By Laura Barron-Lopez - 08/07/14 08:44 AM EDT
Fracking has been around for two decades but only recently did new technology and offshore discoveries make it possible for large-scale offshore fracking projects.
Hydraulic fracturing, which cracks rocks underground to extract oil and gas deposits more easily into wells, would have to operate in a whole new arena in the deep blue, Bloomberg reports.
Companies like Halliburton, which is the world’s largest fracker, are turning to offshore fracking to get the biggest bang for its buck when drilling doesn't pay off.
Deep in the Gulf of Mexico wells must cut through a mile or more of the ocean to drill for oil and gas. That can cost roughly $100 million.
Turning to fracking could help producers like Chevron, Shell and BP make billions in extra revenue because of a greater crude oil output.