As the US Gulf Coast oil and gas industry prepares for the arrival of Tropical Storm Cindy late Wednesday, about 17.24% of current Gulf of Mexico oil production has been shut, according to the US Bureau of Safety and Environmental Enforcement’s Hurricane Response Team. That amounts to about 301,618 b/d of lost production. For natural gas, about 0.32% of production has been shut, representing lost volume of 10.089 MMcf/d, BSEE said. The shut-ins can usually be accomplished remotely, with personnel able to close subsurface safety valves from off-site. Once the storm has subsided, inspections will take place and undamaged facilities will be brought back online, the BSEE said. The loss of offshore domestic crude production had little effect on the assessed value of US Gulf Coast crude differentials Wednesday. Article continues below… Crude Oil Marketwire delivers vital intelligence to help you make critical decisions. Delivered daily direct to your […]