The U.S. Oil Outlook

Just in the U.S., Gulf of Mexico deepwater wells are expected to provide the lion’s share of all of the nation’s offshore oil by 2016, or 2.2 million b/d (barrels per day) of the total forecast 2.5 million b/d from all U.S. offshore drilling, according to the U.S. Energy Information Administration (EIA). This oil will help offset declining shares from shallower fields.

In Focus: Halliburton Deep Water Operations

According to industry reports the Gulf of Mexico (GOM) is poised to deliver approximately 700,000 barrels of oil per day. The GOM accounts for about 23 percent of the United State’s oil production.

The bottom line is that due to technological and engineering advances, the U.S. is capable of producing more oil and gas offshore than at any time before. New rigs will be coming on line in the future, and they will help increase production from deepwater sources in the Gulf of Mexico. Again, accidents like the Deepwater Horizon disaster in 2010, put a big spotlight on the industry. Rig safety and environmental protection are big concerns (as they should be).

World Oil Production Outlook

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