By Sarfaraz A. Khan and Gohar Yousuf
Gulf of Mexico is one of the primary resources of energy for the U.S.
Its offshore oil production represents a little less than a quarter of
the U.S. crude oil production while its offshore natural gas production
accounts for 7% of the total U.S. dry production. Its coast is home to
40% to America’s total refining capacity and 30% of America’s natural
gas processing plant capacity. In short, its importance to America’s
enormous energy industry cannot be overstated.
According to energy consultants Wood Mackenzie, the daily production from the deepest parts of Gulf, in water depths of more than 1,300 feet, will be around 1.5 million barrels of oil. This would represent more than a 15% increase from the projected production of 2013. Moreover, amid the increasing E&P activity, some of which is discussed below, by 2020, average production at the Gulf of Mexico is expected to cross ... read full article at GuruFocus
According to energy consultants Wood Mackenzie, the daily production from the deepest parts of Gulf, in water depths of more than 1,300 feet, will be around 1.5 million barrels of oil. This would represent more than a 15% increase from the projected production of 2013. Moreover, amid the increasing E&P activity, some of which is discussed below, by 2020, average production at the Gulf of Mexico is expected to cross ... read full article at GuruFocus
