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Oil Companies Prepare for Tropical Storm Nate

Oil

Tropical Storm Nate killed at least 22 people in Central America on Thursday as it headed towards the US Gulf Coast where it is expected to strengthen into a Hurricane, newswires report. Nate appears to be picking up speed, moving forward at over 21 miles an hour compared to 14 miles an hour earlier in the morning. The storm is expected to move into the open waters of the Mexican Gulf by Saturday, before making a sharp turn to the northeast, moving ashore along near New Orleans, then tracking through Mississippi, Alabama and Tennessee.

Anadarko Petroleum Corp has already shut off production at two US Gulf platforms in anticipation of the storm’s impact. Chevron Corp has begun shutting off production at its Blind Faith, Genesis, Jack/St. Malo, Petronius and Tahiti facilities and evacuating personnel, while Statoil ASA has evacuated staff from the Titan platform in the US Gulf of Mexico. Greater response is anticipated by the energy industry in the region, since Nate is forecast to make landfall early on Sunday in Louisiana near several major refineries.