Exploration and production in the US Gulf of Mexico in 2022 is building on the momentum of an active 2021 — and with several projects expected to come online this year, an increase in deep-water drilling could be on the cards.

The US Gulf’s low emission intensity, paired with its sub-$40 per barrel break-even price and current high oil prices, has analysts at Wood Mackenzie predicting increased investment of about $10 billion — a level not seen since 2018 — in the region, along with record-setting levels of production.