UK's 1947 Oil & Gas Restores Production at US Gulf of Mexico Oilfields

en.Wedoany.com Reported - On October 26, UK oil and gas company 1947 Oil & Gas announced operational progress on its US Gulf of Mexico oil and gas assets. The company's Eugene Island 331 field resumed production at the end of September, reaching a daily output of 1,200 barrels of oil equivalent, with net working interest production of approximately 1,000 barrels of oil equivalent per day, of which crude oil accounted for 81%. Another field, Ship Shoal 198, increased production through well workover operations. The company also acquired two offshore oil and gas lease blocks, adding approximately 10,000 acres of leased area.

The Eugene Island 331 field had previously been shut in for an extended period due to maintenance on downstream condensate gathering and transportation facilities. After the relevant facilities were repaired, the field was brought back into operation at the end of September. The Ship Shoal 198 field, after completing well workover operations, increased its daily output to 1,275 barrels of oil equivalent, with net working interest production reaching 1,060 barrels of oil equivalent per day, an increase of 515 barrels, or approximately 94.5%, compared with the average net working interest daily production level of 545 barrels of oil equivalent in the first half of 2026. The workover at this field was carried out before the company completed the acquisition of Renaissance Offshore at the end of September.

The newly added lease assets came from the third round of Gulf of Mexico offshore oil and gas block bidding held in the United States on August 12. 1947 Oil & Gas successfully acquired the West Delta 133 block and the South Timbalier 314 block, which together added approximately 10,000 acres of leased area, with total winning bids of approximately US$260,000. Both blocks previously belonged to Renaissance Offshore's asset portfolio, and the new lease agreements carry a royalty rate of 12.5%. The company plans to incorporate these blocks into its existing offshore oil and gas asset portfolio and to study subsequent redevelopment opportunities.