Slow Recovery for GoM Oil Industry

Monday, January 23, 2006
The Gulf of Mexico's offshore petroleum industry is far from recovering from hurricanes Katrina and Rita, and at least one-sixth of the region's normal daily oil production will still be offline at the start of next storm season, the AP reported. Katrina and Rita destroyed 115 of the Gulf's 4,000 production platforms and damaged another 52, according to a report released last week by the Minerals Management Service, which manages federal offshore leases. The storms also damaged 183 pipelines, including 64 classified as major. Only 22 had been returned to service. There are about 33,000 miles of petroleum pipelines in the Gulf of Mexico, 22,000 miles of which were exposed to the two storms. As of this week, 396,000 of the Gulf's normal daily production of 1.5 million barrels of oil were being kept from market because of storm damage, along with 1.8 billion cubic feet of the region's normal daily production of 10 billion cubic feet of natural gas. Future repair work will be slow. The report indicates that the Gulf will not be able to provide any immediate relief to consumers from high oil and natural-gas prices. Oil prices have been about $67 a barrel and gas has hovered - after a huge jump in the fall - about $9 a thousand cubic feet. To quantify the damage caused by the two storms, the MMS said that Hurricane Ivan in 2004 destroyed only seven production platforms. (Source: AP)
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

China Unveils Action Plan on Maritime Silk Road

China has unveiled the principles, framework, and cooperation priorities and mechanisms in its Maritime Silk Road initiative in a bid to enhance regional connectivity

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Feds Delay LNG’s Port Ambrose Application

The US Coast Guard and the US Maritime Administration (MARAD) have temporarily suspended their review of the proposed Port Ambrose deep-water LNG import terminal.

RoRo

K-Line Executive Pleads Guilty to Price Fixing

An executive of Japan-based Kawasaki Kisen Kaisha Ltd. (K-Line) was sentenced to 18 months in a U.S. prison after pleading guilty to his involvement in a conspiracy to fix prices,

Ecochlor Presents BWTS Case Study at CMA

Ballast water treatment technology developer Ecochlor Inc. presented a project case study yesterday at CMA Shipping 2015 in Stamford, Conn. The case study covered

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1270 sec (8 req/sec)