-- Apache Corp on Sep 15 said damage to production infrastructure
in the Gulf of Mexico will likely keep 60,000 Mcf/d of its gross
operated natural gas production and 20,000 b/d of its oil output
offline for up to a year. Apache has restored 81% of its gross
operated Gulf gas production, or some 459,000 Mcf/d, and 65% of its
oil output, or 45,600 b/d. Another 45,000 Mcf/d and 4,000 b/d is
expected to return by mid-October.
-- OPEC has reaffirmed that members were ready to raise crude
supplies if required, such as to make up for lost production due to
Katrina. "OPEC member-countries will be discussing further proposals
to ensure the market is well-supplied over the coming months,
including consideration of increasing its production to cover any
shortage," the group said.
-- Delta and Northwest Airlines, the world's third and
fourth-largest carriers, have both filed for bankruptcy protection,
the latest victims of massive losses brought on by the doubling of
jet fuel costs over the past two years. They join United Airlines
and US Airways in seeking protection from creditors in Bankruptcy
Court.
-- Royal Dutch/Shell said its net Gulf of Mexico production has
returned to about 160,000 boe/d in the aftermath of Katrina. The
company's first-half production from the region was 450,000 boe/d.
Shell said it expects that about 60% of the total production will be
restored to pre-hurricane levels "within fourth quarter 2005."
-- Despite the fact some 56% of the oil production in the Gulf of
Mexico remains idled more than two weeks after Katrina roared
through the region, the six refiners awarded loans from the US
Strategic Petroleum Reserve to help ease crude supply shortages have
taken delivery of just 2.405-mil bbl of the 12.6-mil bbl awarded,
information from the companies and the Department of Energy showed
on Sep 14.
-- The US Department of Energy said it expects to take in
$702-mil on the 11-mil bbl of crude it sold from the SPR in a
process that was separate from the loan awards. The DOE made 30-mil
bbl of SPR crude available in the sale, but received bids on only
19.2-mil bbl and accepted just 11-mil bbl in bids.
-- Contract driller GlobalSantaFe said Wednesday it expects to
see some impact to its second-half 2005 financial results stemming
from damage or downtime wreaked by Hurricane Katrina to four Gulf of
Mexico semisubmersible rigs. But GSF said it did not know how much
the financial impact would be on the rigs, which included the Arctic
I, Celtic Sea, Development Driller I and Development Driller II.
-- Growing uncertainty over the post-storm return of Chevron
Pipeline's damaged terminal in Empire, Louisiana, which handles
domestically traded Heavy Louisiana Sweet (HLS) crude, has led
several HLS producers and traders to discuss moving the HLS delivery
point to another location, according to sources close to the
discussions.
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