US sees sharp rise in Gulf OCS oil & gas output

Feb 18, 1997 01:00 AM

Feb. 6, 1997 Oil production in the Gulf of Mexico's US Outer Continental Shelf could rise by 70 to 100 % by 2000, the Minerals Management Service said in its recently released budget plan. The MMS said the region's oil production could rise from 0.9 million barrels per day to as much as 1.7-1.9 million bpd with activity spurred by new deepwater discoveries and technologies and favourable economics. The MMS projected that natural gas production in the Gulf OCS should remain fairly steady or increase from 13.9 billion cubic feet per day in 1995 to as much as 17.2 bncfpd in 2000.
The MMS projected its revenue payments to states from royalties collections would reach $ 584.579 mm in fiscal 1998, up 6.3 % from 1997's $ 550.089 mm.

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