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Contango Oil & Gas (MCF)

Three Hurt in Contango Pipeline Rupture

Three workers received minor injuries and an oil-gathering platform near Houston was temporarily shutdown after a rupture of a 20-inch wide underwater oil pipeline, Contango Oil & Gas Company said Wednesday. The company implemented its emergency spill response plan, even though it said it expect little oil loss, perhaps less than a barrel. The accident occurred when a dredge contracted by the Army Corps of Engineers to dredge the Atchafalaya River Channel, snagged the pipeline, Contango said. The three workers were apparently employees of the private dredging company performing the dredging, and received medical treatment. Kenneth R. Peak, Contango`s Chairman and Chief Executive Officer, said "We are fortunate that we have received no reports of serious injury and any environmental impact at this time appears to be minimal. We have worked closely with the Army Corps of Engineers, the United States Coast Guard, and the Minerals Management Service and are gratified by the assistance we have received. A fly-over by our crew spotted a light sheen that they estimated at less than a barrel. Repair vessels and a diving crew are en-route to the location to assess the extent of the damage to our pipeline." Six wells were "shut-in" but several others are unaffected, the company said. Contango is a Houston-based, independent natural gas and oil company.
This appears to be more of a headache for Contango than a long-term setback. Investigations and work in getting the pipeline back in service will take some time, but since many other wells and lines remain in service, production will likely not be severely affected.

Feb 25 · 8:53:00 PM · Source: Company Press Release
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by Michael Oliveto

Exxon Mobil (XOM)

French Labor Unrest Threatens Gas Shortages

A strike squeezing French oil refineries spread Tuesday to facilities owned by ExxonMobil, raising the pressure on Total SA and the government to ward off gas shortages.
Workers at an ExxonMobil-owned Esso depot joined in the walkout Tuesday to support their Total colleagues, who have been striking since last week over plans to close a plant in northern France. The Esso depot in Port Jerome, on the English Channel, was closed before dawn for lack of workers, CGT union organizer Laurent Delaunay said. Workers at an Esso refinery in neighboring Notre-Dame-de-Gravenchon, France's second-largest refinery, were set to walk out later Tuesday. Together, Total and Esso refineries account for about 70 percent of France's refining capacity. A prolonged strike and serious gas shortages could be bruising for French President Nicolas Sarkozy's government as it faces regional elections in less than three weeks. The refinery blockages come amid other acts of unrest among French workers, including an air traffic controllers' strike canceling hundreds of flights Tuesday.

Feb 24 · 12:31:00 AM · Source: Forbes
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by Michael Oliveto

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