With the growing number of national oil companies, oil and gas reserve replacements are harder to find, causing big oil to resort to unconventional drilling locales. ExxonMobil is one of those integrated oil companies that recently agreed to drill exploratory wells in the arctic North Sea. Besides the arctic, other majors are moving offshore, creating frenzy in the offshore rig market. Seadrill has thrived in the current environment but the question remains, is this company positioned to maintain its leader status?
With both WTI and Brent crude prices surging, offshore drillers are postioned to increase both their top and bottom lines. However if the risks that come with offshore drilling are too steep for your liking and you're on the lookout for some currently intriguing energy plays, check out The Motley Fool's 3 Stocks for $100 Oil. You can get free access to this special report by clicking here.