Oil production in the Gulf of Mexico, which produces about 25 percent of domestic oil production and 15 percent of natural gas output, could boom more than 1.8 million barrels per day by 2013, according to the government research, however its natural gas will likely to decrease.
Chevron Corp, which operates the deepest producing fields in the Gulf of Mexico on Wednesday, said it has started its crude oil production in its Tahiti field, along with Total which owns a 17 percent.
Chevron holds a 58 percent working interest in Tahiti, and StatoilHydro holds a 25 percent working interest, will allows total’s production in the US to increase more than 20,000 barrels per day.
It also expects daily production to increase about 125,000 barrels of its crude oil and 70 million cubic feet of natural gas for the 2009 year end.
Meanwhile, BP said it has started to produce oil from owned and operated Dorado and King South projects in the Gulf of Mexico, which takes 75 percent of its working interest.
The Tahiti Field of Gulf of Mexico was discovered in 2002 and is estimated to contain total recoverable resources of 400 to 500 million oil-equivalent barrels.
It has total cost of $2.7 billion for the first phase of the project and represents one of 40 projects in which Chevron's share of the investment is over $1 billion.
Share of Chevron rose to $2.17 to 3.30 at $67.92 and Total shares rise 1.53 Percent at €39.70 in the regular trading.