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Hurricane affects Gulf of Mexico oil and gas production

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LNG Industry,

According to Reuters, on 10 October, Hurricane Michael cut nearly one-third of natural gas production and 42% of crude oil production in the US Gulf of Mexico.

These are reportedly the largest reductions in a year, and occurred as companies evacuated staff and shut in platforms in order to ensure safety.

According to the Bureau of Safety and Environmental Enforcement (BSEE), companies turned off daily production of 718 877 barrels of oil and 812 million ft3 of natural gas by midday. Regardless, Reuters reports that claims that despite this large impact, US crude futures CLc1 settled down over 2% at US$73.17/bbl on Wednesday, tracking the weaker US stock market, and reflecting the Gulf of Mexico’s declining importance because of growth from onshore shale fields.

Kinder Morgan reportedly stated that its fuel and natural gas lines that serve the southeast were not affected by the storm. However, construction at the LNG project on Elba Island, Georgia, will be stopped temporarily until the storm passes.

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