American Oil and Gas Reporter - October 2015 - 151
Independent Operators
Maintaining Long-Term View
In Gulf Of Mexico Operations
By Danny Boyd
Special Correspondent
The Gulf of Mexico continues to offer a trove of opportunities both on the Outer Continental
Shelf and in deep water for independent oil and gas companies staying the course on
investment strategies. Because of the long lead times associated with offshore development
projects-particularly in deep- and ultradeep water-the U.S. Energy Information Administration
says it expects the oil price downturn to have minimal repercussions on Gulf of Mexico crude
oil production in the months ahead.
EIA forecasts Gulf production is on track to grow to 1.52 million barrels a day this year, and
to continue to rise to 1.61 MMbbl/d in 2016, representing 16-17 percent of total U.S. oil
production. The agency says its projections are driven both by new field developments and
redevelopment work in older fields. Eight new deepwater fields commenced production in 2014,
including Stone Energy's Cardamom Deep and Cardona, Chevron's Jack/St. Malo, Murphy Oil's
Dalmatian, and the Hess-operated Tubular Bells. EIA says it expects another eight deepwater
startups in 2015 and five more in 2016, the majority of which are being developed as subsea
tiebacks to existing production platforms.
Brian Reinsborough, founder, chairman and chief executive of officer Venari Resources LLC,
says the downturn has had very little impact on his company's operating plans. "We will
continue to invest through the downcycle," he confirms, noting that Venari is focused on
expanding its deepwater position and adding to its employment ranks as part of an investment
strategy to take working interests with majors and larger independents in large, oil-prone
subsalt prospects in deepwater blocks.
OCTOBER 2015 151
American Oil and Gas Reporter - October 2015
Table of Contents for the Digital Edition of American Oil and Gas Reporter - October 2015
Contents
American Oil and Gas Reporter - October 2015 - Cover1
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American Oil and Gas Reporter - October 2015 - Cover3
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