project and Shell and BP set to follow in a couple of years. New discoveries abound in the Gulf, with Talos Energy's Daenerys field and BP's Tiber-Guadalupe field expected to produce 80,000 barrels daily. Deepwater drilling is a strategic focus for big oil companies as shale production declines and oil demand remains high.