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September 28, 2005
Rita hammers offshore production facilities
This Financial Times article reports that preliminary assessments of the damage that Hurricane Rita caused to offshore oil and gas drilling and production facilities reflect that the damage is greater any other storm in history.
Rita's path -- which was west of the path of Hurricane Katrina last month -- tore through an area of the Gulf of Mexico that contained a large amount of exploratory rig activity. Given the apparent damage to the rigs, the biggest impact from the storm may be that it will exacerbate an already tight market for rigs in the region. As a sign of just how precious rigs are becoming to the market, The Woodlands=-based Anadarko Petroleum Corp., one of the biggest U.S. independent exploration and production companies, raised eyebrows in the energy industry earlier this week by committing to a rig six years in advance.
Oh, how times have changed in the exploration and production business.
Posted by Tom at September 28, 2005 05:21 AM
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� Assessing Rita's damage to rigs from Full Disclosure
Hurricane Rita caused more damage to energy assets in the Gulf of Mexico than any storm in history and will lead to a shortage of rigs this year, according to the Financial Times. The report was based on an analysis... [Read More]
Tracked on September 28, 2005 10:44 AM
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