(Reuters) – Energy companies mostly continued to keep output halted even a week after Hurricane Ida made landfall, one of the most powerful storms ever to hit the U.S. Gulf Coast. About 88%, or 1.6 million barrels per day (bpd), of crude oil production and 83%, or 1.8 billion cubic feet per day, of natural gas output remains shut in the U.S. side of the Gulf of Mexico, the Bureau of Safety and Environmental Enforcement (BSEE) said on Sunday. Insurers could face a hit of about $1 billion from physical damage to offshore rigs and structures from the storm, according to preliminary estimates from U.S. property data and analytics company CoreLogic. Gulf of Mexico offshore wells account for 17% of U.S. crude oil production and 5% of dry natural gas production. More than 45% of total U.S. refining capacity lies along the Gulf Coast.

Source: MetroXpress September 06, 2021 12:11 UTC