GAS

Gryphon assets escape serious hurricane damage: Woodside

GRYPHON Exploration Companys Gulf of Mexico oil and gas assets, bought this week by Woodside in a...

Gryphon assets escape serious hurricane damage: Woodside

“The Gryphon platforms are mostly in the western part of the gulf and were not affected by Katrina,” he said.

“But the BS41 platform is in the eastern part of the gulf and that has been shut in. However, an aerial inspection after the hurricane passed has found no visible signs of damage.”

Halting production at the BS41 platform cut Gryphon’s output by six million cubic feet a day to 24 million cubic feet.

Woodside said it hoped to have staff back on the platform in the next week, but problems at its Louisiana office, located in Covington, near New Orleans, could delay this. Woodside also has an office in Houston.

Gryphon has interests in 118 leases in the Gulf, mostly in shallow water and close to the coast. Gryphon's fields produce 30 million cubic feet of gas equivalent a day. Six more fields are under development and these could double production by the end of this year.

Independent consultant Ryder Scott has estimated proved reserves of 72.5 billion cubic feet of gas equivalent. Proved plus probable reserves are estimated to be 114 Bcf equivalent. The reserves are at least 85% gas.

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