Massive Damages to Gulf Coast Oil Companies

9-2-05 - Hurricane Katrina damaged or displaced an estimated 58 Gulf of Mexico oil platforms and drilling rigs, according to the American Petroleum Institute.

Among those, 30 rigs and platforms have been reported lost. No company breakdown was available, said Tim Sampson, an API spokesman.

One of the more significant reported losses of platforms or rigs came from Houston-based Apache Corp. On Thursday, Apache said it lost eight platforms that produce 7,158 barrels of oil and 12.1 million cubic feet of natural gas per day.

That's about 10 percent of the lost oil production and 2 percent of the shut in gas reported earlier this week, said company spokesman Bill Mintz.

Earlier in the week, Diamond Offshore Drilling Inc.'s Ocean Warwick was found about 60 miles from its original position near Dauphin Island off the coast of Alabama. A photo of the displaced rig found its way on Internet sites and newspapers worldwide, creating one of many indelible images of Katrina's strength.