GoM on brink of oil boom

There is an anticipated oil and gas production boom being projected for the Gulf of Mexico through 2016. The boom is to be led by new offshore projects and redevelopment of older fields. The Energy Information Administration indicated March 3 that oil and gas production will reach 1.52 million barrels a day in 2015 and leap to 1.61 million next year. That kind of production hasn't happened since 2010, the year of the Deepwater Horizon spill. Oil companies are beginning production at five deepwater projects already – including Chevron’s Jack/St. Malo fields, Stone Energy's Cardamom Deep and Cardona projects, and Hess’ Tubular Bells project. Thirteen more fields are expected to start production by 2016. The developments as a whole are forecast to boost GoM production by 265,000 barrels per day by year’s end. There are 11 project-area sites expected to start in 2015, along with 2016 anticipated projects, within the central and east sector of the Mississippi Canyon alone – located south of the mouth of the Mississippi River. (NOLA 03/03/15)