Daily Archives: May 9, 2012

Kenya: President Obama Undisputed footprint birth cerificate, according to the Mombasa Imam, 01042012

http://www.africanpress.me. Undisputed footprint birth cerificate, according to the Mombasa Imam, 01042012 (click image to enlarge)

President Obama will be forced by circumstances to apologise: Genuine Birth Certificate surfaces – Americans have been led to believe otherwise, revelation to change the political landscape « African Press International (API).

Next Post

Originally posted on Helix Currents:

Helix ESG’s reeled pipelay vessel, Express, at the port city of Haifa, Israel.

Helix ESG’s reeled pipelay vessel, Express, arriving at the port city of Haifa, Israel. Photo courtesy of Helix Subsea Construction Project Engineer Sean Howerton.

After wrapping up her deepest work ever in the Gulf of Mexico and another subsequent pipelay project in the same region, the Express arrived this week in the Mediterranean Sea for work offshore of Israel.

After departing Helix ESG’s spoolbase in Ingleside, Texas, in April the Express set sail for Haifa, Israel where she is now preparing to begin SURF (Subsea Umbilicals, Risers and Flowlines) work for Texas-based Noble Energy in the Noa field.

View original 118 more words

Occidental unit to buy ex-naval station in Texas

https://encrypted-tbn3.google.com/images?q=tbn:ANd9GcQ1jCPA7fM8wDjWLVQdntTE7nyfTSLlifC7iGEOlmIyzSkQ17RkVA

Posted on May 9, 2012 at 9:28 am by Associated Press

CORPUS CHRISTI, Texas — A unit of oil producer Occidental Petroleum Corp. has reached an $82 million deal to buy the South Texas site of former Naval Station Ingleside.

Port of Corpus Christi commissioners on Tuesday approved a contract with Oxy Ingleside Property Holdings for 815 acres.

The Corpus Christi Caller-Times reports Oxy has about 90 days to close the sale.

Spokesman Mark Evans says Oxy filed a permit application last week with Texas environmental regulators to build a fractionator at a nearby Oxy Chemicals unit. The new property would be used to help support the chemical plant’s natural gas operations and exports.

Houston-based Canyon Supply and Logistics earlier this year failed to make a $19 million down payment for 187 acres of the former naval facility, which closed in 2010.

Source

Marathon Oil in $750m Eagle Ford splash

http://eaglefordshaleblog.com/wp-content/uploads/2011/11/sugarkane-field-eagle-ford-map.jpg

Bill Lehane
09 May 2012 14:15 GMT

Marathon Oil has splashed out $750 million to acquire Houston-based private Paloma Partners II and its Eagle Ford assets.

The US independent will pay in cash for the acquisition, which is expected to close subject to approvals in the third quarter.

Paloma II owns roughly 17,000 net acres in the Eagle Ford shale play, primarily in Karnes and Live Oak counties.

Net production at the properties as of 1 April was around 7000 barrels of oil equivalent per day.

Paloma II’s principal shareholders are Paloma Resources, Encap Energy Capital Fund VII and Macquarie Americas Corporation.

Marathon Oil has previously flagged its intentions to hone in the Eagle Ford, telling the Howard Weil conference earlier this year it would ramp up activity in the oil window of the South Texas shale play.

The Eagle Ford is a key plank of the New York-listed outfit’s $4.82 billion capital expenditure budget for this year.

Source

McDermott Wins Siakap North – Petai Subsea Contract in Malaysia

http://subseaworldnews.com/wp-content/uploads/2012/05/McDermott-Wins-Siakap-North-Petai-EPCI-Subsea-Contract-in-Malaysia.jpg

McDermott International, Inc. announced that its Malaysian affiliate Berlian McDermott Sdn. Bhd. was recently awarded a significant subsea contract for executing a deepwater engineering, procurement, construction, transportation, installation and commissioning project offshore Malaysia. The value of this contract is included in McDermott’s first quarter 2012 backlog.

The award is for the subsea infrastructure of the Siakap North – Petai (“SNP”) Development Project operated by Murphy Sabah Oil Co., Ltd. (“Murphy”), comprising rigid flowlines, flexible risers, an umbilical and subsea hardware and controls. The SNP field is located nearby the existing Kikeh field, northwest of Labuan Island, Malaysia, in waters 3,900 – 4,900 feet deep.

“Our subsea engineering expertise, fabrication track record at our Batam Island facility, state-of-the-art subsea construction vessels and understanding of the Malaysian market, contributed to this successful award,” said Stephen M. Johnson, Chairman of the Board, President and Chief Executive Officer of McDermott. “We look forward to delivering the facilities for this important field development for Malaysia.”

The SNP field architecture consists of two rigid, insulated, pipe-in-pipe production flowlines, one rigid water injection flowline and one main umbilical system connecting eight new manifolds and subsea distribution units to existing riser slots on the Kikeh FPSO. The development calls for five water injection and eight production wells, drilled from the manifolds at each of the four drill center locations.

Detailed engineering and procurement for the project are underway, and fabrication of PLETs, jumpers and other installation aids is expected to begin in the third quarter of 2012. Following the infrastructure installation, McDermott will undertake a comprehensive System Integration Test of the subsea units and provide commissioning assistance. The project scope is scheduled to be completed by the third quarter of 2013.

Source

Argentina: Vaca Muerta – Argentina’s oil and gas seizure poses new dilemma

http://news.bbcimg.co.uk/media/images/60084000/jpg/_60084954_59996530.jpg

By Vladimir Hernandez BBC Mundo

It is a grim name, though it has nevertheless brought hope of a better future for many in Argentina: Vaca Muerta – translated from the Spanish – means “Dead Cow”.

Vaca Muerta’s barren landscape covers some 30,000 remote sq km of the Patagonian province of Neuquen, in the west of Argentina.

And it was here where energy giant Repsol-YPF struck gold last year. Black gold.

Buried in 250-million-year-old rocks, almost 3km beneath the surface here, are some of the world’s largest reserves of shale oil and gas.

According to the Spanish energy giant Repsol, there are prospective resources equal to more than 21 billion barrels of oil underneath the ground in Vaca Muerta.

Much of it could be shale oil, rather than gas, according to an independent Ryder Scott audit commissioned by Repsol, though this has yet to be proven.

But the presence of shale gas is proven, and it is clear that the reserves found here will make up a big proportion of the country’s estimated 22 trillion cubic-metre total.

That makes Argentina the world’s number three in terms of shale gas reserves – hot on the heels of the US, which has reserves of some 24 trillion cubic metres, and China, which has reserves of some 36 trillion cubic metres, according to the American Energy Information Administration.

Failure to invest

Getting the reserves out would obviously require massive investment.

Argentina’s government believes Repsol – which has been active here ever since it took over YPF when it was privatized during the 1990s – should have done this.

But instead, it says, Repsol has been dragging its feet, invested too little and thus failed to get the resources out of the ground as quickly as it should have done.

The government has even accused Repsol of pulling YPF’s profits out of the country to finance its businesses abroad.

President Cristina Fernandez said:

“If such a situation continued, we would have had big energy problems in the country because of the drop in production and the increasing reliance on fuel imports.”

Renationalized resource

So the government has stepped in to take control of what it sees as a vital, national asset.

Rodrigo Alvarez Argentine economist:

This is the real reason behind the renationalization of YPF”

Renationalizing YPF has in effect helped the government regain control of the Vaca Muerta energy reserves, since the rights to exploit more than a third of the area were held by Repsol-YPF.

The move, and the manner in which it was made, has obviously created a great deal of controversy.

Repsol and others believe the government was motivated by a desire to secure the country’s energy requirements for decades to come, and thus reduce its gas import bill which shot up to $10bn in 2011 and is expected to surge to $14bn this year.

“This could help cope with between 30% and 40% of the gas demand within Argentina, which has been covered with costly imports in the last two years,” says Eduardo Barreiro, an energy consultant and a director at the Society of Petroleum Engineers in Argentina.

Argentine economist Rodrigo Alvarez Litre agrees:

“This is the real reason behind the renationalization of YPF,” he wrote in a column in the Argentine newspaper, Perfil.

“With such shale gas reserves, Argentina could position itself as a nation with cheap and abundant energy, and profit from the high prices in the international market.”

Investment required

Argentina’s government might describe its move as a step towards self-reliance, which it believes is clearly in the nation’s interest.

“Vaca Muerta could be a very important area in the future,” Mr Barreiro says.

“But it needs investment.”

Some $3bn would be required over the next three years to get the shale gas extraction started.

And then, he added: “You’ll need to be excavating constantly to keep the production levels high enough to justify the investment and to make a profit.”

According to Repsol, more could be achieved with more investment. The firm insists that some $25bn per year would be needed to exploit Vaca Muerta’s shale oil and gas potential. This, the company believes, could double the Argentine production in 10 years.

But this would require some 3,000 shale oil and gas wells in an area where there are only 28 at the moment.

Costly subsidies

Without Repsol, the government might well look to other foreign investors for help to make it happen.

But Daniel Kokogian, a geologist who works as an advisor for several foreign energy companies in Argentina, said some companies would be concerned about how they might be treated in the future, following the renationalization of YPF.

“What private investor would put money into a business where national interest will come first, then profits?” he asks.

Others are far more optimistic about Argentina’s chances to attract foreign investors.

The government says it has already had talks with energy giants such as Total of France and Petrobras of Brazil – and local energy analyst Victor Bronstein expects deals to be struck.

“Oil companies are constantly operating in turbulent environments, in problematic countries,” he says.

“If they think there’s a business opportunity, that there’s a possibility of resources, they’ll dive in.”

Besides, cash-rich states may well be keen to get involved, according to Mark Routt, a senior consultant with KBC Advanced Technologies in Houston, Texas.

“Argentina is going to have to look for government-government relationships, particularly with China,” he says.

Polluting process

But Mr Kokogian says he believes the main concern of most investors will be whether or not Vaca Muerta is going to deliver decent margins.

“The main issue here is to determine if these estimated resources can actually be called reserves,” he said.

“A resource becomes a reserve when it is proven that the investment can be recovered with an acceptable profit. In Vaca Muerta, I don’t think that has happened yet.

“If this area was truly the main reason behind the nationalization of YPF, then Argentina may have shot itself in the foot over an unproven source of energy,” he adds.

And if that turns out to be the case, the Argentine efforts to control “Dead Cow” could be a bit like flogging a dead horse.

Source

%d bloggers like this: