Daily Archives: September 11, 2012
USA: Shell Sells Stake in Holstein Field to PXP for USD 560 Mln
Royal Dutch Shell plc announced it has agreed to sell its 50% working interest in the Holstein Field, comprised of Green Canyon Blocks 644, 645 and 688 in the Gulf of Mexico, to Plains Exploration & Production (PXP) for approximately $560 million, subject to closing.
Shell received an unsolicited offer from PXP for Shell’s working interest. The transaction is effective October 1, 2012 and is expected to close by year-end 2012.
Holstein is a mature deepwater asset and the sale is consistent with Shell’s continuing practice of reviewing our existing portfolio and evaluating new opportunities.
The Holstein Unit is centered on a spar platform anchored in 1350 meters (4400 feet) water depth and first produced in December 2004. Shell’s 50% interest represents about two percent of the company’s overall Gulf of Mexico net production and had a 30-day net average production of 7.4 kboe/d prior to Hurricane Isaac.
Shell retains a major Gulf of Mexico presence and is a leading deepwater producer. The company recently noted three successful appraisal wells at the Appomattox and Vito fields, which are expected to begin producing in the second half of the decade.
Subsea World News – USA: Shell Sells Stake in Holstein Field to PXP for USD 560 Mln.
Brazil: InterMoor Completes Conductors for Papa Terra Project
InterMoor, an Acteon company, has completed installation of the drilling and production conductors for the Papa Terra project, announced Global President Tom Fulton. Petrobras serves as the operator of the Papa Terra concession with a 62.5 percent interest; Chevron holds the remaining 37.5 percent interest.
InterMoor was responsible for the design, procurement, fabrication and installation of 15 conductors for the project. Fabricated at InterMoor’s 24-acre, Morgan City, La., facility, the conductors are 36 inches (91 centimeters) in diameter and 187 feet (57 meters) long.
InterMoor chartered the Skandi Skolten, DOF Subsea’s Construction Anchor Handling Vessel, and the installation barge with a customized conductor launch system. For conductor driving, InterMoor used MENCK’s MHU-270T DWS which included a deepwater hydraulic hammer capable of providing a driving energy of 270 kilojoules at a water depth of 3,281 feet (1000 meters) combined with MENCK’s girdle-type electro-hydraulic power pack and umbilical support system. Generating hydraulic power at depth, rather than at the surface, means no hydraulic hose, therefore minimalizing environmental impact and energy loss.
The conductors were installed in water depths of 3,937 feet (1,200 meters) in the southern Campos Basin off the coast of Brazil. The installation took place in April 2012. InterMoor’s conductor services optimize conductor design to meet project-specific load and fatigue requirements, and the unique patented installation method allows installation without the need of a construction vessel. A standard Anchor Handling Vessel is sufficient, leading to a more economical installation off the rig’s critical path.
“We are proud to have successfully completed this important installation for Petrobras and to be part of the first offshore tension-leg, wellhead platform in Brazil,” said Fulton. “Our collaboration with sister company MENCK proved to be an effective partnership, and InterMoor remains the only company worldwide to offer a full conductor installation service in deep water.”
“InterMoor has been developing its strength in the Brazil market through our office in Rio de Janeiro, and this project completion confirms the breadth of our capabilities in the region,” added John Riggs, Managing Director for InterMoor do Brasil.
Subsea World News – InterMoor Completes Conductors for Papa Terra Project (Brazil).
- Papa Terra Project Faces Delay (Brazil) (worldmaritimenews.com)
- Brazil: Petrobras Finishes Deck Mating Operation for P-55 Platform (worldmaritimenews.com)
- Petrobras Hurt by Transocean Rig Loss in Brazilian Court – Bloomberg (bloomberg.com)
- Aker Solutions to Deliver Drilling Packages (Brazil) (worldmaritimenews.com)
Fugro Wins Offshore Survey Contract in Mexico
Fugro (Mexico) in conjunction with long-time associates, Constructora Subacuatica Diavaz, S.A. de C.V., has been awarded a large offshore multi-site high resolution geophysical and geotechnical survey by Mexico’s national oil company PEMEX.
Overall value of the contracts is estimated to be approximately EUR 50 million. Activity is scheduled to start late September 2012 and will continue through to August 2013.
Fugro Wins Offshore Survey Contract in Mexico| Offshore Energy Today.
- US Cal Dive, Fugro Enter Strategic Partnership for Toisa Paladin Charter (worldmaritimenews.com)
A Complete History Of The $20 Bill
by Rob Wile
There’s been a lot of debate recently about the value of U.S. currency, with the GOP now including an exploratory gold standard committee in its platform.
But it’s only the latest such argument in a debate that’s rated almost since the nation was first settled.
The San Francisco Federal Reserve and Doug Mudd, the curator of The American Numismatic Association’s Money Museum, have helped guide us through the history of the $20 bill, from the colonial era to the present.
We were able to find $20 notes from every era of the country’s banking history, from the colonial era to the present Federal Reserve system. We also included Confederate bills and notes issued by obscure local banks. We discuss what prompted the new bill to be issued — and whose portrait is on the cover.
Click Here: History of the $20 Dollar Bill
Source A Complete History Of The $20 Bill – Business Insider.
Related articles
- This Video Of Harry Reid Demanding A Federal Reserve Audit Will Blow Your Mind (businessinsider.com)
- How to End the Fed, and How Not To (txwclp.org)
- First Audit Results in Federal Reserve’s Near 100 Year History Posted Today; Startling! (2012thebigpicture.wordpress.com)
- Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts (sott.net)
Canada: Spectra Energy, BG Sign Project Development Deal
Spectra Energy Corp announced that the company has signed a Project Development Agreement with BG Group to jointly develop plans for a new natural gas transportation system from northeast B.C. to serve BG Group’s potential liquefied natural gas (LNG) export facility in Prince Rupert, on the province’s northwest coast. Spectra Energy and BG Group will each initially own a 50 percent interest in the proposed transportation project.
Spectra Energy will be responsible for construction and operation and BG Group has agreed to contract for all of the proposed capacity.
The approximately 850-kilometre (525 mile), large diameter natural gas transportation system will begin in northeast B.C. and end at BG Group’s potential LNG export facility in Prince Rupert. The new transportation system will be capable of transporting up to 4.2 billion cubic feet per day of natural gas. The project also will connect with the Spectra Energy system at Station 2 (southwest of Fort St. John), a growing natural gas hub that collects supply from multiple areas of the province and other supply basins in Western Canada.
“We are excited to be partnering with BG Group, a recognized world leader in natural gas and more specifically, LNG,” said Greg Ebel, president and chief executive officer, Spectra Energy. “This project offers B.C. a unique opportunity to access new markets, strengthen its energy infrastructure, engage stakeholders in economic growth and job creation, and ultimately secure the province’s position as a competitive energy leader.”
“Furthermore, today’s announcement initiates our next wave of investment opportunity in B.C. We are ideally positioned to create further value for our investors by leveraging surplus B.C. natural gas supplies and facilitating its export to high-demand markets in Asia. This, in turn, will provide multiple opportunities for further investment in our gathering and processing facilities in the province,” added Ebel.
“For more than half a century, Spectra Energy has been a part of communities in B.C.,” said Doug Bloom, president, Spectra Energy Transmission West. “This project will build on our expertise and track record of delivering natural gas responsibly, listening to the needs of Aboriginal and local communities, and protecting the environment, as we help deliver on B.C.’s energy potential.”
Working together with affected stakeholders and based on preliminary assessments of environmental, historical, cultural and constructability factors, early conceptual routes have been developed. Spectra Energy and BG Group will continue engaging with interested and affected stakeholders, including Aboriginal and local communities, environmental organizations and regulatory agencies, to further refine the project route.
In addition, the companies will spend the next several years closely conferring with stakeholders and working through the permitting process for the proposed transportation system. This work will include filing a project application with the B.C. Environmental Assessment Office. Based on the results of these efforts, project construction is currently expected to commence mid-decade, with service starting by the end of the decade.
As part of this commitment to transparently communicate and foster relationships in the province, Spectra Energy also announced “Energy for BC”. The new outreach initiative is designed to engage with stakeholders on the jobs, revenues and environmental benefits that natural gas can create in British Columbia.
Spectra Energy, BG Sign Project Development Deal, Canada LNG World News.
- Spectra Energy to build pipeline for Canadian LNG exports (fuelfix.com)
- Spectra, BG partner in plan to build natural gas pipeline across B.C. (business.financialpost.com)
- USA: DTE Energy, Enbridge and Spectra Energy Team Up to Build Gas Pipeline (mb50.wordpress.com)
Bollinger’s Vice President to Retire (USA)
Bollinger Shipyards, Inc. announce the upcoming retirement of its Vice President Central Division, Larry Vauclin.
Vauclin’s retirement was announced by Bollinger Executive Vice President, Ben Bordelon, who said, “Larry has been a critical part of the growth of Bollinger over the past 16 years, and a mentor to many in the shipyard industry over his 52 year career. His attention to detail, hard work and focus on client satisfaction have helped create a solid foundation for us going forward. Larry’s stamp will forever be a part of the Bollinger family history.”
Vauclin started his shipyard career in Houma, Louisiana in 1960 with Main Iron Works working as a supervisor until leaving to help start Quality Shipyard in 1969 as yard superintendent, working his way up to executive vice president / general manager for new construction and repair.
His career at Bollinger started in 1996 as vice president and general manager of the Larose facility and included additional Bollinger locations in Amelia for new construction and repair operations. In 2006 Vauclin became the vice president central division which covered three of Bollinger’s central Louisiana repair and conversion facilities.
Vauclin has been instrumental in the success of Bollinger’s repair and conversion facilities and has played an important role in leading these facilities with his vast knowledge of the industry, and has contributed to Bollinger being named one of the safest shipyards in America.
Bollinger is the largest vessel repair company in the Gulf of Mexico region with a total of 28 dry-docks in Louisiana and Texas. Bollinger has 10 shipyards and all are strategically located between New Orleans and Houston with direct access to the Gulf of Mexico, Mississippi River and the Intracoastal Waterway.
Shipbuilding Tribune – Bollinger’s Vice President to Retire (USA).
- Bollinger Announces the Appointment of Charles “Skip” Bowen as Vice President Government Relations (maritime-executive.com)
Continents of the World
Mb50's "Liquid Mud" Rant 