trending Market Intelligence /marketintelligence/en/news-insights/trending/ol5awu6ipz5awx2vqesrww2 content esgSubNav
In This List

Hurricane shuts in 39.5% of oil production, 28.4% of gas in Gulf of Mexico


Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings


S&P Capital IQ Pro | Powered by Expert Insights


Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

451 Research Podcast

Next in Tech | Episode 41: IoT's Role in Energy and Utilities

Hurricane shuts in 39.5% of oil production, 28.4% of gas in Gulf of Mexico

The Bureau of Safety and Environmental Enforcement estimates that about 670,831 barrels of oil per day and about 726 million cubic feet of gas per day is currently offline in the Gulf of Mexico due to platform and rig evacuations ahead of Hurricane Michael.

The figures as of 1 p.m. CT on Oct. 9 represent about 39.5% of daily oil production and 28.4% of natural gas output in the Gulf of Mexico, up from 19% and 11%, respectively, on Oct. 8.

Based on data from offshore operator reports from 27 companies, personnel have been evacuated from 75 production platforms, or about 10.9% of the 687 manned platforms in the Gulf of Mexico.

In addition, eight dynamically positioned rigs have moved off location out of the storm's path as a precaution. This number represents almost 40.7% of the 17 rigs of this type operating in the Gulf.

As of 2 p.m. ET, Hurricane Michael was a strong Category 2 storm moving northward over the eastern Gulf of Mexico, about 335 miles south of Panama City, Fla., with maximum sustained winds near 110 miles per hour.

"Additional strengthening is expected, and Michael is forecast to be a major hurricane at landfall in Florida," the National Hurricane Center said.