BOEM increases estimated OCS Gulf of Mexico oil, gas reserves

Analysis by the US Bureau of Ocean Energy Management has increased estimated oil and gas reserves in the Gulf of Mexico Outer Continental Shelf by 1.30 billion boe since 2021, bringing the total reserve estimate to 7.04 billion boe, the US Department of the Interior (DOI) said in a release last week. 

The estimate includes 5.77 billion bbl of oil and 7.15 tcf of natural gas—a 22.6% increase in remaining recoverable reserves, DOI said. 

BOEM’s updated assessment evaluated over 140 oil and gas fields, identifying 18 new discoveries and analyzing more than 37,000 reservoirs across 1,336 fields in the Gulf. The review added 4.39 billion boe in original reserves. After subtracting production of 3.09 billion boe since 2020–2021, the net increase reflects continued opportunity and momentum in offshore development, DOI said. 

BOEM oversees nearly 3.2 billion acres of the Outer Continental Shelf, with about 160 million acres located in the Gulf. 

Earlier this month, Secretary Doug Burgum directed BOEM to move forward with an oil and gas lease sale in the Gulf.  BOEM anticipates publishing a proposed notice of sale in June 2025.