The Minerals Management Service (MMS), Gulf of Mexico Region, released new oil and gas daily production rate projections today.  According to the new report, Daily Oil and Gas Production Rate Projections From 2001 Through 2005, Gulf of Mexico Outer Continental Shelf, MMS is forecasting a daily oil production rate of between 1,526,000 and 1,967,000 barrels by the end of 2005, and a daily gas production rate of between 11.10 and 16.54 billion cubic feet by the end of the same year.

Deepwater, defines as water depths 1,000 feet or greater, shows the greatest potential for development.  Oil production has been rising steadily in the Gulf from 945,000 barrels a day in 1995 to an estimated 1,426,000 barrels a day in 2000, and surpassed shallow-water oil production for the first time.  According to these forecasts, as much as 67 percent of daily oil production in the Gulf and 26 percent of daily gas production will come from the deepwater Gulf of Mexico.

The Daily Oil and Gas Production Rate Projections (OCS Report MMS 2001-044) is available from the Public Information Office of the MMS Gulf of Mexico Region, as well as at the Region website at www.gomr.mms.gov.  There is no charge.  Copies can be ordered by calling 1-800-200-GULF, or by faxing a request to 504-736-2620.

MMS is the federal agency in the U.S. Department of the Interior that manages the nation's oil, natural gas and other mineral resources on the outer continental shelf in federal offshore waters.  The agency also collects, accounts for and disburses mineral revenues from federal and Indian leases.  These collections totaled nearly $8 billion last year and more than $110 billion since the agency was created in 1982.  Annually, nearly $1 billion from those revenues go into the Land and Water Conservation Fund for the acquisition and development of state and federal park and recreation lands.