Pioneer Natural Resources Returning Personnel to Platforms
Pioneer reported the results of the initial assessment of damage to its production and drilling facilities in the Gulf of Mexico caused by Hurricane Katrina.
Initial inspections of the Canyon Station platform and the Devils Tower spar indicate that minimal damage was incurred during the storm. Crews are returning to the facilities to complete the assessment of the condition of the subsea systems at both locations. The condition of downstream pipelines and facilities has not yet been fully determined.
Pioneer-operated production at the Vermillion 397 platform was restarted Tuesday afternoon and production from Eugene Island 208, East Cameron 322 and South Pelto 13 will be restarted upon authorization from the operators of export pipelines.
Pioneer maintains business interruption insurance to limit the impact of production interruptions extending beyond 45 days.
Production from the Pioneer-operated Falcon Corridor in the western Gulf of Mexico, which represents approximately 60% of the Company's Gulf of Mexico production, was not affected by the storm.
Start-up crews are back on board the three offshore drilling rigs
that were active on projects in which Pioneer owns an interest. All
rigs appear to be secure with no damage noted.
- Big Shale Turns OPEC Ally From Foe With Focus on Oil Returns (Dec 04)
- Pioneer Natural 3Q Adjusted Profit Beats Expectations (Nov 01)
- Rising Gas Output Drags Down Shares Of US Shale Leader Pioneer (Aug 02)