Strong growth in international drilling activity helped increase quarterly profits for some of the largest oil companies in the industry. Oil services company Baker Hughes Inc. said last week the number of rigs counted internationally increased 2.3 percent when compared to last year. Rig operator Transocean, meanwhile, said it was looking to tap into oil deposits in water depths previously out of reach to explorers.  The drilling technology may be expensive but the rush offshore seems worth the risk for major investors. Schlumberger Ltd.…

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via OilPrice.com Daily News Update http://oilprice.com/Energy/Crude-Oil/Is-Deepwater-the-Next-Oil-Bonanza.html