Market Updates
SHELL BEGINS TO SHUT-DOWN IN GULF OF MEXICO
123jump.com Staff
27 Aug, 2005
New York City
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1.5 million barrels of oil and 10 billion cubic feet of gas are pumped from the Gulf of Mexico. There are more than 7,000 fields in operations in the region of 650,000 square miles. While few companies have begun to evacuate operational staff from the region on Friday, on saturday evening with the direction of Katrina heading westward Shell, Kerr-McGee, Exxon Mobil, Anadarko Petroleum, Murphy Oil and Devon Energy have announced plans to shut production.
Hurricane Katrina's projected path across the Gulf continues to move west. As of late Friday evening, Shell has evacuated a total of 465 offshore personnel and will continue to evacuate all remaining Gulf of Mexico staff, with the exception of those at our assets far to the west. Total planned evacuations for Saturday include 554 additional personnel.
On Friday, Shell began the process to shut-in production for two subsea fields, Tahoe and Crosby. However, all of Shell's central and easternmost Gulf of Mexico assets will likely be shut-in by the end of Saturday, the 27th. The rate of the total anticipated daily production impact, once those assets are fully shut-in, is estimated at 420 thousand barrels of oil and 1,345 million cubic feet of gas per day.
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