Cached version of news story 8/30/05 4:07 pm CT; source: WWL-TV
More than 95 percent of Gulf oil production lost
By ALAN SAYRE / AP Business Writer
As oil prices flirted with the $70 per barrel mark, more than 95 percent of the Gulf of Mexico's normal daily oil production was shut in Tuesday because of Hurricane Katrina, a federal agency said.
The U.S. Minerals Management Service said 645 of the 819 staffed production platforms in the Gulf were shut down, delaying production of 1.43 million barrels of oil. On a normal day, the Gulf produces 1.5 million barrels.
The shutdowns also delayed production of 8.8 billion cubic feet of natural gas, or 88 percent of the Gulf's normal daily gas production of 10 billion cubic feet, the MMS reported from a survey of 68 companies.
Since Katrina first threatened Gulf platforms, 4.63 million barrels of oil and 25.4 billion cubic feet of gas have been delayed from reaching market.
Storm-related production delays in the Gulf, which accounts for about a third of nation's domestic oil production, have figured increasingly into energy price jumps. In July, three Gulf storms interrupted production.
Hurricane Emily delayed production of 240,024 barrels of oil and 1.58 billion cubic feet of natural gas. Hurricane Dennis interrupted the production of 5.29 million barrels of oil and 23.3 billion cubic feet of gas. Tropical Storm Emily delayed production of 312,127 barrels of oil and 1.7 billion cubic feet of natural gas, the MMS said.
Last fall's Hurricane Ivan damaged seven platforms, 100 underwater pipelines and resulted in the loss of nearly 44 million barrels of oil production between September 2004 and February 2005.
The Gulf normally produces 547.5 million barrels of oil and 3.65 trillion cubic feet of gas a year.
On Tuesday, the MMS also said 90 drilling rigs exploring for petroleum in the Gulf were evacuated.
