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U.S. Gulf of Mexico oil output remains lower in wake of storm, data shows

CommoditiesAug 30, 2020 03:15PM ET
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© Reuters. FILE PHOTO: A fuel pump is wrapped closed with plastic ahead of the arrival of Hurricane Laura in Beaumont, Texas

HOUSTON (Reuters) - U.S. Gulf of Mexico crude oil output remained down 70%, or 1.29 million barrels per day, according to data released on Sunday by the Department of Interior, as companies continued to return crews to offshore facilities that were evacuated ahead of Hurricane Laura.

A total of 139 platforms or drilling rigs in the U.S. Gulf of Mexico were unmanned at midday on Sunday, the department reported, down from the 310 that had been evacuated on Wednesday. (https://tinyurl.com/y4yed9sb)

The Port of Houston, the nation's largest energy export port, was operating normally on Sunday. The Ports of Texas City, Galveston, Freeport, and the Gulf Intracoastal Waterway from West Port Arthur Bridge east to High Island Bridge, also resumed normal operations, the Coast Guard said.

Closer to the storm's landfall, the ports of Lake Charles and Cameron and the Calcasieu Waterway, all in Louisiana, remained without power and were closed. The port of Port Arthur, Texas, was open with restrictions, the Coast Guard said.

The region’s offshore natural gas production remained down 50%, with 1.35 billion cubic feet per day shut in on Sunday, as energy producers began to restore output that was halted ahead of Laura.

Offshore Gulf of Mexico wells account for 17% of total U.S. crude oil production and 5% of total U.S. natural gas production.

In addition to the well shut-ins, the storm prompted energy firms to suspend processing at six coastal refineries last week. Those six account for about 12% of U.S. oil processing capacity. Refineries without significant damage also began taking steps to restart operations.

U.S. Gulf of Mexico oil output remains lower in wake of storm, data shows
 

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Comments (3)
David Bennett
David Bennett Aug 30, 2020 4:15PM ET
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seems like you would need zero production of nat gas for 2 years to get to 3 bucks an mcf.
Darren Klassen
Darren Klassen Aug 30, 2020 2:38PM ET
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I said... pardon?
Võ Hà
Võ Hà Aug 30, 2020 2:36PM ET
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Brend will be break by this news. 46 strong wall!
 
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