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MMS forecasts production increases from deepwater gulf areas. (Offshore Review).

The Minerals Management Service (MMS), Gulf of Mexico Region, has released new oil and gas daily production rate projections to 2005. The MMS report, Daily Oil and Gas Production Rate Projections Prom 2002 Through 2006, Gulf of Mexico Outer Continental Shelf, is forecasting a daily oil production rate of between 2 and 2.47 million barrels by the end of 2006, and a daily gas production rate of between 10.97 and 16.39 Bcf by the end of that year. These represent high case and low case scenarios.

MMS Director Johnnie Burton called the new projections a healthy, sizeable increase in the range of possible oil production. Should the high case estimates he reached in 2006, we will see a 160-percent increase in oil production from the Gulf in the period 1995-2006." Oil production has been rising steadily in the Gulf since 1995. Burton said "should the high case projection be met in 2006, oil production would be at almost 2.5 million barrels a day vs. 945,000 barrels in 1995."

Gulf oil production was an estimated 1.5 million barrels a clay in 2001. Gulf deepwater oil production surpassed shallow-water production in March 2000. According to these forecasts, as much as 77 percent of daily oil production in the Gulf and 26 percent of daily gas production could come from deepwater Gulf leasing areas by 2006. Deepwater is defined as water depths 1.000 feet or greater.

The outlook document, (OCS Report MMS 2002-031), is available from the Public Information (Office of the MMS Gulf of Mexico Region, as well as at the region website at www.gomr.mms.gov. There is no charge. Copies can be ordered by calling 1-800-200-GULF.

MMS is the federal agency in the Department of the Interior that manages the nation's oil, natural gas and other mineral resources on the outer continental shelf in federal offshore waters. The agency also collects, accounts for and disburses mineral revenues from federal and Indian leases. These revenues totaled $10 billion in 2001 and $120 billion since it was created in 1982. Annually, nearly $1 billion from those revenues goes into the Land and Water Conservation Fund for acquisition and development of state and federal parks and recreation lands.
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Title Annotation:Minerals Management Service (MMS)
Comment:MMS forecasts production increases from deepwater gulf areas. (Offshore Review).(Minerals Management Service (MMS))
Author:Tubb, Rita
Publication:Pipeline & Gas Journal
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 1, 2002
Words:373
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