On the heels of new developments in the Gulf of Mexico, a report finds the next breakout area for the recovering oil and gas sector may be deep water basins. A new report emailed from analytical group Wood Mackenzie finds the cost to break even on oil and gas projects in deep waters, the U.S. Gulf of Mexico in particular, has dropped from around $70 per barrel to below $50 per barrel in some cases. The price for Brent crude oil, the global benchmark, was around $52 per barrel early Thursday. Since 2014, Wood Mackenzie estimates the average cost to develop deep water projects, and not just in North America, have dropped more than 20 percent. Angus […]