By the OGJ Online Staff
HOUSTON, May 23 -- The US Minerals Management Service (MMS), Gulf of Mexico Region, Wednesday forecast oil production of 1.526-1.967 million b/d by the end of 2005, and gas production of 11.1-16.54 bcfd by the end of the same year.
The forecast is outlined in a report entitled, Daily Oil and Gas Production Rate Projections From 2001 Through 2005, Gulf of Mexico Outer Continental Shelf.
Deep water, defined as water depths 1,000 ft or greater, shows the greatest potential for development, the report said.
Oil production has been rising steadily in the Gulf from 945,000 b/d in 1995 to 1.426 million b/d in 2000, surpassing shallow-water oil production for the first time.
The forecast said up to 67% of daily oil production and 26% of daily gas production would come from the deepwater Gulf of Mexico.
MMS is the federal agency in the US Department of the Interior that manages the nation's oil, gas, and other mineral resources on the outer continental shelf in federal offshore waters.