Oil workers evacuated as storm heads for US rigs

A satellite image shows Hurricane Paulette off the southern US coast on Sept. 13. Gulf of Mexico offshore drilling accounts for 17 percent of US crude oil production. (AFP)
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Updated 20 September 2020

Oil workers evacuated as storm heads for US rigs

  • Production faces renewed threat as Beta bears down on key Gulf of Mexico platforms

NEW YORK: Royal Dutch Shell halted some oil production and began evacuating workers from a US Gulf of Mexico platform, the company said, as a new tropical storm flared.

Beta, the 23rd-named storm of the Atlantic hurricane season, formed in the Bay of Campeche and was forecast to strengthen steadily and become a hurricane by Sunday off the Texas coast, the National Hurricane Center (NHC) said.

Shell said it was removing non-essential employees from its Perdido platform in the western Gulf of Mexico and securing nearby drilling rigs. Occidental Petroleum Corp, which operates in the same area, also began implementing storm procedures, it said.

Chevron Corp. has not newly evacuated staff and there was no impact from storm Beta on production at its operated facilities, the company said. Chevron owns a stake in Shell’s Perdido.

The NHC issued a hurricane watch for most of the Texas coast and warned of heavy rains along the northwest Gulf coast through Wednesday.

Beta could become the third Gulf of Mexico hurricane in less than a month, behind Laura and Sally. Hurricane Sally swept across the central and eastern Gulf, slamming into Alabama on Wednesday with winds of up to 105 mph (170 kph). Laura entered on Aug. 25 and hit southwest Louisiana with 150 mph winds.

There were 37 platforms on Friday that remained unstaffed, with oil output cut by 396,554 barrels per day and natural gas by 435 million cubic feet per day in the wake of Hurricane Sally.

The US Gulf of Mexico offshore oil production accounts for 17 percent of US crude oil production and 5 percent of US natural gas production.


Nvidia deal for Arm will drive computing power growth, says SoftBank’s CEO

Updated 23 October 2020

Nvidia deal for Arm will drive computing power growth, says SoftBank’s CEO

  • Saudi Arabia's Public Investment Fund (PIF) is an anchor investor in the $100 billion Vision Fund

TOKYO/DUBAI: SoftBank Group Corp. CEO Masayoshi Son said on Thursday the sale of chip designer Arm to Nvidia Corp. will drive growth in computing power, in his first public comments since the $40 billion deal was announced in September.
Son made the comments at a virtual summit about artificial intelligence hosted by Saudi Arabia, an anchor investor in the $100 billion Vision Fund, at which he reiterated his belief that AI would transform society.
The Nvidia deal, part of a series of asset sales by Son, whose group has been shaken by soured investments and the COVID-19 pandemic, has raised concerns it will threaten Arm’s role as a neutral supplier in the industry.
Son is set to speak next week with Nvidia CEO Jensen Huang at SoftBank World, the group’s annual event for customers and suppliers that is being retooled as it focuses on investing.
SoftBank’s growing cash pile is driving speculation about future investment plans, with the Vision Fund targeting external funding for a blank-check company, a source said, in a sign the group is regaining its mojo.
“I am a risk taker,” Son said on Thursday.
Rajeev Misra, CEO of SoftBank Investment Advisers which oversees the Vision Fund, said the market share gained by online commerce companies in the last six to eight months is more than what they gained in the previous four years put together.
“COVID has accelerated the acceleration of AI even further,” Misra told the same conference, adding in the 105 companies Vision Fund 1 and 2 have invested in, artificial intelligence is the core of their businesses.