Oil, natural gas disruption not nearly as bad as predicted

The Minerals Management Service update on Tropical Storm Ida’s impact on the energy industry as of this morning is that about 43 percent of Gulf oil production and 27.9 percent of the natural gas production has been shut-in. That’s 560,199 barrels of oil and 1.95 bcf of gas.
That’s up from the data reported by producers yesterday — 29.6 percent of the Gulf’s daily oil production and 27.5 percent of the natural gas production — but no where near the doubling expected by some. The MMS says the only reason the numbers were up was “due to inaccurate reporting by an operator.”
Estimated energy production from the Gulf of Mexico as of March 2009 is 1.3 million barrels of oil per day and 7.0 billion cubic feet of gas per day. The Gulf accounts for about 25 percent of U.S. oil production and about 15 percent of natural gas output, according to the Department of Energy.

SHOW MORE