U.S. crude oil production in the Federal Gulf of Mexico (GOM) has reached the highest annual level on record after reaching 1.65 million barrels per day (bpd) In 2017.
Oil production in the GOM is expected to continue increasing in 2018 and 2019, according to forecasts in the U.S. Energy Information Administration’s (EIA) latest Short-Term Energy Outlook (STEO).
EIA expects the GOM to account for 16% of total U.S. crude oil production in each year.
Based on STEO’s expected production levels at new fields and existing fields, annual crude oil production in the GOM will increase to an average of 1.7 million bpd in 2018 and 1.8 million bpd in 2019. However, uncertainties in oil markets may still affect long-term planning and operations in the GOM, and the timelines of future projects may change accordingly.
In 2016, producers brought seven new projects and expansions online and ramped up production in 2017, collectively contributing to an average of 126,000 bpd of production in 2017. Another two projects came online in 2017, contributing 10,000 bpd of new production last year.
EIA expects these nine projects to ramp up over the next two years. Producers expect four new projects to come online in 2018 and six more in 2019.
For more information, visit: www.eia.gov
12th Apr 2018