The oil production of the United States of the Gulf of Mexico can continue to grow despite geopolitical volatility, leaders of the oil and gas sector said Monday.
The advertisements of global tariffs of the president of the United States, Donald Trump, since last month have contributed to a fall in oil prices and fear of an economic deceleration, which makes it more difficult for oil producers drilling more, as the government wants.
“We had never been in a situation where we had so much geopolitical volatility,” said Western Executive President Petroleum OXYVicki Hollub, during a round table in the offshore Technology Conference of Houston.
In spite of the oscillations of the price of oil, which according to experts come mainly from the schist industry and not from high seas, oil leaders expressed their confidence that the Trump government will eliminate obstacles to help boost production.
Gulf’s oil production could reach 2.4 million barrels per day, compared to the current level of approximately 1.8 million BPD, Erik Milito, president of the National Association of Ocean Industries, told the Erik Panel.
Advances in technology, including artificial intelligence, are also helping production, executives said.
“We are seeing it today with the projects that are going into operation, highly sophisticated projects that are overcoming many of the challenges we saw 20 years ago,” said Milito.
The Trump government plans to deliver concessions in the Gulf in June, as planned by the administration of former president Joe Biden.
The sale will be critical for the sector because the production of shale oil will eventually stagnate and begin to fall, so it is important to increase the exploration on the high seas, said Hollub.
“We have to find a way to get more oil from the Gulf of Mexico, and that has to happen big,” he said.
The high seas production of the Gulf of Mexico represents about 15% of the total production of American oil.
