Gulf of Mexico oil sees slow return after Isaac

September 6, 2012

“The oil industry suffered comparatively little damage from Hurricane Isaac, despite its unfortunate path. But more than a week after the storm hit the coast of Louisiana, MarketWatch reports that the industry is still operating at barely more than half capacity in the region.

“As of Wednesday, September 5, more than 680,000 barrels per day of oil production had yet to come online, along with 1.2 billion cubic feet per day of natural gas production. But the offshore oil platforms in the region are being staffed, with only 3 percent still left unmanned, and very little actual damage has been reported to the oil rigs – a striking contrast from the last major Hurricanes to move through the region. “

Hmmm. 680,000 barrels per day … that’s about the same amount we’ve lost due to the Moratorium and its afteraffects.

[Update BSEE press release]: From operator reports, it is estimated that approximately 42.98 percent of the current daily oil production in the Gulf of Mexico has been shut-in. It is also estimated that approximately 21.28 percent of the current daily natural gas production in the Gulf of Mexico has been shut-in. The production percentages are calculated using information submitted by offshore operators in daily reports. Shut-in production information included in these reports is based on the amount of oil and gas the operator expected to produce that day. The shut-in production figures therefore are estimates, which BSEE compares to historical production reports to ensure the estimates follow a logical pattern. The remaining shut-in oil and gas production has been slow to return due to damage at onshore processing facilities.