03 October 2010 15:02 [Source: ICIS news]
BUDAPEST (ICIS)--The US drilling ban in the Gulf of Mexico has made a dent in Albemarle’s sales of oil field chemicals, an official with the company said at an industry meeting on Sunday.
Speaking on the sidelines of the 44th European Petrochemical Association (EPCA) meeting in Budapest, Hungary, Albemarle's vice president of global sales and service, Matt Juneau, said US President Barack Obama’s offshore drilling ban amid the 4.9m bbl spill in the Gulf of Mexico has hurt oilfield chemical sales for multiple producers.
Albemarle makes and sells oilfield completion and drilling chemicals. The bromine-derived chemicals help prevent drilling problems by stabilising formations and by reducing drilling torque and drag while cooling the drill bit and controlling hole pressure.
Ken Salazar, secretary of the US Department of the Interior, indicated last week that the Obama administration’s suspension of offshore energy development in deep waters might be extended beyond its anticipated 30 November expiration.
Citing the risks associated with deepwater drilling, Salazar said that “we will only lift the suspensions when I am comfortable that we have significantly reduced those risks”.
Albemarle operates bromine facilities at Magnolia, Arkansas, and in Safi, Jordan, on the Dea Sea.
This year's EPCA meeting runs from 2-6 October.
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