Offshore oil and gas drilling is set for a rebound this year following a major 2020 pullback when exploration and production companies deferred many activities due to the pandemic and the collapse in oil prices. Lower lifting and breakeven costs at the most prolific offshore oil regions off Brazil and Guyana are setting the stage for a rebound in offshore drilling in South America, which will be one of the main growth drivers of global offshore activity this year, analysts say. Drilling and well services spending in Latin America is forecast to grow strongly, thanks to continued offshore activity in Brazil as Brazil’s state oil giant Petrobras focuses on the deepwater pre-salt basin. The promising Guyana basin will also see new wells drilled and discoveries developed, according to the latest World Drilling & Well Services Market Forecast 2021-2025 Q1 by Westwood Global Energy. Global Offshore Spending To Grow From […]