Oil and gas developments in Louisiana Gulf Coast onshore in 1987

During 1987, a total of 632 wells were drilled in offshore Louisiana, a decrease of 40 wells from 1986. The overall success rate increased slightly from 57% in 1986 to 60% in 1987. The success rate for new-field wildcats increased to 37% from 24% in 1986 with about the same number of wells drilled. The number of other exploratory wells increased by about 51%, with nearly the same success rate (50%) as in 1986. The number of drilling platforms installed increased 100% compared with the sharp decline in 1986. Geophysical activity increased 39% from 1986 to 726.5 crew-weeks. Federal OCS Lease Sale 110, held April 22, 1987, signaled a recovery in Gulf of Mexico exploration activity. Fifty-one companies exposed a total $341,540,856 in bids for 313 tracts. The government accepted bids on 293 tracts for a total of $262,971,486. Liquids production during 1987 decreased 2% to 324 million bbl. Gas production increased 13% to 3,469 bcf from 1986 levels. 2 figs., 6 tabs.