Monthly Archives: December 2011
USA: Clean Energy Gets USD 150 Million in Investments
Focused on supporting natural gas fueling in North America, investors, including Boone Pickens, have invested a total of $150 million in Clean Energy Fuels Corp., North America’s leading provider of natural gas fuel for transportation.
The investments resulted from the exercise of Mr. Pickens’ warrants to purchase 15 million shares of the company’s common stock at $10 per share. Mr. Pickens purchased 1.5 million shares and transferred the balance to existing investors RRJ Capital, Seatown Holdings and Chesapeake Energy Corporation, as well as Chief Capital LP, an investment vehicle wholly owned by energy investor Trevor Rees-Jones.
“These investments bring the total invested or committed to Clean Energy to $450 million during 2011,” said Andrew J. Littlefair, President and CEO of Clean Energy. “We see this as a tremendous affirmation of both Clean Energy as the leader in natural gas vehicle fueling in America and our America’s Natural Gas Highway initiative that is expanding natural gas fueling infrastructure in cities throughout the country.”
“We have a significant program underway to develop CNG and LNG fueling stations serving fleets in the long-haul, regional and port trucking markets, as well as for solid waste, transit, airport and municipal transportation nationwide,” noted Littlefair.
Currently priced up to $1.50 or more per gallon lower than diesel or gasoline (depending upon local markets), the use of natural gas fuel reduces costs significantly for vehicle and fleet owners, and reduces greenhouse gas emissions up to 30% in light-duty vehicles and 23% in medium to heavy-duty vehicles. Additionally, natural gas is a secure North American energy source with 98% of the natural gas consumed produced in the U.S. and Canada.
articles
- USA: Clean Energy Gets USD 150 Million Investment
- USA: Clean Energy Supports Proposed Federal Legislation That Would Expand Use of Gas Fuel for Transportation
- USA: Clean Energy Partners with Quarles Petroleum to Add Gas Fueling Service
- USA: Clean Energy Supports 2011 NAT GAS Act
- USA: Clean Energy CEO Says Supporting Gas for Transportation Will Create Over 400,000 New Jobs
Related articles
- Compressed natural gas plans may spur vehicle growth (newsok.com)
- Natural gas fueling plans may spur vehicle growth. (azdailysun.com)
- Noble Energy Discovers Significant Gas Discovery Offshore Cyprus (mb50.wordpress.com)
Egyptian Police Raid Offices of US-Backed Democracy-Promotion Groups
By John Tabin
Cairo (CNN) — Several rights groups, including three U.S.-based entities, were raided in Cairo and other Egyptian locations on Thursday in what one source called a push by police to “show some muscle.”
Police conducted 17 raids of nongovernmental organizations, targeting at least 10 groups across the country, Egypt’s general prosecutor’s office said. The targeted groups included U.S.-based Freedom House, the National Democratic Institute (NDI) and the International Republican Institute (IRI).
The actions were part of an investigation into allegations that groups may have received illegal foreign funding and have been operating without licenses from the Foreign Ministry and local ministries, according to Adel Saeed, spokesman for the general prosecutor’s office.
But the leaders of the U.S.-based organizations and the U.S. State Department condemned the raids and called on Egyptian authorities to allow the groups to resume their work.
“This action is inconsistent with the bilateral cooperation we have had over many years,” State Department spokeswoman Victoria Nuland said Thursday. Washington has called on Egyptian authorities “to immediately end the harassment of NGOs (and) NGO staff, return all property and resolve this issue immediately.”
[…]
Freedom House urged the Obama administration to “scrutinize the $1.3 billion that the United States annually provides the Egyptian military to fund arms purchases and training.”
“In the current fiscal environment, the United States must not subsidize authoritarianism in Egypt while the Egyptian government is preventing NGOs from implementing democracy and human rights projects subsidized by the U.S. taxpayer,” said Charles Dunne, Freedom House’s director of Middle East and North Africa programs.
The NDI and IRI, loosely affiliated with the Democratic and Republican parties and chaired by Madeline Albright and John McCain, respectively, are funded in part by the US government, through the National Endowment for Democracy. In effect, the Egyptian government’s actions represent US military aid being used to undermine the effectiveness of US civil society aid. It’s worth expounding on the stakes here.
Egypt is in the midst of a democratic transition where Islamists (including the radical Salafists) have had much success at the ballot box. Jamie Kirchick recently talked to free-market oriented liberal activists leary of the direction that post-Mubarak Egypt; his American Interest article is difficult to summarize, but this part is relevant to today’s news:
Counterintuitively, [activist Amr] Bargisi believes that the best hope for a liberal Egypt, given the circumstances, is if the Muslim Brotherhood gets the opportunity to steward the country. This is because the job of ruling Egypt right now is unenviable, and that whichever force comes to power is bound to lose popular support. This scenario, then, may provide sufficient time for genuine liberal ideals to take hold and for a true democratic opening to form. Bargisi tells me that there are three conditions, however, for this to happen. The first is that the international community must take a “lukewarm attitude, not too hostile, not too welcoming”, to a Brotherhood-led Egypt. “Too hostile helps the Islamists; too welcoming helps the Islamists”, he says.
Second, is that the West, and the United States in particular, should move away from the realm of “day-to-day” politics-full of rank opportunists and poseurs, in Bargisi’s opinion-and instead “focus on civil society, think tanks, independent movements, political groups.” And for this civil society to flourish, the military must “stand as a guard on democracy” and give up its “chauvinism.” But most important is that those Egyptians opposed to the instantiation of a clerical state need to know as clearly as their Islamist opponents in which direction they want to take the country. “There must be some kind of vision for what the country should look like, and in this complete vagueness, the Islamists will win”, Bargisi tells me.
Today’s raids obviously get in the way of the second condition — improving civil society — but they also get in the way of the third condition; training political parties to define their views on issues is a big part of what the NDI and IRI do. Some liberals hope that the military can stand at a bulwark against unfettered, tyrannous Islamism, but now we see the military regime continuing and even expanding on Mubarak-era policies of actively suppressing liberal opposition. This does not bode well.
If the regime doesn’t comply with Nuland’s call for an immediate change in course, military aid needs to be at least partially halted, if only briefly. Letting this stand with no tangible consequences is asking for trouble.
Related articles
- Tensions rise as Egyptian forces raid American NGOs in Cairo (dailymail.co.uk)
- Egyptian Security Forces Raid Offices of NGOs in Cairo (businessweek.com)
- US ‘deeply concerned’ after Egypt raids NGO offices (csmonitor.com)
- US price tag on Egyptian revolution? (rt.com)
ReCap: Worldwide Field Development News Dec 23 – Dec 29, 2011
This week the SubseaIQ team added 2 new projects and updated 11 projects. You can see all the updates made over any time period via the Project Update History search. The latest offshore field develoment news and activities are listed below for your convenience. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Related articles
- Noble Energy Discovers Significant Gas Discovery Offshore Cyprus (mb50.wordpress.com)
- UK: Talisman Selects Helix Well Ops for Subsea Works on Its Assets (mb50.wordpress.com)
- Shell Awards Subsea 7 with Two Gulf of Mexico Contracts (mb50.wordpress.com)
- Worldwide: Project Field Development News (mb50.wordpress.com)
- USA: Shell Sets World Record for Deepest Subsea O&G Well at Perdido Development (mb50.wordpress.com)
USA: Alliance to Protect Nantucket Sound Releases Statement Regarding Cape Wind Energy Deal
Yesterday, Audra Parker, President & CEO of Alliance to Protect Nantucket Sound released a statement regarding SJC uphold of Cape Wind energy deal.
“Today’s ruling is a blow to ratepayers, businesses, and municipalities who are being asked to bear billions of dollars in new electricity costs when other green energy alternatives are available at a fraction of the cost.
The good news is the increasingly clear reality that Cape Wind will never be built. Cape Wind has been denied FAA approval, has been denied critical Federal loan guarantees, has no utility willing to buy half its power, and cannot find investors. Those facts alone render this decision moot.”
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- SJC confirms Cape Wind-National Grid power deal (seattletimes.nwsource.com)
- After favorable court ruling, company chief says Cape Wind construction could begin within a year (boston.com)
- SJC Confirms Cape Wind-National Grid Power Deal (boston.cbslocal.com)
- SJC upholds DPU ruling approving sale of Cape Wind power to National Grid (boston.com)
- Cape Wind Power-Purchase Deal Upheld (earthtechling.com)
- Growing Cape Wind Opposition Brings Windfall Funds to Environmental Group (indiancountrytodaymedianetwork.com)
- USA: Fight for Nantucket Sound Continues (mb50.wordpress.com)
USA: Stone Energy Buys Interest in Pompano Field from BP
Stone Energy Corporation today announced the closing of the previously announced acquisition of deep water assets from BP Exploration & Production Inc. (BP), which include BP’s 75% operated working interest in the five block deep water Pompano field in Mississippi Canyon, a 51% operated working interest in the adjacent Mississippi Canyon block 29, a 50% non-operated working interest in the Mica field, which ties back to the Pompano platform, and interests in 23 deep water exploration leases located in the vicinity of the Pompano field.
The stated purchase price of $204 million was adjusted under the agreement to $167.6 million, after adjusting for the effective date of July 1, 2011. The final purchase price is subject to further adjustments for the subsequent period through the closing date.
Stone’s preliminary review of the estimated proved reserves relating to the acquired properties indicated estimated proved reserves of approximately 17 million barrels of oil equivalent (Boe) as of December 28, 2011, which were approximately 83% oil. Stone’s preliminary estimate of the asset retirement obligation associated with the properties is approximately $60 million. The Pompano platform is a production hub with seven producing leases, currently producing at an average rate of approximately 3,300 Boe per day, net to Stone. The production hub has production capacity of 60,000 barrels of oil per day and 135 million cubic feet of gas per day, which could allow for potential processing of additional third party production.
Related articles
- USA: BP Sells Stake in Pompano and Mica Offshore Fields to Stone Energy (mb50.wordpress.com)
- Stone Energy Corporation Announces Close of Acquisition of BP’s Pompano Field Working Interest (prnewswire.com)
- USA: BP Confirms Significant Resource Extension for Mad Dog Complex (mb50.wordpress.com)
- Offshore Lists Top 5 Offshore Field Development Projects (mb50.wordpress.com)
- US eyes first BP criminal charges over Gulf oil spill, report (telegraph.co.uk)
- USA: EMAS Wins Gulf of Mexico Subsea Contract from BP (mb50.wordpress.com)
- USA: The Bedford Report Releases Equity Research on BP and ATP Oil & Gas (mb50.wordpress.com)
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articles
- USA: BP Sells Stake in Pompano and Mica Offshore Fields to Stone Energy
- Energy XXI Closes Acquisition of Gulf of Mexico Shelf Properties From ExxonMobil
- USA: Energy XXI to Acquire Gulf of Mexico Shelf Properties From ExxonMobil for $1.01 Billion
- USA: EPL Buys GoM Assets from Stone Energy
- USA: BP Buys Gulf Of Mexico Assets from Shell
Noble Energy Discovers Significant Gas Discovery Offshore Cyprus
Noble Energy, Inc. announced today a natural gas discovery at the Cyprus Block 12 prospect, offshore the Republic of Cyprus. The Cyprus A-1 well encountered approximately 310 feet of net natural gas pay in multiple high-quality Miocene sand intervals.
The discovery well was drilled to a depth of 19,225 feet in water depth of about 5,540 feet. Results from drilling, formation logs and initial evaluation work indicate an estimated gross resource range(1) of 5 to 8 trillion cubic feet (Tcf), with a gross mean of 7 Tcf. The Cyprus Block 12 field covers approximately 40 square miles and will require additional appraisal drilling prior to development.
Charles D. Davidson, Noble Energy’s Chairman and CEO, said, “We are excited to announce the discovery of significant natural gas resources in Cyprus on Block 12. This is the fifth consecutive natural gas field discovery for Noble Energy and our partners in the greater Levant basin, with total gross mean resources for the five discoveries currently estimated to be over 33 Tcf. This latest discovery in Cyprus further highlights the quality and significance of this world-class basin.”
Davidson went on to say, “We would like to thank the Government of Cyprus for their productive cooperation and support in achieving an important outcome for the people of Cyprus and Noble Energy. We look forward to working closely with the Government of Cyprus to develop this discovery in a manner that maximizes value for all stakeholders.”
Noble Energy operates the well with a 70 percent working interest. Delek Drilling and Avner Oil Exploration will each have 15 percent, subject to final approval by the Government of Cyprus.
Related articles
- Noble Energy Announces Significant Natural Gas Discovery Offshore Republic of Cyprus (prnewswire.com)
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- Cyprus to Press Ahead with Offshore Drilling Despite Turkish Objection (mb50.wordpress.com)
- Cyprus Oil and Gas (mb50.wordpress.com)
- Cyprus’ FM briefs US officials on gas development (mysanantonio.com)
USA: Aker Solutions to Open Hi-Tech Drilling Equipment Simulator in – Houston
Norway based, international oil services group Aker Solutions is about to open North America’s most advanced drilling equipment simulator in Houston, Texas. The simulator will be available to rig operators with the objective of making offshore drilling operations safer and more cost effective.
Aker Solutions is investing USD 2.5 million in the new state-of-the-art drilling equipment simulator, which will be available 24/7 for North American based rig operators and oil companies. It will double the capacity of the current training centre located in Katy near Houston. The new drilling simulator is expected to be officially opened early 2012.
“This will be the most advanced drilling simulator in North America and we will double our training capacity when it is ready for use. It will have dedicated staff who can provide round-the-clock service on Aker Solutions’ complete range of topside drilling equipment. We look forward to start working with our customers in this new and upgraded centre,” says Glenn Ellis, head of drilling technologies for Aker Solutions in the US.
Aker Solutions is one of the world’s top providers of drilling equipment packages and technologies for deepwater drilling operations. Using advanced 3D visualisation technology, the company has developed the market leading drilling simulators, which are already in operation in Brazil, Singapore, Norway and South Korea, in addition to Houston. A new simulator is also being prepared in Baku, Azerbaijan.
The centrepiece of the 9,800 square foot training centre is a new 240 degree domed simulator. Its dome-shaped screen, combined with utilization of actual drilling control systems software, creates a realistic environment that emulates what is experienced on a rig. Each specific rig is meticulously recreated as a virtual asset, including all rig equipment and control systems. This offers the possibility of onshore training and detailed operational planning, with the same signal treatment, in virtual environments that are identical to those that will be experienced offshore.
The training centre’s extensive server systems are made up of 88 individual servers, which provide enough capacity to run simulations on two drilling rigs simulator systems simultaneously. A manual switchover solution allows quick change of the rig configuration in the simulator to ensure maximum simulator utilisation.
“A realistic, real-time visualisation of drilling operations enables rig operators to learn to make better and faster decisions. The result is safer operations, more efficient drilling and increased rig uptime. This simulator technology certainly allows us to offer superior training facilities for our clients and our own employees,” adds Glenn Ellis.
Related articles
- Aker Solutions Plans to Strengthen its Footprint in Northern Norway (mb50.wordpress.com)
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- Feds approve Murphy drilling project using Helix emergency equipment (mb50.wordpress.com)
- UK: Key Oil Majors, Plexus Team Up to Develop New Subsea Wellhead (mb50.wordpress.com)
- Norway: Aker Proposes Aker Floating Production Acquisition (mb50.wordpress.com)
- Norway-based Aker Solutions Increases its Middle East Presence with X3M Acquisition (mb50.wordpress.com)
- UK: Aker Solutions to Supply Subsea Modules for Western Isles Project (mb50.wordpress.com)