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In recent years, potential reserves of billions of barrels have been discovered in the deepest reaches of the US GOM.
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In recent years, potential reserves of billions of barrels have been discovered in the deepest reaches of the US GOM. The depletion of reserves and a decline in oil and gas production in the area from the early 1990s had decreased the attractiveness of the region. Many of the operators and service providers were focusing on new emerging regions like Brazil and West Africa. But the recent discoveries in the deep water and ultra deep water lower tertiary plays in the US GOM have led to high production forecasts for the region over the coming years. The greatest challenge for the exploration and production companies operating in the US GOM is to design, develop and deploy next-generation technologies to tackle the greatest challenge the industry has encountered to date. However, the vast deposits beneath the ocean floor may significantly increase oil and gas production from this region in the near future.
Historically, oil and gas production in the Gulf has encountered many fluctuations. Many factors, including weather conditions, technological advancements, price fluctuations and general economic conditions, affected the oil and gas exploration and drilling activities in the GOM. In the period from 1990 through to 2002, annual oil production increased 106% because of the addition of deepwater production. However, in the period from 2002 to 2006, annual oil production decreased by 17%. Oil production further decreased by 9.7% in the period from 2006 to 2008, but at the same time increased by 21% in the period from 2008 to 2009 due to the recent discoveries and new field developments.
This analysis was taken from a research paper published by GlobalData, to download the full Research Paper for free, click below:
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