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.


China aims for sustained and healthy economic development

Updated 30 October 2020

China aims for sustained and healthy economic development

  • Beijing to let market forces play decisive role in resources allocation, report says

BEIJING: China is targeting sustained and healthy economic development in the five years to 2025, with an emphasis on a higher quality of growth, the Xinhua news agency said on Thursday, citing the ruling Communist Party’s Central Committee.

President Xi Jinping and members of the Central Committee, the largest of the ruling party’s elite decision-making bodies, met behind closed doors from Monday to lay out the 14th five-year plan, a blueprint for economic and social development.

China’s external environment “is getting more complicated,” the agency said, adding, “There is a significant increase in instabilities and uncertainties.”

BACKGROUND

China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

However, the country’s development was still in a period of important strategic opportunities, despite new challenges, it said.

It added that China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

China will also deepen reforms and let market forces play a decisive role in resources allocation, the agency said.

China will promote a “dual circulation” model, make self-sufficiency in technology a strategic pillar for development, move to develop and urbanize regions, and combine efforts to expand domestic demand with supply-side reforms, it added.

The “dual circulation” strategy, first proposed by Xi in May, envisages that China’s next phase of development will depend mainly on “domestic circulation” or an internal cycle of production, distribution and consumption, backed by domestic technological innovation.