Friday, March 4, 2016
USA Today reports that the U.S. is opening up 45 million acres of the Gulf of Mexico for oil and gas drilling. The region’s production may set a record next year, while onshore production dwindles along with low commodity prices.
According to the source, there are differences between shale wells on land and offshore drilling wells. Offshore wells take much longer to construct, and production from offshore wells is steadier and lasts longer. Shale wells, on the other hand, have high production at first that later tapers off. The wells can be built relatively quickly, too.
Gulf of Mexico production is predicted to hit 1.63 million barrels per day this year and 1.79 million barrels per day next year.
Read more: USA Today > Oil, gas production ramping up in the Gulf: Here’s why
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