Gulf of Mexico Oil and Gas Fields Attract Offshore Technologies and Massive Investments that Boost Production

Since the first offshore well was drilled in shallow water 10 miles off the Louisiana coastline in 1947, offshore oil and gas production has been of rapidly growing importance worldwide. Today, a recently completed oil well in the Gulf of Mexico can flow over 30,000 barrels of oil daily—vastly higher than an onshore well. Wells in extremely deep water can flow at even greater rates. The Gulf of Mexico already produces from roughly thousands of American offshore platforms, with tens of thousands of wells and 30,000 miles of pipelines.

Early 2023 saw a dramatic upswing in offshore production activity. Westwood Global Energy Group reported that, as of December 2022, 90% of the world’s approximately 600 offshore drilling rigs were working or under contract, compared to only about 63% in 2017. A combination of oil supply constraints due to the war in Ukraine and relatively high crude prices spurred this activity. Oil companies were leasing rigs for more than $400,000 per day, compared to $300,000 in 2022 and $200,000 in 2021. Many analysts were forecasting lease prices topping $500,000 per day in 2024.

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Gulf of Mexico Oil and Gas Fields Attract Offshore Technologies and Massive Investments that Boost Production, Business and Industry Trends Analysis

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