Deepwater Gulf of Mexico production rising

Click here to enlarge imageProduction of oil and gas from the deepwater areas of the Gulf of Mexico reached an all-time high in 1998, says the US Minerals Management Service.In the last 5 years, Gulf of Mexico oil production from water depths greater than 1,000 ft has increased by 279%, while gas production has grown by 252%. Oil output increased from 42 million bbl in 1994 to 159 million bbl in 1998. Gas production followed with a sizeable increase from 159 bcf in 1994 to 560 bcf in 1998.In 1998, oil production in the deepwater gulf rose 47% vs. 1997 production. This is because a number of development projects came on stream in 1998. In 1999, 11 more deepwater development projects in t...

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