Suriname, South America’s smallest and greenest country, is tying its future to a $10.5bn offshore oil development led by TotalEnergies. As energy markets around the world reel from wars with Russia and Iran, the FT looks at why offshore explorations like this have become increasingly important, despite the energy transition.
As oil companies push into deeper waters, remote territories and technically demanding reserves, the industry’s expansion is becoming as much a story about innovation as it is about energy security.
New drilling technologies and improved geological mapping are opening areas once considered too costly or difficult to reach, while rising global demand continues to make untapped resources commercially attractive. Yet each new frontier also brings difficult questions about environmental risk, regulatory oversight and the pace of the transition to cleaner energy.