Two missing in La. oil platform fire

Fire breaks out on the Black Elk plaform Friday morning. Two men are missing, but only a small amount of oil is released. The accident has little effect on oil prices.

By Charley Blaine Nov 16, 2012 6:13PM
© Gerald Herbert/APAn explosive fire on an oil rig on the coast of Louisiana Friday has resulted in two people missing. But the good news is that it isn't producing a Macondo-like oil spill in the Gulf of Mexico.

At worst, two people may be dead, which is a serious matter. And maybe 28 gallons of oil spilled into the Gulf, The Times-Picayune reported Friday afternoon.

Injured workers were taken to hospitals in nearby Galliano, La., Baton Rouge and in suburban New Orleans.

The platform is owned by privately held Black Elk Energy, a Houston-based oil and gas producer. The fire broke out around 8:20 a.m. ET, when a spark ignited residual oil in a pipe that was being cut apart on the production platform. The platform was in 56 feet of water and located about 20 miles southeast of Grand Isle, La.

It's also about 70 miles northwest of the Macondo site, where Transocean's (RIG) Deepwater Horizon drilling platform exploded on April 20, 2010. The explosion killed 11 men working on the platform and set off the largest oil spill in U.S. history.

Friday's accident came a day after BP (BP), the operator of the Macondo site, admitted to felony manslaughter charges in the Deepwater Horizon explosion and agreed to pay $4.5 billion in fines related to the incident.

There was no production of oil and gas at the Black Elk platform, and the Coast Guard said the fire was extinguished in a few hours. Black Elk said it was sending staff to Louisiana and was still collecting information.

The missing workers are believed to be two men who jumped off the platform when the fire started. There were 22 workers on the platform. Early reports said two people were dead and two were missing. The Coast Guard corrected that to say only two people are missing.

Black Elk was founded in 2007 by John Hoffman, who had spent most of his career with Amoco, which later merged with BP. In 2011, Black Elk generated $339.9 million in revenue, up from $13 million in 2008.

Crude oil prices were higher today, but the gains were almost exclusively due to rising tensions in the Middle East.
Tags: bpoil
3Comments
Nov 16, 2012 6:50PM
avatar
Obama has nothing to do with fluctuation of oil and gas prices, it is the companies and their supply and demand deal.... wish people would stop blaming 1 person for everything wrong in the world...
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

116
116 rated 1
284
284 rated 2
461
461 rated 3
671
671 rated 4
628
628 rated 5
618
618 rated 6
615
615 rated 7
495
495 rated 8
347
347 rated 9
115
115 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
DYNDYNEGY Inc10
TAT&T Inc9
VZVERIZON COMMUNICATIONS9
EXCEXELON CORPORATION8
AAPLAPPLE Inc10
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.