Hurricane Irma Prompts Oil Storage, Port Shutdowns

9 Sep 2017   Caribbean

Hurricane Irma has prompted the shutdown of at least two oil storage complexes in the Caribbean, with a combined capacity of 18.6 million barrels, S&P Platts reports. One of these, a 14-million-barrel terminal on the island of St Eustatius operated by NuStar Energy sustained damages to some of its tanks and other equipment, the company said. The other facility, Buckeye Partners’ Yabucoa storage complex in Puerto Rico, was shut down on Tuesday and the company is now preparing its 26.2-million-barrel storage facility on Grand Bahama Island for the hurricane. Statoil, which also has a storage site in Freeport on Grand Bahama, is monitoring developments but has not yet closed the facility. The hurricane, which has already caused 14 deaths in the Caribbean, is moving toward Florida and is expected to make landfall on Sunday, passing through the Bahamas and Cuba en route. Some 1.2 million people have been affected […]

Factbox: Oil companies operating in the Caribbean brace for Hurricane Irma

8 Sep 2017   Caribbean

Energy infrastructure in the Caribbean was being shut down due to Hurricane Irma, even as recovery operations from storm Harvey were under way. NuStar Energy said its Statia terminal in St. Eustatius sustained damage from Irma, but no injuries or spills were reported. Buckeye Partners on Thursday said it shut vessel traffic to its BORCO facility in the Bahamas, the largest oil terminal in the Caribbean. Norway’s Statoil was also making preparations on Thursday to close its South Riding Point terminal on Grand Bahama Island, traders close to the facility told Reuters. Port Everglades, the largest in South Florida for fuel deliveries, said it will suspend operations as of Friday evening. Irma ranks as one of the five most powerful Atlantic hurricanes in the last 82 years and the strongest Atlantic storm recorded by the U.S. National Hurricane Center outside the Caribbean Sea and Gulf of Mexico. […]

The Caribbean Is Poised To Become The Next Major Oil Region

23 Aug 2017   Caribbean

In the future, we may be hearing about the Caribbean a whole lot more when talking about oil and gas. Previously, the area was virtually off the map for the fossil fuels industry, despite its proximity to the vast oil reserves of Venezuela. Now, the Caribbean has suddenly become a point of interest since ExxonMobil discovered major reservoirs in nearby Guyana in 2015. After their initial huge discovery of the Liza oil field 2 years ago, Exxonmobil also announced last month that they’ve discovered more oil in the Payara reservoir off the coast of Guyana, increasing the total discovery to approximately 500 million barrels. This is huge news for both Exxonmobil and for Guyana, which ranks among the poorest countries in the Western Hemisphere. ExxonMobil (partnered with Hess Corp. and Statoil) has also recently purchased a new deepwater block for exploration off the coast of neighboring Suriname, another potentially […]