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Gulf of Mexico could pump record oil in 2018

Inpex Browse operationson board the Songa Venus semi-submersible drill rig, Western Australia.

Oil and gas production could reach an all-time high in the deep waters of the Gulf of Mexico this year as companies cut costs and spend less on exploration.

Deepwater output in the Gulf could climb to 1.9 million barrels of oil equivalent in 2018, a 13 percent increase above last year and 10 percent higher than the last peak in 2009, energy research firm Wood Mackenzie said in a new report this week.

Gulf operators have dramatically cut costs in recent years and are pumping oil and gas more efficiently after adopting new automated drilling technologies, the firm said.

“Although deep-water Gulf of Mexico has taken quite a beating over the last three years, the industry has clawed its way back to being competitive,” said William Turner, a senior research analyst at Wood Mackenzie. [read more]

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