A steadily growing volume of publicly available data (well logs, speculative seismic surveys, press releases, etc.) strongly suggests that the deepwater portion of the Gulf of Mexico contains large reserves of recoverable hydrocarbons. Well logs available through the MMS Order 4 program indicate at least 25 potentially developable accumulations have been found, some 14 of which have been publicized. We estimate that industry has spent in excess of $4 billion nominal to discover at least 1.5 billion barrels equivalent, of which only a small fraction has been developed and produced to date.

Most volumetrically significant deep water discoveries can be geographically grouped into six "corridors" in which industry cooperative efforts in terms of shared infrastructure, operating principles, service company support, etc. seems inevitable. Given the tremendous technical challenges and uncertainties associated with the play, coupled with the high cost of building, installing, and operating deepwater production systems, industry cooperation at least during the early stages of developing this resource will be a critical factor in revitalizing E&P activities in the Gulf of Mexico.

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