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Deep slump: the Marco Polo tension leg platform is located in 4300 feet of water in the Gulf of Mexico

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Deep Gulf finds slacking off

Last year saw the least oil and gas reserves discovered in the deep-water US Gulf of Mexico in a decade, according to a study released by Wood Mackenzie.

Wood Mackenzie said in contrast to the successes of 2006, deep-water exploration in the US Gulf of Mexico during 2007 was relatively disappointing.

The study defines deep water as anything deeper than 400 metres.

The report said reserves found in the deep US Gulf last year totaled 553 million barrels of oil equivalent, less than half the reserves found in an unusually strong 2006 and the least in 10 years.

According to a Reuters report on the study, the lower level of exploration activity during 2007 is in part due to higher levels of appraisal and development drilling activity coupled with the tight rig market.

Thirty-four exploration wells were drilled in the deep US Gulf in 2007, down from the annual average of 43, but in line with 2005 and 2006 performance, Wood MacKenzie said.

Forty-one percent of wells were successful, down from the average of 44%, the report said.

Of deepwater reserves found in 2007, 229 MMboe have been deemed commercial, or 41% of the total, down from the long-term average of 43%.

Average drilling time was 71 days, substantially below the 108-day average in 2006 but in line with the long-term average and 2007 wells were generally shallower than those targeted in 2006.

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