Ida Spares Oil and Gas Production Facilities

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Ida Spares Oil and Gas Production Facilities

Published on Tuesday, 10 November 2009 11:36 Written by Manuel Guerra

Oil Platform New York, Nov 10 (TradersHuddle.com) – As now tropical depression “Ida” keeps moving inland, all major crude oil producers and distribution centers in the Gulf Coast are reporting no damage.

The all clear signal is coming from major oil producers like Marathon Oil (NYSE:MRO), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), and BP (NYSE:BP), which will start to make preparations to restart production that was shutdown as a precaution ahead of the storm.

The U.S. Minerals Management Service said companies shut 384,642 barrels per day of oil (29.6% of the total) and 1.925 billion cubic feet per day of gas (27.5%) in advance of the storm. Companies evacuated 126 of 694 manned production platforms (18.1%) and eight of 66 drilling rigs (12.1%) currently operating in the Gulf.

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