U.S. Gulf of Mexico Crudeoil Production Increase to Record High Levels in 2017

U.S. Gulf of Mexico Crudeoil Production Increase to Record High Levels in 2017

Gold Silver Reports → U.S. Gulf of Mexico (GOM) crude oil production is estimated to increase to record high levels in 2017, even as oil prices remain low.

EIA projects Gulf of Mexico (GOM) production will average 1.63 million barrels per day (b/d) in 2016 and 1.79 million b/d in 2017, reaching 1.91 million b/d in December 2017.

Gulf of Mexico (GOM) production is expected to account for 18% and 21% of total forecast U.S. crudeoil production in 2016 and 2017, respectively.

Production in the Gulf of Mexico (GOM) is less sensitive than onshore production in the Lower 48 states to short-term price movements. However, decreasing profit margins and reduced expectations for a quick oil price recovery have prompted many Gulf of Mexico (GOM) operators to pull back on future deep-water exploration spending, reduce their active rig fleet by scrapping and stacking older rigs, and restructure or delay drilling rig contracts.

These changes added uncertainty to the timelines of many Gulf of Mexico (GOM) projects, with those in the early stages of development at greatest risk of delay or cancellation.  → Neal Bhai Reports

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