Demand for offshore oil rigs has risen globally due to increased energy demand, supply disruptions amid the conflict in Ukraine and fuel prices exceeding pre-pandemic levels, The Wall Street Journal reported.

According to research firm Westwood Global Energy Group, at the end of 2017, only 63% of the roughly 600 rigs available for lease were in use; in December 20222, that figure had already reached 90%.

Companies such as Transocean, Valaris, and Noble are leasing and maintaining rigs. Two years ago, oil companies were paying them less than $200,000 a day to rent oil rigs, a year ago the price rose to $300,000, and in early 2023 it exceeded $400,000.

According to the oil companies, fuel prices have fallen recently, but the cost of oil is still much higher than the cost of production. In addition, offshore oil production is more expensive than onshore drilling, so such projects need more time to pay for themselves. And if the global transition to a green economy accelerates, the demand for oil could fall.

According to the newspaper, a boom in offshore oil production could help the economies of some developing countries, among them Guyana, located in South America. The leaders of this list are the U.S., Mexico and Norway.