Despite federal challenges, Louisiana companies are focused on offshore oil

A complex set of variables is driving a resurgence in the Gulf of Mexico, reports 10/12 Industry Report in its latest issue.

Despite a federal push away from fossil fuels, the Gulf’s major oil players are investing in new production platforms that will increase, or at least maintain, current production rates for several years.

Industrial Info Resources of Houston is currently tracking 97 offshore oil and gas projects totaling nearly $27 billion that are in the planning, engineering or construction stage.

That’s welcome news for south Louisiana’s oilfield service industry. When the market bottomed out from 2014 to 2016, the rig count in the Gulf dropped precipitously from 60 rigs to about 14. Now, it’s around 20 to 22.

Read more from 10/12 Industry Report.