BP Plc on Monday announced new production units in the Gulf of Mexico, enhancing...
NEW YORK - BP Plc on Monday announced new production units in the Gulf of Mexico, enhancing its standing as the largest producer there at a time when rival global oil majors are scrambling to expand vast U.S. onshore shale drilling.
The investment runs against current industry trends that emphasize spending on shale, which has propelled U.S. production to more than 12 million barrels a day , making it the largest producer in the world. U.S. offshore production accounts for 1.8 million bpd, but has grown more slowly. BP said it plans to increase its Gulf production to about 400,000 barrels of oil equivalent per day by the mid 2020s. That’s about a fifth of the region’s total production. The company’s Gulf production has already increased more than 60 percent from 2013 to more than 300,000 boed.
“One of the significant advantages of deepwater or offshore wells relative to onshore U.S. wells is their high productivity,” said Emeka Emembolu, BP’s Gulf of Mexico vice president for reservoir development. “On average, Deepwater Gulf of Mexico wells produce around 5,000 barrels of oil per day.” “Growth in onshore oil can only provide 15-20% of what the market needs year-on-year in terms of volume growth, so that’s why you see continued activity in the Gulf of Mexico, in offshore Brazil, and new basins popping up,” said Andrew Slaughter, executive director, Deloitte Center for Energy Solutions.
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