Deepwater GOM discoveries to increase ///
In 2008, deepwater GOM exploration results suffered a decline for the second consecutive year. Reserves of only 360 MMboe were found, the lowest annual amount in a decade and far below the annual average of over 1 Bboe per year. Furthermore, the number of exploration wells drilled fell for the second year in a row. While success rates at 45% remained high, the discovery rate per well fell to just 12 MMboe—half the 10-yr average. Contributing to the low discovery rate was the high proportion of small discoveries.
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