American oil production in the Gulf of Mexico is expected to jump roughly 15 percent over the next two years on the back of production from new offshore fields. Thirteen new fields are set to start up by the end of 2016, giving America’s total oil output yet another shot in the arm. The EIA reports:
EIA projects GOM production to reach 1.52 million barrels per day (bbl/d) in 2015 and 1.61 million bbl/d in 2016, or about 16% and 17% of total U.S. crude oil production in those two years, respectively…The forecasted production growth is driven both by new projects and the redevelopment and expansion of older producing fields.
When we talk of the U.S. energy boom, our thoughts immediately turn to onshore shale production, but there’s progress being made offshore as well. The bakers dozen of new fields coming online in the next couple of years are doing so despite plunging crude prices because they’re large, expensive, long-term projects. The rigs plumbing Gulf waters are a lot less sensitive to price pressures than are, say, wells in North Dakota’s Bakken shale that can be shut down and started up again extremely quickly.On land or at sea, it seems these really are golden years for American energy production.