BOEM Issues New Estimates on Gulf of Mexico OCS Oil & Gas Reserves

The Bureau of Ocean Energy Management recently announced the availability of a new report on estimated oil and gas reserves in the Gulf of Mexico Outer Continental Shelf as of December 31, 2013.

According to the report, compared to Dec. 31, 2012 estimates, Original Reserves (Cumulative Production + Reserves) rose from 22.11 to 22.19 billion barrels of oil and remained level for natural gas at 193 trillion cubic feet.  Cumulative Production rose from 18.06 to 18.52 billion barrels of oil and from 182.6 trillion cubic feet to 184 trillion cubic feet of natural gas, while Reserves (Proved + Probable) have fallen from 4.05 billion to 3.67 billion barrels of oil and from 10.4 to 9 trillion cubic feet of natural gas.