Smack dab in the middle of an oil price crisis caused by an unprecedented demand loss, Exxon announced the latest in a string of discoveries off the eastern South American shore, this time in Suriname. It must have felt like adding insult to injury for OPEC producers and reckless behavior for investors, but offshore oil may yet thrive despite the crisis. During the 2014-2015 oil price collapse, offshore oil drilling was one of the most affected areas. Offshore drilling companies went bankrupt, exploration projects were shelved, and staff was laid off. And then oil companies turned to other ways of cutting costs, such as developing technological solutions that boosted drilling efficiency. Five years after the last crisis, despite a heavy blow to rig owners from the slump in oil demand, offshore drilling is very much alive and cheaper than ever. According to Rystad Energy , the breakeven cost of […]