View Comments
Petsec recovers from US hurricane
Petsec recovers from US hurricane

Petsec Energy is producing at well below capacity after Hurricane Isaac damaged some of its offshore platforms in the Gulf of Mexico.

The Australian oil and gas producer said its operations at Main Pass and Chandeleur offshore gas fields suffered damage and will stay closed for at least another five days, after being shut and evacuated more than a week ago.

The company's Main Pass platform, which is operated by another party, will also be shut for at least another week, with a downstream oil and gas processing platform damaged.

However, its Marathon well was back to full production this week.

Current daily production is only about 3.3 million cubic feet of gas equivalent per day (MMcfepd) compared to 6.6 MMcfepd before the storm hit.

That will be the case until the downstream problems at both Main Pass and Chandeleur Area are repaired.

Petsec said US authorities had estimated that about 85 per cent of the platforms in the Gulf of Mexico were evacuated; with 95 per cent of oil production and 73 per cent of gas production there stopped.

Petsec shares were flat at 14 cents on Thursday.