About 12% of Oil Production in Gulf of Mexico Shut-in

People inspect their damaged house after Hurricane Helene made landfall in Horseshoe Beach, Florida, on September 28, 2024. (Photo by CHANDAN KHANNA / AFP)
People inspect their damaged house after Hurricane Helene made landfall in Horseshoe Beach, Florida, on September 28, 2024. (Photo by CHANDAN KHANNA / AFP)
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About 12% of Oil Production in Gulf of Mexico Shut-in

People inspect their damaged house after Hurricane Helene made landfall in Horseshoe Beach, Florida, on September 28, 2024. (Photo by CHANDAN KHANNA / AFP)
People inspect their damaged house after Hurricane Helene made landfall in Horseshoe Beach, Florida, on September 28, 2024. (Photo by CHANDAN KHANNA / AFP)

About 12% of current oil production and 6.04% of the current natural gas production in the Gulf of Mexico is shut-in due to storm Helene, the Bureau of Safety and Environmental Enforcement said in a statement on Saturday.

Authorities across the southeastern United States faced the daunting task on Saturday of cleaning up from Hurricane Helene, one of the most powerful and perhaps costliest to hit the country.

Damage estimates across the storm's rampage range between $95 billion and $110 billion, potentially making this one of the most expensive storms in modern US history, said chief meteorologist Jonathan Porter of AccuWeather, a commercial forecasting company.
Downgraded late on Friday to a post-tropical cyclone, the remnants of Helene continued to produce heavy rains across several states, sparking massive flooding that threatened to cause dam failures that could inundate entire towns.



Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
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Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo

Diriyah, one of Saudi Arabia's giga-projects, has agreed deals worth nearly $1 billion with European firms and is in talks to attract more foreign capital, its CEO said.

Diriyah, located at a UNESCO World Heritage site outside the capital Riyadh, has been backed by PIF investments worth a total of around 20 billion riyals ($5.33 billion) in 2023 and 2024, and should get 12 billion riyals more next year, its CEO said.

It has recently agreed deals worth nearly $1 billion in total with an Italian developer and a French company and is in talks with several foreign investors looking to buy equity stakes in hotels and other real estate developments, Jerry Inzerillo told Reuters in New York this week.

"There's a lot of interest from America, a lot of interest from every country," he said. "We'll work with any country that can deliver quality and stay on time."

Foreign investors have already bought stakes in several projects in Diriyah, said Inzerillo, with more to come.

"A lot of people can see that it's built, it's doable; it's no longer renderings, no longer 'you wait and see' ... So now we're seeing a big spike in interest in foreign investment".

Inzerillo said investment priorities have changed because of upcoming events such as the Expo 2030 world fair, which Riyadh last year won the right to host. But the pace and scope of the Saudi giga-projects have not been scaled back, he said.

"It's a realignment, a re-prioritization ... not a reduction," he added.