US Gulf oil output could reach 2-mil b/d by 2006: agency
Washington (Platts)--15Nov2004
Oil production from the US Gulf of Mexico is projected to increase to a record 2-mil b/d by 2006, the federal Minerals Management Service reported Monday. The current rate of production is 1.5-mil b/d and could reach 2.25-mil b/d by 2011, the MMS said in its first 10-year production forecast. A rise in deepwater production is responsible for the anticipated increase, with almost 80% of Gulf production in 2011 expected from deepwater sources, according to MMS. More than 100 deepwater development projects have begun production and new discoveries in the last three years will likely to developed, MMS said. The agency said it believes the anticipated 2-mil b/d level can be maintained if operators commit to developing existing discoveries and continue to explore in deepwater areas. MMS offers royalty relief incentive programs to encourage deepwater leasing and exploration.
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