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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Mermaid Maritime Bags Subsea Contracts, Delays Newbuilding

Thailand’s Mermaid Maritime said it has been awarded a number of subsea contracts in the Middle East with a total worth of $11million.   It has also reached

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

RoRo

Wärtsilä Electrical Systems for SIEM RoRo Ferries

Wärtsilä has been awarded the contract to provide integrated turnkey electrical solutions for four new RoRo ferries being built at the Flensburger Schiffbau-Gesellschaft (FSG) yard in Germany.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.0741 sec (13 req/sec)