Lower natural gas prices may dent US drilling

08/04/2003
DRILLING MARKET FOCUSTropical Storm Bill had little effect on drilling and other oil field operations as it moved through the central Gulf of Mexico and came ashore in Louisiana on June 30, but it remains to be seen how the industry will weather the recent drop in natural gas prices.Although the storm produced power outages and flooded some low-lying areas ashore, the US Minerals Management Service reported only moderate disruption in oil and natural gas operations in the gulf as a result of the storm.Officials reported some 250 MMcfd of gas output were shut in by producers because of the storm, less than 2% of the 14 bcfd of gas produced from offshore fields (OGJ Online, July 2, 2003).Ba...
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