Production in deep-water Gulf of Mexico continues to rise

Oct 20, 1999 02:00 AM

The U.S. Interior Department's Minerals Management Service (MMS) has announced that production of offshore oil and gas in the deep water (greater than 1,000 ft deep) portion of the Gulf of Mexico reached an all-time high in 1998 and continues to escalate rapidly. Production of oil from the deep water has risen 279 % in the last five years, and deep water gas production rose 252 %.
According to MMS Director Walt Rosenbusch, "The 1998 increase is significant and of national importance. The rising amount of production coming from the deep water has great momentum and will continue to play a key role in our national energy strategy." Rosenbusch added, "While total domestic production of oil declined some 410,000 bpd from 1994 to 1998, the decline would have been nearly twice as large if the deep water production had not increased by 321,000 bpd."
From 1997 to 1998, oil production from the deep water in the GOM rose 47 %. The production increase in 1998 was sustained by oil and gas company projects that began production in 1997 and 1998. In 1999, eleven additional projects in the deep water of the GOM have begun or are scheduled to begin.

Source: IINX via Iinoil
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