In 2016, the GoM produced about 565 million barrels(Mmbbl) of oil and 1.
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The abbreviations Mbbl and Mmbbl refer to one thousand and one million barrels, respectively.
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Investment research firm Edison
says Blackrock could hold 200 Mmbbl in reservoirs similar to Cambo and Rosebank.
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Siccar Point is now planning a phased development with the first phase targeting more than 100 Mmbbl.
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When oil prices fell in 2014 as shale producers in the U.S. competed with OPEC for market share, North Sea output had already dwindled to around 1 million barrels per day(Mmbbl/d)
from a peak of 2.6 Mmbbl/d in 1999.