Mariner Energy Burst Into Flames In The Gulf Of Mexico

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Mariner gets more than 85% of its oil and gas from the Gulf of Mexico, where it works in both deep and shallow water. The company is a relatively small producer, pumping the equivalent of about 18 million barrels of oil from the Gulf last year, an eighth of the production of BP PLC, the Gulf's biggest operator.That is almost an absurd number to me," said Lee Hunt, president of the International Association of Drilling Contractors. "You want to lower that number."

This was the third fire on this platform since 2007; in 2008, a welder using an acetylene torch sparked a flash fire, burning his forearm.The energy company's oil platform exploded in the Gulf of Mexico in shallow water about 100 miles off the Louisiana coast.Burger King Holdings Inc., up $4.73 at $23.59.Private equity firm 3G Capital is buying the country's No. 2 hamburger chain in a deal valued at $3.26 billion.

The Mariner fire involves a platform, not a rig, and is in water 15 times shallower than the site of the BP well that caused the record spill.“This incident will increase pressure on the federal government to prolong the moratorium,” said Bern, a former BP crude trader whose Flossmoor, Illinois, firm provides risk- management advice to oil producers. “I don’t think it’s going to matter much to regulators that this wasn’t a deep-water installation and that nobody got hurt. Scrutiny of the whole industry will intensify.

Mariner had approximately 1,087 billion cubic feet equivalent of natural gas (Bcfe) of proved reserves, of which approximately 53% were natural gas and 47% were oil, condensate, and natural gas liquids.Total net production in 2009 was approximately 126.5 Bcfe, and net production averaged 347 million cubic feet equivalent of natural gas (MMcfe) per day.Mariner, which agreed in April to be acquired by Apache Corp., tumbled as much as 16 percent in New York trading in the hours after the accident.

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