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Gulf of Mexico Production Falls 50%

Discovery & Development

• Britain’s most important pipeline system, Forties, saw flows reduced to 150,000 bpd from 450,000 bpd-575,000 bpd due to repairs, which are set to be completed by Friday. Prices should not see much movement if repairs are completed during that time. Ineos had an issue with the Forties pipeline last month as well, citing nonspecific “operational issues” which resulted in a 48-hour flaring period.

• More than 60 entities took place in Portugal’s first ever solar auction saw to install 1,400 megawatts (MW) solar farms across the country. Winning bids are expected to be announced by mid-August. Portugal is looking for up to $1 billion in investment from this. Most bidders were foreign. A total of 24 locations were up for grabs, with only one lacking a bid. The winning bidders will be those offering the biggest energy tariff discounts.

• Production from the US Gulf of Mexico fell by 50% on Thursday due to evacuations of nearly 200 platforms ahead of tropical storm Barry. Chevron, Anadarko, BHP, and BP have shut in Gulf of Mexico production and have evacuated staff from drilling platforms ahead of a tropical storm. Refineries in the area, too, are being shuttered, taking some gasoline production offline. In conjunction with the Pennsylvania refinery that was recently shuttered with no immediate plans to restore production, already low gasoline inventories in the US are set for further declines.

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