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US Gulf of Mexico yields deep-water oil rewards for risk-averse explorers
A string of large and medium-sized oil discoveries in the GOM's deep waters are attracting risk-averse explorers to this technically difficult region, writes Anne Feltus
 LOW OIL PRICES and the recession have done little to slow down exploration activity in the deep-water Gulf of Mexico (GOM). The region's political stability, proximity to the world's biggest oil market, expanding infrastructure and the continued prospect of large discoveries have continued to attract explorers despite the weak market over the last 18 months. Results with the drillbit appear to be justifying their faith. In September, BP made a very large deep-water find in the western GOM, reminding explorers that this offshore basin might hold enough petroleum to offset onshore production declines (see Figure 1). The UK major claims the Tiber field, in Keathley Canyon, about 250 miles southeast of Houston, could contain more oil than its Kaskida field nearby, which has reserves estimated at ...Click here to continue reading US Gulf of Mexico yields deep-water oil rewards for risk-averse explorers
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