Freeport hits oil in Gulf of Mexico

PHOENIX, September 28, 2015 – US independent oil and gas company Freeport-McMoRan hit significant net pay in their Horn Mountain Deep well in the Gulf of Mexico, the company announced in a Monday press release.

The exploration well was drilled to a depth of 5,159 metres and encountered 43 metres of net oil pay. The company expects production to start in the first half of 2017, and puts estimates as high as 30,000 barrels of oil equivalent per day once production reaches full capacity.

Freeport-McMoRan began developing its holdings in the US Gulf of Mexico in 2014, and of the 12 wells drilled so far, it has brought three on stream. It plans to bring the remaining nine wells into production by the end of 2017.

“The positive results at Horn Mountain Deep and our geophysical data support the existence of prolific Middle Miocene reservoir potential for several additional opportunities in the area, including the 100-percent-owned Sugar, Rose, Fiesta, Platinum and Peach prospects,” the company said in the press release.

For more news and features on the US, click here.

Read our latest insights on: