Study Forecasts Offshore Oil, Gas Production to Grow 71% by 2015

Offshore oil and natural gas production is forecast to grow to 55 MMboe by 2015, up from its current 39 MMboe/d, with nearly all of the surge coming from deepwater, according to a new study by London-based consultant Douglas-Westwood. Offshore gas production will provide 34% of the world’s resources by then, up from its current 28%, while oil production will provide 39%, up from 35%.

December 2, 2004

Unocal to Trim Gulf Staff, Restructure to Focus on Deepwater Prospects

Unocal Corp. said it will cut about 200 positions from its Gulf Coast region exploration and production operations, which will reduce its total work force by about 7%, as part of a restructuring operation designed to improve its overall cost structure and profitability and better position the unit for ongoing exploratory success. The program also is expected to include some asset sales in the region by the end of the year.

June 24, 2002

Green Canyon Deepwater Discovery Surpasses Estimates

Though additional wells need to be drilled before the total proved reserves are accurately measured, Murphy Oil Co. announced Thursday that its Front Runner South prospect in Green Canyon Block 339 offshore Louisiana has exceeded expectations. The reserve estimate is expected to be more than the pre-drill projection of 40-60 MMboe.

June 15, 2001

Ocean Energy’s Reserve Replacements Up 269%

Exploration successes in its deepwater Gulf of Mexico drillingprogram helped to triple reserve replacement to 269% last year forHouston-based Ocean Energy Inc., a positive sign that otherindependents hope to mimic as fourth quarter results are announcedin the next few weeks. Ocean Energy’s over-the-top numbers may notbe matched, but analysts believe independents’ reserve replacementswill be up, averaging around 3%.

January 18, 2001
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