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 October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


US Senators Introduce Bill to Limit Offshore Drilling

A group of U.S. Senators on the West Coast have introduced a bill Wednesday aiming to prohibit offshore drilling on the outer continental shelf of California, Oregon and Washington.

Danish-South Korean Co-operation Strengthened

The Danish-South Korean Green Growth Alliance met for roundtable talks yesterday. The Minister for Business and Growth's meeting with the South Korean Minister

Seadrill Hopes to See Market Turn in 2017

Offshore rig driller Seadrill is facing another two years in the doldrums but hopes the international rig market could turn around in 2017.   Rig rates have more


US Shipowner Creates Fund for Families of Missing El Faro Crew

The owners of the cargo ship El Faro that sank after it was trapped in the path of Hurricane Joaquin off the Bahamas last week announced the creation of a family

Captain of Ill-fated El Faro was Known as Trusted Mariner

The captain of the ill-fated cargo ship that sank in a hurricane off the Bahamas with no survivors last week was an experienced and highly trusted mariner who had spent a lifetime on the water,

Collision Course with a Hurricane: How Doomed US Ship Met its End

The ill-fated U.S.-flagged El Faro cargo ship sunk by Hurricane Joaquin was sailing at near full speed into the center of the storm before it lost propulsion amid mountainous waves and brutal winds,

Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1460 sec (7 req/sec)