✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

Oil firms evacuating US Gulf of Mexico staff as hurricane threat rises

Published 09/23/2024, 01:04 PM
Updated 09/23/2024, 02:46 PM
© Reuters. FILE PHOTO: A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -U.S. oil producers on Monday were scrambling to evacuate staff from Gulf of Mexico oil production platforms as forecasters predicted the second major hurricane in two weeks could tear through offshore oil producing fields.

The U.S. National Hurricane Center said a potential Tropical Cyclone System Nine near the western tip of Cuba was expected to develop into a hurricane on Wednesday and intensify in the next 72 hours it moves across the eastern Gulf of Mexico.

It could become a major hurricane when it reaches the northeastern Gulf Coast on Thursday, bringing the "risk of life-threatening storm surge and damaging hurricane-force winds" to the northern and northeast Gulf Coast, according to the NHC.

Storm path attribution: LSEG

Chevron (NYSE:CVX), Shell (LON:SHEL) and Equinor have begun evacuating staff from offshore facilities, the companies said.

Chevron was evacuating nonessential personnel from all Gulf of Mexico platforms, including Anchor, Big Foot, Blind Faith, Jack/St. Malo, Petronius and Tahiti. Equinor said it was evacuating non-essential staff from its Titan platform.

Shell has shut in production at its Stones platform and curtailed production at its Appomattox facilities as a precautionary measure, along with evacuating non-essential staff from its assets in the Mars Corridor.

© Reuters. FILE PHOTO: A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Both companies said that these decisions had not yet impacted their production.

The next name on the list of named storms is Helene, and according to private weather forecaster AccuWeather, it could make landfall later this week as a Category 3 hurricane and potentially strengthen into a Category 4.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.