More consolidation among US Gulf of Mexico oil producers
Oil and gas producers in the U.S. Gulf of Mexico have consolidated at a quicker speed during the pandemic, due to crashing prices that squeezed out smaller drillers, government data shows.
"We’re only going to see further consolidation,"Colin White, an analyst with consultant Rystad Energy told Reuters. He added to the news agency that “private-equity backed producers are being swallowed up by larger firms or are abandoning exploration for safer infrastructure investments.”
Data from regulator Bureau of Safety and Environmental Enforcement (BSEE) shows that the top 10 producers - led by Royal Dutch Shell, BP Plc and Chevron, pumped 86 percent of the region's 1.6 million barrels per day (bpd) in 2021 which is an increase of about 11 percentage points since 2017.
Due to the pandemic and oil prices, some Gulf of Mexico producers were pushed to end their activities and exit.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news

Asian Stock Rally Pauses, China Tech Shares Gain: Markets Wrap

Oil Climbs With Focus on OPEC+ Output Plans and Ukraine Talks

Diamondback Energy announces $4.08 billion acquisition to expand Permian presence

Oil Holds Declines on Prospect of Higher Russia, Iraq Supplies

Canada’s Conservative Leader Pitches Major Natural-Resource Revamp to Counter Trump

EPA Terminates Nearly 400 Workers Amid US Government Purge

Trump to Create White House Council to Drive Energy Dominance

Oil Steadies as Trump’s Reciprocal Tariffs Add to Trade Tensions

Isuzu to Build Car Plant in South Carolina as Trump Tariffs Loom
