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
Also in this section
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
