WASHINGTON, Jan. 1 /PRNewswire/ -- The American Petroleum Institute
reported today that the nation's oil and natural gas industry began the new
century without any significant Y2K-related problems as a result of the
advance preparations by the industry.
Available and adequate gasoline and home heating oil supplies were the
most visible indications for consumers of the successful transition.
Essentially 100 percent of world oil production, natural gas production,
and refinery capacity have successfully made the transition to January 1,
2000, API said.
The oil and natural gas industry, including its multinational companies,
began preparing more than five years ago, and spent more than $2 billion to
assure consumers worldwide that the oil and natural gas products on which they
rely would be available on and after the date rollover. The industry spent
the last two years continuing to develop and test solutions and contingency
plans, and working with the International Energy Agency and the U.S.
Department of Energy to share technological solutions with other nations.
This prudent and necessary technological development, testing and global
information sharing has proved a significant contribution to the industry's
successful global transition into the Year 2000.
With Hawaii's transition to the new century as of 5 a.m. eastern standard
time (EST), rollover had occurred for all of the United States. Alaska, with
more than 1 million barrels per day of crude oil production, also moved
successfully into the new year at 4 a.m. EST.
U.S. oil product pipelines that had planned scheduled shutdowns over the
date rollover have successfully restarted their operations today and the U.S.
Department of Transportation's Office of Pipeline Safety has confirmed
industry reports of zero Y2K roll-over incidents in the U.S. oil pipeline
sector.
SOURCE American Petroleum Institute
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Related links:
http://www.api.org
CONTACT:
Susan L. Hahn of American Petroleum
Institute, 202-682-8118, or E-mail, hahns@api.org
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