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22% of Gulf of Mexico oil production shut on storm threat

Aug. 31, 2016 8:52 AM ETBP p.l.c. (BP) StockBHP, BP, APC, HES, SHELBy: Carl Surran, SA News Editor8 Comments
  • Crude oil prices are slightly lower, unaffected by disruptions caused by a tropical storm in the eastern Gulf of Mexico that is expected to hit Florida later this week and bypass the bulk of oil production near Louisiana and Texas.
  • U.S. authorities said ~22%, or ~353 boe/day, of production in U.S. regulated areas of the Gulf had been shut as of late yesterday because of the storm threat.
  • Personnel had been evacuated from nine production platforms out of 750 manned platforms in the Gulf; one rig evacuation was reported, and seven dynamically positioned rigs have moved off location.
  • Operators that have pulled workers off platforms in the area include BP, Royal Dutch Shell (RDS.A, RDS.B), Anadarko Petroleum (NYSE:APC), BHP Billiton (NYSE:BHP) and Hess (NYSE:HES).

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