ABSTRACT
A total of 800 wells was drilled in offshore Louisiana in 1988 compared to 632 wells in 1987. The overall success rate for 1988 decreased to 54%; the success rate for new-field wildcats decreased to 31.4%. Drilling of other exploratory wells increased by about 34% and had a success rate of 54%. Twenty-nine drilling platforms were installed, a 45% increase. Geophysical activity was up 16.5% to 846.5 crew-weeks.
A record 931 bids were submitted in the Gulf of Mexico OCS Lease Sale 113. High bids totaled $404,612,164. Continued interest in deep water tracts (deeper than 3,000 ft) was indicated by the 287 bids (31%) submitted.
In 1988, total liquids production declined 16% to 272 million bbl. Gas production declined 3% to 3.4 tcf.
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