The Bureau of Ocean Energy Management (BOEM) released a new report increasing reserves in the Gulf of Mexico region on the outer continental shelf (OCS).
Discoverable, recoverable, and commercially viable reserves are estimated at 4.65 billion bbl oil and 6.1 tcf gas. These reserves are recoverable from 414 active fields. Oil reserves have increased 35.2% and gas reserves have increased 7.0% since the 2018 report. These increases are the result of six new fields being added during the reporting period.
Original reserves, a combination of cumulative production and reserves, are 26.77 billion bbl oil and 197.0 tcf gas from 1,325 oil and gas fields, including 911 fields that have produced and expired. Cumulative production from all fields accounts for 22.12 billion bbl oil and 190.9 tcf gas.
BOEM develops independent estimates of natural gas and oil in previously discovered OCS fields by conducting field reserve studies and reviews of fields, sands, and reservoirs. BOEM then revises estimates of natural gas and oil volumes to reflect new discoveries, development, and annual production.