Gulf of Mexico recovery accelerates
Confidence is rising amid an uptick in deepwater permits and the proving of potentially transformative technologies
After four years of declining drilling, Gulf of Mexico (GOM) permits are up, rig utilisation is increasing and there is cautious optimism. Although oil price gains have levelled off, cost-cutting initiatives are yielding positive movement in GOM activity, including the first rig count uptick in years. Given the limitations of US unconventional plays, operators surveyed in 2018 planned to increase GOM drilling during second-half 2019. The offshore industry is amid a two-year recovery and spending was projected to accelerate during the second-half 2019, according to Evercore ISI senior research analyst James West in the 2019 Global E&P Mid-Year Spending Outlook. Offshore rig utilisation
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