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An analysis of the Gulf of Mexico’s probable development portfolio can help us better understand the remaining potential of the US GOM. Eight new probable developments were added to the list in 2007, five of which are at least 100 million boe each in size. Overall, there are presently 16 probable GOM developments with an estimated combined reserve of 2.5 billion boe.
Wood Mackenzie values these assets at $13.5 billion (NPV10). Their weighted average development cost is estimated to be $11.60/boe. This is almost $2.00/boe higher than the cost of the fields that are currently under development.
Fields that are under development hold 30% more reserve (at 3.3 billion boe) than the probable developments. This difference in size is in part a reflection of the challenges that operators are facing as they explore and bring forward opportunities for development.
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