Colombia Plans World's Deepest Offshore Oil Well in 2024

Occidental Petroleum and Ecopetrol propose a new deepwater well in the Caribbean, pushing the boundaries of offshore exploration.

Colombia going to cause impacts in the oil sector later this year when it hosts the world's deepest offshore oil well. The Komodo-1 well in the Caribbean to be drilled to a depth of around 3,900 meters (almost 13,000 feet) by Occidental Petroleum Corp. and Ecopetrol SA. This depth would break Angola's current record and represent an important boost in offshore drilling capability.

The major step is taken as oil companies’ attention shift towards North America shale resources that are maturing and experiencing slower production growth. The world’s largest oilfield services supplier, SLB  estimates more than $100 billion in offshore investments between 2024 and 2025. The Komodo-1 well is expected to set a new standard for deepwater exploration, especially to advances in marine seismic technology and increased energy demand.

According to James West of Evercore ISI, the rise in offshore drilling reflects a larger trend of energy security and regionalization. Deepwater wells, which are now more practical due to technology advancements, are expected to contribute up to 25% of world oil output by the end of the decade, up from 20% currently.

Colombia's offshore exploration operations are part of a bigger trend, with over 40 wells planned for deeper seas.