Advances in deepwater drilling and technology have created a deepwater phenomenon. Until just a few years ago, drilling in water depths of 1,300 feet was too difficult. Now we drill in depths of 3,000 or more feet. Some leases are for depths up to 6,000 feet. Advances in seismic technology, horizontal drilling, rig engineering, and innovative production facilities such as floating production systems and tension leg platforms are making deepwater a reality.
Technology brings cost reductions and greater chances of success.
Horizontal drilling and 3D and 4D seismic technology have also kept costs down. Deepwater drilling is the trend of the future. In 1995, less than 4 percent of Gulf production came from deep water. By 2000, estimated by MMS to be 25-35 percent. Economic conditions have been a major factor.