• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 1 hour Sources confirm Trump to sign two new Executive orders.
  • 2 hours Why Wind is pitiful for most regions on earth
  • 4 hours In a Nutshell...
  • 18 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 2 days Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 9 mins Why Oil could hit $100
  • 3 days Happy 4th of July!
  • 3 days Putin Paid Militants to Kill US Troops
  • 3 days Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 4 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 4 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 1 day Coronavirus hype biggest political hoax in history
  • 3 days Apology Accepted!
China’s June Crude Oil Imports Hit Record High

China’s June Crude Oil Imports Hit Record High

China’s crude oil imports in…

How Tesla Became More Valuable Than Exxon

How Tesla Became More Valuable Than Exxon

Tesla shares have soared to…

First Oil Workers Evacuate Ahead Of Tropical Storm Cristobal

Occidental Petroleum is evacuating some of its Gulf of Mexico oil facilities ahead of the anticipated storm Cristobal, Occidental said on Wednesday. The evacuated workers so far will be limited to non-essential workers, and interruptions are not expected, Reuters said, according to Oxy.

Occidental is the fourth largest producer in the deep waters of Gulf of Mexico with 10 facilities there, according to the company’s website.

Other oil companies operating in the Gulf of Mexico, including BP, Chevron, Exxon, Hess, Murphy, and Shell, are monitoring the situation but have not decided to remove staff from deepwater platforms.

Cristobal will likely reach landfall around the Gulf of Mexico coast, probably around Louisiana, but not before picking up steam in the waters of the Gulf. Gusts of 65 mph are expected.

The Gulf of Mexico accounts for some 17 percent of U.S. oil production. In 2018, hurricane Michael shut in production of more than 700,000 bpd for a few days. In 2017, total oil industry—production and refining—hit US$200 billion, the highest storm bill in history.

This year there will be fewer evacuations than in years past, even if most operators evacuate staff. The rig count in the Gulf has fallen from over 22 in March, to 20 in April, and then to just 12 in the last week of May. It is the lowest rig count there in a decade.

Some analysts are predicting that after shutting in oil production in the Gulf—whether due to coronavirus outbreaks on platforms or due to slack demand and low prices, it may take years for it all to come back online. Any additional shutdowns caused by the tropical storm will likely exacerbate the issue.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News