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Jim Letourneau's Blog

Investing, Technology, Travel, Geology, Music, Golf. I think that covers it.

Offshore Rigs Move to Distant Shores

Nothing sums up the current state of offshore drilling in the US than the moving of a rig from the Gulf of Mexico to a new far away location. Diamond Offshore's Ocean Confidence drill rig is leaving the Gulf of Mexico for the Republic of Congo according to the AAPG GEO-DC blog. The rig will be under contract to a subsidiary of Murphy Exploration and Production Company. While working in the Gulf for Murphy, the rig's day rate was just over ~ $500,000/day.

If fewer domestic jobs and a greater dependence on foreign oil are a part of US energy policy, it appears to be having the desired affect.