It's been more than three years since the spill at the Macondo well in the Gulf of Mexico, and day by day the prospects for oil exploration there seem to get better. A recent report by Wood MacKenzie shows that production in the Gulf went up 6% last year, and another 4% is expected this year. By 2018, the research group believes that the Gulf will be back to its pre-Macondo-spill high in production of 2 million barrels per day.
For this to happen, though, exploration and production companies will need to spend a pretty penny. Between now and 2015, E&P companies are expected to spend somewhere around $20 billion. In this video, fool.com contributor Tyler Crowe looks at what this could mean for oil services companies that specialize in offshore regions such as the Gulf.