N.Hydro drops oilfield in Gulf of Mexico-report
Norwegian energy and metals group Norsk Hydro (NHY.OL: Quote, Profile, Research) has dropped plans to develop the Telemark deep water oilfield in the Gulf of Mexico because of high costs, Oslo-based oil and gas weekly Upstream said on Friday.
Hydro officials were not immediately available for comment.
Upstream said that Hydro’s board voted this week not to pursue the development of Telemark because of costs of building a tension-leg platform to recover what the company viewed as marginal reserves.
It said that oil reserve estimates for the field had varied from 40-70 million barrels but Hydro was discouraged by high cost of drilling in a water depth of 4,300 feet (1,311 metres).
More: today.reuters.com
Crude Oil Is Little Changed as U.S. Gulf of Mexico Output Drops
Crude oil was little changed, rebounding from the session's lows, after a government report showed that U.S. oil production fell in the Gulf of Mexico.
Oil production was 901,726 barrels below pre-storm levels, almost 5 percent more than reported yesterday, the Minerals Management Service said in a daily report. Prices declined earlier today on an Energy Department report that showed U.S. supplies of crude oil and petroleum products declined less than expected in the wake of Hurricane Katrina.
``There are obviously still some problems out in the Gulf,''
UPDATE 2-Risk of Ophelia entering Gulf of Mexico drops
The risk that Tropical Storm Ophelia will enter the Gulf of Mexico and threaten the U.S. oil and natural gas rigs over the next several days declined as the storm strengthened off the east coast of Florida.
Of the seven major weather models, two -- the Beta and Advection Model Medium (BAMM) and the National Hurricane Center 98 Statistical-Dynamical model (A98E) -- projected the storm, which could become a hurricane during the next 24 hours, would turn south toward Cuba and the Florida Keys.
Four models, including the NHC model, meanwhile
Risk of Ophelia entering Gulf of Mexico drops
The risk that Tropical Storm Ophelia will enter the Gulf of Mexico and threaten the U.S. oil and natural gas rigs over the next several days declined as the storm strengthened off the east coast of Florida.
Of the seven major weather models, two – the Beta and Advection Model Medium (BAMM) and the National Hurricane Center 98 Statistical-Dynamical model (A98E) – projected the storm, which could become a hurricane during the next 24 hours, would turn south toward Cuba and the Florida Keys.
Four models, including the NHC model, meanwhile
Hurricane Rita - Cuba/Gulf of Mexico: OCHA Situation Report No. 1
This report is based on information provided by the Office of the United Nations Resident Coordinator in Cuba and several media report.
1. The Hurricane RITA, classified already category IV event according to the Saffir-Simpson scale, has been affecting the territory of Cuba during the last days. RITA continues advancing in the Gulf of Mexico due west, leaving behind in Cuba torrential rains.
2. Torrential rains and thunderstorms, accompanied by strong wind squalls, some of them up to 100 km an hour, pounded many areas of Cuba for several days.
WASHINGTON, September 3 (Itar-Tass) -- Hurricane Katrina ruined 58 oilrigs in the Gulf of Mexico, a representative of the American Petroleum Institute said on Friday. He said 30 oilrigs could not be restored.
Apache oil company, which announced the loss of eight oilrigs producing about 7,200 barrels of oil and 12.1 million cubic meters of gas a day, suffered large damages.
American experts said that total losses in the oil production have amounted to daily 7.44 barrels since August 26.
The Gulf of Mexico was supplying up to 30% of all U.S. crude and one-fourth of natural gas to the
Oil Production Down 78 Percent in Gulf of Mexico
The U.S. government says oil production in the Gulf of Mexico was nearly 80 percent below normal as of Saturday, five days after Hurricane Katrina tore through the region.
A report from the U.S. Minerals Management Service said Katrina had cut oil production in the Gulf by about 1.18 million barrels of oil per day. It said more than 280 offshore oil-drilling rigs and platforms remained evacuated.
The figures represent a slight improvement from Friday, when oil production in the Gulf was nearly 90 percent below normal.
Katrina's disruption to Gulf-area oil production and refineries
Offshore U.S. crude oil production in the Gulf of Mexico was totally shut on Saturday with natural gas output also lower, the U.S. Minerals Management Service said in its daily report logging the impact of Hurricane Rita and the prior Hurricane Katrina.
MMS said the percentage of oil output shut was 100 percent, up from 99.125 percent on Friday. The normal daily oil output from Gulf of Mexico operations is 1.5 million barrels per day.
The report said 1.5 million bpd of crude oil production was shut as Saturday, in contrast to 1.486 million bpd reported shut on Friday.
For natural
Offshore U.S. crude oil production in the Gulf of Mexico was totally shut on Saturday with natural gas output also lower, the U.S. Minerals Management Service said in its daily report logging the impact of Hurricane Rita and the prior Hurricane Katrina.
MMS said the percentage of oil output shut was 100 percent, up from 99.125 percent on Friday. The normal daily oil output from Gulf of Mexico operations is 1.5 million barrels per day.
The report said 1.5 million bpd of crude oil production was shut as Saturday, in contrast to 1.486 million bpd reported shut on Friday.
For natural gas,
All Gulf of Mexico rigs, platforms remanned: MMS
All 953 oil and natural-gas rigs and platforms in the Gulf of Mexico have been remanned following the evacuations last week because of Hurricane Dennis, according to the latest report from the U.S. Minerals Management Service. A total of 5.3 million barrels of oil production and 23.2 billion cubic feet of natural-gas output were shut in between July 8 and July 14, the MMS said
This story was supplied by MarketWatch. For further information see www.marketwatch.com
More: futures.fxstreet.com
Presidential Nomination Contender in Mexico Drops Out of Race
A contender for a nomination in next year's presidential election in Mexico has dropped out of the race, amid corruption allegations against him.
Former state governor Arturo Montiel said Thursday he would not seek the nomination from the Institutional Revolutionary Party, or PRI.
The decision came amid news reports that officials were investigating more than $3 million in deposits into the bank account of one of his sons, and probing the family's property deals.
His rival, Roberto Madrazo, is now seen as the PRI's likely presidential nominee.
PRI had ruled Mexico for 71 consecutive years, until
