Daily Archives: April 4, 2012
The U.S. will also begin the process of easing away sanctions that have so far banned exports of U.S. financial services and investment to Myanmar in response to its democratic transition.
The easing of sanctions has massive implications for the U.S. since Myanmar is a country rich in resources from oil and gas to teak.
The country recently auctioned off 10 onshore oil and gas blocks that U.S. companies couldn’t partake in because of American sanctions on the country. Myanmar had 11.8 trillion cubic feet of proven gas reserves at the end of 2010 and has been tapped by energy hungry Asian giants like China and India.
Earlier this year we wrote that Myanmar’s economic isolation from the West was beginning to end. At the time Dr. Thein Swe, Senior Professor of Economics, Finance and Globalizationat South East Asian Institute of Global Studies said Western countries had been sending their companies to look for investment opportunities in Myanmar in anticipation of an easing up of sanctions.
Myanmar is also expected to be important from a stratetgic point of view as the Obama administration is looking at the Asia-Pacific region as a priority. Myanmar’s democtratic transition could also be one of the Obama administration’s only successful foriegn relations achievement in Asia, according to Myanmar specialisty David Steinberg.
And Myanmar’s been on the radar for many investors. When we spoke with investment guru Jim Rogers last month, he said with every day that goes by, he gets increasingly excited about opportunities in Myanmar. Rogers had previously said that those that invest in the country could be rich in the next 20 – 40 years and had opined, “Unfortunately I’m a citizen of the land of the free and we from the land of the free are not allowed to invest in Myanmar, it’s illegal. You could invest there, but I cannot.”
Octanex has been advised by Shell Development (Australia) Pty Ltd (Shell) that it has completed acquisition of the new Tortilla 2D seismic survey in the WA-385-P permit.
The Tortilla survey is a relatively small 783 km 2D marine seismic survey that fulfils the final work commitment for the WA-385-P permit in the current term. It was acquired off the North West Cape of Western Australia, largely within the area of the WA-385-P permit.
The survey also acquired ‘tie lines’ between the planned location for the Palta-1 well (to be drilled in the WA-384-P permit to the north) and previously drilled wells Herdsman-1 and Pendock-1A to the south and Falcone-1A to the north-east.
The acquisition of the Tortilla 2D survey was timed to avoid the humpback whale migration and took place over the last 10 days of March. As part of a range of management measures, Shell elected that the seismic survey would not come within a 10 km buffer zone to the outer boundary of the Ningaloo World Heritage Area.
Shell has committed to drill the Palta-1 exploration well in the WA-384-P permit and has received environmental approval for the drilling operations. The WA-384-P permit is adjacent to WA-385-P where the Tortilla 2D seismic survey was acquired.
Shell has advised that drilling operations on Palta-1 are being planned for Q3 2012, subject to their receiving all required regulatory approvals. The well is to be drilled in water depths of approximately 1350m and to a total depth of 5325m – 5675m. The Octanex Group originally held 100% of the WA-384-P, WA-385-P and WA-394-P permits that are located in the southern Exmouth Sub-basin.
In 2008, Octanex concluded an agreement with Shell for the disposition of a 100% working interest in each of the three permits. Octanex holds residual rights in each of the permits in the form of discovery payments and a 1% royalty over any production from the permits, as well as rights of re- conveyance.
- Namibia: Spectrum Starts Seismic Survey in Luderitz Basin (mb50.wordpress.com)
- Australia: Exmouth Plateau Brings Joy to Chevron (mb50.wordpress.com)
- French Guiana: Shell to Begin Guyane Drilling in Mid 2012 (mb50.wordpress.com)
Cochin Shipyard Limited (CSL) delivered a 120T Bollard pull Anchor Handling Tug Supply Vessel (AHTS), “SCI Kundan”, to M/s Shipping Corporation of India, Mumbai (SCI). This is the Second of the series of 4 Nos of 120T Bollard pull AHTS being built by CSL for M/s Shipping Corporation of India.
The vessel is of AH03 type, designed by STX OSV, Norway (ex- Aker Yards) and is certified under dual class by the Rules and Regulations of American Bureau of Shipping & Indian Register of Shipping and is registered under Indian flag.
This 65.2 x 16.0 Meter vessel is a high end Anchor handler with a capacity of 120 T Bollard pull which is equipped with 2 Nos of 4000 KW Diesel Engines and 2 Nos of Controlled pitch propeller in Kort Nozzles. The vessel is having Grade I Dynamic Positioning feature along with compliance to ERRV class ‘C’ and also having capability of Fire Fighting class I.
The vessel is built to accommodate 29 persons with all the capabilities of a Platform Supply Vessel in addition to the Anchor Handling facility. These vessels are used as support platforms to Rigs/Oil platforms. The shipyard is presently constructing another 4 nos of offshore vessels for M/s Shipping Corporation of India which are all in advanced stages of construction.
- India: Cochin Shipyard Delivers PSV to Norwegian Owner (mb50.wordpress.com)
- STX OSV Adds to their Backlog, DOF ASA Sends Newbuild Order for Subsea Construction Vessel (mb50.wordpress.com)
- MacGregor Systems for New OSVs in Asia and Europe (mb50.wordpress.com)
- Otto Marine Entrenches Deeper into West Africa with 3-year Multi-Million Dollar Contract (gcaptain.com)