Oil Rallies As Twin Storms Force Shut-Ins In Gulf Of Mexico
OilPrice.com | Aug 25, 2020 12:23AM ET
Oil and gas companies active in the Gulf of Mexico have shut-in almost 58 percent of oil production and 44.6 percent of gas production as a hurricane and tropical storm are approaching the area. The shut-in oil output stands at over 1.065 million bpd and the shut-in gas production is about 1.205 billion cu ft daily.
The staff on 114 production platforms had been evacuated as of Sunday. These platforms represent 1.773 percent of all Gulf of Mexico platforms, the Bureau of Safety and Environmental Enforcement companies evacuating platform staff.
The BSEE said:
“After the storms have passed, facilities will be inspected. Once all standard checks have been completed, production from undamaged facilities will be brought back online immediately. Facilities sustaining damage may take longer to bring back online.”
Two tropical storms, Marco and Laura, are minutes from the latest Fed meeting released last week will also likely continue to drag prices down.
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