Citing operator reports, the Bureau of Safety and Environmental Enforcement confirms that approximately 93.28 percent of the current daily oil production in the Gulf of Mexico has been shut-in, as has approximately 66.7 percent of the current daily natural gas production in the Gulf.

Oil and gas producers shut down 1.3 million barrels per day of oil production per day from normal output. Reuters reported that offshore natural gas output was curtailed by two-thirds, and refinery and port closures are adding to the storm-related supply disruptions.

Approximately 23 percent of the country’s daily oil and 7 percent of its natural gas output come from the Gulf.

According to Reuters, the closures were precautionary, and most energy analysts expected Isaac to spare Gulf Coast energy installations from any significant damage.

Isaac is due to make landfall Tuesday night.

Read the Reuters report here.


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ABiz Stock Watch
o Home Bancorp 22.89 ▼0.01 (-0.04%)
o Frank's International 17.21 ▼0.26 (-1.49%)
o IberiaBank Corp 64.13 ▲0.08 (0.12%)
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