The aftermath of last summer’s devastating hurricanes in the Gulf of Mexico continued to play havoc with London-based BP plc’s production in the final quarter of 2005, with output down from a year ago and lost profits and repairs costing nearly $1 billion.
Tag / Devastating
SubscribeDevastating
Articles from Devastating
Louisiana Reports 54% of Onshore Wells Restored
The Louisiana Department of Natural Resources (DNR) reported Tuesday 54% of the state’s oil and natural gas wells — or 3,204 out of 5,949 wells– have been restored to production, following the devastating hurricanes and storms that swept through the state three months ago. Another 2,155 wells, or 36.2%, remain shut in, and the status of about 10%, or 590 wells, remains unknown.
Devon Cuts Production Outlook, Raises Proven Reserves Estimates
This year’s devastating storms led Devon Energy Corp. to lower its oil and natural gas production outlook for the year, but the Oklahoma City-based producer increased its estimate of proven oil and natural gas reserves.
CA Energy Commission, Federal DOE Team Up to Help Big Business
In the wake of the energy price/supply volatility caused by this fall’s devastating Gulf of Mexico hurricanes, the California Energy Commission (CEC) announced last Friday that it has teamed with the federal Department of Energy (DOE) to offer free energy assessments to some of the state’s and nation’s largest energy users. The assessments are designed to help large industrial customers control their rising energy costs and conserve on natural gas supplies that are expected to be tight this winter.
North American Gas Trading Stabilizes, Sales Climb 4%
Devastating storms in the third quarter jolted energy markets and sent natural gas prices soaring, but despite the upheaval in prices and the continuing entry of new investment bankers into the marketplace, natural gas trading in North America continues to stabilize and grow, up an estimated 4%, to 96.45 Bcf/d from 92.81 Bcf/d a year ago, according to NGI’s latest gas marketer survey.
NGI The Weekly Gas Market Report
North American Gas Market Stabilizing, Sales Climb 4%
Devastating storms in the third quarter jolted the energy markets and sent natural gas prices soaring, but despite the upheaval in prices and the continuing entry of new investment bankers into the marketplace, natural gas trading in North America continues to stabilize and grow, up an estimated 4%, to 96.45 Bcf/d from 92.81 Bcf/d a year ago, according to NGI’s latest gas marketer survey.
BP Reports 34% Earnings Hike, But 2% Output Loss Blamed on Hurricanes
In the first third quarter earnings report by a major producer, BP plc on Tuesday reported a 34% hike in 3Q2005 net profit, but it blamed a 2% production loss on the devastating hurricanes that struck the Gulf of Mexico. In the storms’ aftermath, the London-based major warned that its deepwater Thunder Horse platform may not ramp up until the second half of 2006 — a year later than scheduled — and the producer cut its production forecast for 2005 by 100,000-200,000 boe/d.
Rita Called More Damaging to Offshore Rigs than Katrina
Hurricane Katrina may have been devastating onshore, but Hurricane Rita apparently caused more damage offshore to oil and natural gas rigs, according to two offshore data services. Katrina stormed through a mature exploratory region in the eastern Gulf of Mexico, while Rita stormed through the western Gulf, which is home to a lot of new exploration and production activity.
Producers Begin Evacuations Ahead of Arlene
With a projected path eerily similar to last season’s devastating Hurricane Ivan, Tropical Storm Arlene on Thursday, although still far weaker than Ivan with only 40 mph winds, already was prompting producers to exit the eastern and central Gulf of Mexico in rapid fashion.
Grid Operators Call for Clear Lines of Authority During Power Emergencies
In the aftermath of the devastating August blackout that hit parts of Canada and the United States, top grid operator officials last week said that reliability coordinators must be able to order actions in real-time during emergency conditions and that this authority has to be clearly defined before problems crop up on the power grid.