World’s Deepest Offshore Oil Well To Be Drilled In Colombia’s Caribbean Waters

Colombia is set to establish the world’s deepest offshore well before the end of the year.

Occidental Petroleum Corp. and Ecopetrol SA are prepared to drill the Komodo-1 well in the Caribbean Sea to a depth of around 3,900 meters (almost 13,000 feet).

The depth, almost equivalent to building ten Empire State Buildings, would break the existing record held by a well in Angola.

SLB, the world’s largest offshore drilling contractor, estimates more than $100 billion in offshore project commitments for 2024-2025, signalling a major shift toward deepwater exploration.

Over 40 wells are expected to be drilled globally this year in waters at least 1,500 meters deep, marking 2024 the busiest year for ultra-deepwater drilling in a decade.

Deepwater wells are expected to account for up to 25% of global oil output by the end of this decade, up from 20% currently.

Although offshore drilling carries higher risks and expenses than shale, the potential profits are immense.