Bloomberg: The oilfield of the future is taking shape two miles underwater.
As explorers search for energy in ever-greater depths offshore, the technical challenges of ferrying oil and natural gas more than 10,000 feet through the ocean is spurring a drive to relocate production operations to the sea floor. Spending on subsea valves, pipelines and cables that will help build these underwater oilfields will grow to a record $13.9 billion this year, a 66 percent jump over the $8.4 billion spent last year,...