Today, 80 percent of everything we consume has journeyed at some point by ship from the raw materials needed to manufacture products to the finished goods. Ocean shipping enables economies to diversify. Food sources and choices are broadened. Greater sources of energy and raw materials can help economies be more cost-efficient.
Energy fuels account for roughly 40 percent of global shipping tonnage. A portion comes from offshore oil and gas production. Add in the volumes of minerals required to electrify economies, and you find that energy needs represent nearly two-thirds of shipping volumes.
OIL & GAS REMAIN CRITICAL
The global offshore oil and gas industry accounts for 30 percent of the world’s crude oil production. Deepwater operations represent 45 percent of that total. Analysts expect global offshore drilling and exploration spending to grow by 8.5 percent annually through 2035, supporting global growth. The International Energy Agency predicts that today’s 100 million barrels a day of oil consumption will increase to 113 million by 2050, pressuring the world’s oil and gas industry to find more fields. Many of them will be found offshore, because this energy frontier is the least explored.
The continued extension of drilling frontiers has marked the history of offshore oil and gas. From calm, shallow lakes to stormy North Sea waters, the industry has successfully uncovered hydrocarbon resources. Besides water and weather conditions, the industry has steadily expanded its drilling reach. From 20 feet of water depth to nearly 12,000 feet, offshore rigs have successfully drilled wells into the subsurface. Now the industry is pushing the technology of drilling high-pressure wells. Drillers are tapping formations under 20,000 psi, risking well blowouts. These Gulf of America drilling programs are expected to yield five billion barrels of potential new oil resources.
RARE EARTH MINERALS
But it isn’t just oil and gas that the world’s economies need. They must have critical minerals, including rare earth minerals, if their economies are to grow. Moreover, these minerals are necessary for the transition from fossil fuels to cleaner energy sources. The transition involves greater electrification of the economy, including more solar and wind power, electric vehicles, and increased automation across all economic activities. The Age of Electricity is characterized by the explosion in the use of Artificial Intelligence algorithms, which are driving significant growth in electricity consumption. Meeting that demand involves expanding all forms of energy. All energy generation, and especially clean energy equipment, requires increased amounts of critical and rare-earth minerals.
While there are many potential mining locations around the world, many will be discovered underwater. The technology to mine these resources exists; however, it needs to be improved to reduce costs, boost operational efficiency, increase safety, and promote environmentally friendly operations.
More energy, critical minerals, clean water, and increased food stocks are needed to support the rising living standards of billions of people currently living in energy poverty.
Ocean technologies, new and legacy, will—as this publication so diligently demonstrates each month—play a prominent role in this future.
This spotlight appeared in ON&T Magazine’s 2026 January Special Edition, The Future of Ocean Technology Vol. 6, to read more access the magazine here.
