Thursday, September 06, 2012
Petsec Energy today provided the following operations update following Hurricane Isaac which passed through the region last week. Evacuating personnel and shutting-in production is a standard procedure conducted by the oil and gas industry for safety and environmental reasons when a major storm is in the Gulf of Mexico. The Bureau of Safety and Environmental Enforcement estimates that approximately 85% of the platforms in the Gulf of Mexico were evacuated; and 95% of oil production and 73% of gas production in the Gulf of Mexico had been shut-in due to the storm.
Main Pass 19/18 and Chandeleur Area 31/32
The Petsec operated platforms at Main Pass 19 and Chandeleur Area 31/32 and located in approximately 50 feet of water, suffered only minor damage. Field operators returned to the facilities on 1st and 2nd September 2012 and commenced bringing the wells back online. On 4th September 2012, however, the Pipeline Transmission Company discovered a leak in their sales gas transmission line that services the facilities and both platforms had to be shut-in.
Repairs to the transmission line have commenced and are expected to be completed in approximately five (5) days.
Main Pass 270
The non-operated Main Pass 270 platform located in 225 feet of water did not suffer any significant damage, however a downstream third party owned platform that processes the gas and oil production for sales was damaged. The full extent of the damage is not known at present but production is expected to be shut-in for at least seven (7) days.
Marathon Field
The non-operated Marathon Field located in eight feet of water in Atchafalaya Bay was returned to production on 1st September 2012 and was back to full production on 3rd September 2012.
Petsec Production
The Company began shutting in production and evacuating personnel on 26th August 2012 and all production was shut-in by 29th August2012. Petsec's net production prior to the storm was approximately 6.6 million cubic feet of gas equivalent per day ('MMcfepd') and its current daily production will be approximately 3.3 MMcfepd until the downstream problems at both Main Pass and Chandeleur Area are rectified and production is restored to the prior rates.
The Company will provide a further update once production has been restored to all its producing fields.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More
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