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

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 4,000 American platforms, with 35,000 wells and 30,000 miles of pipelines. The precipitous drop in prices per barrel of oil that stunned the energy industry in late…

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