Nicknamed Vito, Shell’s new multibillion-dollar offshore oil platform is set to launch off the coast of Louisiana in June. Its costs have been cut by 70 percent since its initial design to compensate for fluctuating oil prices, reports the Houston Chronicle.
The hub got its start in the years after the oil bust of 2014-16, as oil majors started devising ways to make pared-down versions of platforms to reduce costs. Now, that’s become even more important as the energy transition accelerates and pressure mounts on producers to cut emissions. Read the entire story.