Category Archives: Australia

Australia, officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania and numerous smaller islands in the Indian and Pacific Oceans.

TPP :: The treaty from hell

Obama’s Secret Treaty Would Be The Most Important Step Toward A One World Economic System

By Michael Snyder, on November 12th, 2014

Barack Obama is secretly negotiating the largest international trade agreement in history, and the mainstream media in the United States is almost completely ignoring it.  If this treaty is adopted, it will be the most important step toward a one world economic system that we have ever seen.  The name of this treaty is “the Trans-Pacific Partnership”, and the text of the treaty is so closely guarded that not even members of Congress know what is in it.  Right now, there are 12 countries that are part of the negotiations: the United States, Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.  These nations have a combined population of 792 million people and account for an astounding 40 percent of the global economy.  And it is hoped that the EU, China and India will eventually join as well.  This is potentially the most dangerous economic treaty of our lifetimes, and yet there is very little political debate about it in this country.

Even though Congress is not being allowed to see what is in the treaty, Barack Obama wants Congress to give him fast track negotiating authority.  What that means is that Congress would essentially trust Obama to negotiate a good treaty for us.  Congress could vote the treaty up or down, but would not be able to amend or filibuster it.

Of course now the Republicans control both houses of Congress.  If they are foolish enough to blindly give Barack Obama so much power, they should all immediately resign.

And it is critical that people understand that this is not just an economic treaty.  It is basically a gigantic end run around Congress.  Thanks to leaks, we have learned that so many of the things that Obama has deeply wanted for years are in this treaty.  If adopted, this treaty will fundamentally change our laws regarding Internet freedom, healthcare, copyright and patent protection, food safety, environmental standards, civil liberties and so much more.  This treaty includes many of the rules that alarmed Internet activists so much when SOPA was being debated, it would essentially ban all “Buy American” laws, it would give Wall Street banks much more freedom to trade risky derivatives and it would force even more domestic manufacturing offshore.

In other words, it is the treaty from hell.

In addition to imposing Obama’s vision for the world on 40 percent of the global population, it is also being described as a “Christmas wish-list for major corporations”.  Of the 29 chapters in the treaty, only five of them actually deal with economic issues.  The rest of the treaty deals with a whole host of other issues of great importance to the global elite.

The following list of issues addressed by this treaty is from a Malaysian news source

• domestic court decisions and international legal standards (e.g., overriding domestic laws on both trade and nontrade matters, foreign investors’ right to sue governments in international tribunals that would overrule the national sovereignty)

• environmental regulations (e.g., nuclear energy, pollution, sustainability)

• financial deregulation (e.g., more power and privileges to the bankers and financiers)

• food safety (e.g., lowering food self-sufficiency, prohibition of mandatory labeling of genetically modified products, or bovine spongiform encephalopathy (BSE) or mad cow disease)

• Government procurement (e.g., no more buy locally produced/grown)

• Internet freedom (e.g., monitoring and policing user activity)

• labour (e.g., welfare regulation, workplace safety, relocating domestic jobs abroad)

• patent protection, copyrights (e.g., decrease access to affordable medicine)

• public access to essential services may be restricted due to investment rules (e.g., water, electricity, and gas)

Why can’t we get this type of reporting in the United States?

And if this treaty is ultimately approved by Congress, we will essentially be stuck with it forever.

This treaty is written in such a way that the United States will be permanently bound by all of the provisions and will never be able to alter them unless all of the other countries agree.

Are you starting to understand why this treaty is so dangerous?

This treaty is the key to Obama’s “legacy”.  He wants to impose his will upon 40 percent of the global population in a way that will never be able to be overturned.

Of course Obama is touting this treaty as the path to economic recovery.  He promises that it will greatly increase global trade, decrease tariffs and create more jobs for American workers.

But instead, it would be a major step toward destroying what is left of the U.S. economy.

Over the past several decades, every time a major trade agreement has been signed we have seen even more good jobs leave the United States.

And it doesn’t take a genius to figure out why this is happening.  If corporations can move jobs to the other side of the planet to nations where it is legal to pay slave labor wages, they will make larger profits.

Just think about it.  If you were running a corporation and you had the choice of paying workers ten dollars an hour or one dollar an hour, which would you choose?

Plus there are so many other costs, taxes and paperwork hassles when you deal with American workers.  For example, big corporations will not have to provide Obamacare for their foreign workers.  That alone will represent a huge savings.

Any basic course in economics will teach you that labor flows from markets where labor costs are high to markets where labor costs are lower.  And at this point it costs less to make almost everything overseas.  As a result, we have already lost millions upon millions of good jobs, and countless small and mid-size U.S. companies have been forced to shut down because they cannot compete with foreign manufacturers.

Later this month, consumers will flock to retail stores for “Black Friday” deals.  But if you look carefully at those products, you will find that almost all of them are made overseas.  We buy far, far more from the rest of the world than they buy from us, and that is a recipe for national economic suicide.

We consume far more wealth that we produce, and anyone with half a brain can see that is not sustainable in the long run.  The only way that we have been able to maintain our high standard of living is by going into insane amounts of debt.  We are currently living in the largest debt bubble in the history of the planet, and at some point the party is going to end.

Please share this article with as many people as you can.  We need to inform people about what Obama is trying to do.

If Obama is successful in ramming this secret treaty through, it is going to do incalculable damage to what is left of the once great U.S. economy.

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Investors hit the brakes on resources projects

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Adam Creighton
From: The Australian
November 29, 2012 12:00AM

RESOURCES investors are increasingly scrapping tentative investment plans and cost blowouts are artificially inflating Australia’s resource pipeline, a new report reveals.

Although the total value of committed resource projects rose a little to $268 billion in October, the number of committed projects fell to 87 from 98 six months earlier, the Bureau of Resources and Energy Economics said yesterday in its six-monthly update of Australia’s investment pipeline.

“The increase is primarily a result of the approval of a second train for the Australia Pacific LNG project and cost increases to projects that were already under way,” the bureau said.

Eleven “mega projects”, costing more than $5bn each — mainly liquefied natural gas facilities such as the Gorgon, Ichthys and Wheatsone projects — account for three-quarters of all committed investments.

Only 10 projects worth $13.2bn progressed to the “committed stage” of development, compared with 21 projects worth $45bn in the six months to April.

“Even on the most conservative estimate provided by the bureau, the total potential investment in the resource sector sits at a mammoth $650bn,” Wayne Swan said, pointing out the OECD’s remarks earlier this week that mining in Australia should “continue to expand vigorously” next year, based on current plans.

The bureau said the total committed expenditure on Australia’s oil and gas projects was “comparable to the total cost of the Apollo moon program in 2012 prices”.

But concerns about the longevity of Australia’s resource boom, which intensified earlier this year after BHP’s decision to shelve its multi-billion-dollar Olympic Dam project in South Australia, and Fortescue Metals Group’s decision to retrench 1000 workers in Western Australia, are still worrying investors, who cancelled 18 projects in the very preliminary stages of development in the six months to October.

“The decrease in the number of projects is attributable to the removal of projects that have not progressed as scheduled and because information could not be sourced that confirmed a clear intention to progress to development,” the bureau said.

Nevertheless, more than 170 projects worth about $290bn — mainly coal and gas projects slated for Queensland — remain in the “feasibility stage”, having passed commercial viability tests.

“Due to restrictions on exploration and production, there have been few uranium projects progressing along the investment pipeline,” the bureau added, although it pointed to regulatory changes that should improve their prospects.

Separate data from the Australian Bureau of Statistics showed the value of construction completed over the three months to September rose 1.7 per cent to $51.3bn, and increase underpinned almost entirely by engineering construction work.

Source

Total Selects AGR’s RMR for Exploration Offshore Australia

TOTAL E&P Australia (Total) has signed up to use AGR’s Riserless Mud Recovery (RMR®) system.  The contract is for two exploration wells to be drilled over the next year in the Browse Basin off North West Australia.

Bernt Eikemo, AGR’s Vice President of the Enhanced Drilling Solutions (EDS) division (Asia Pacific), said: “AGR is delighted to be part of Total’s drilling team during the forthcoming exploration campaign. We hope that this is the start of a long, successful relationship with Total E&P Australia.”

He added: “Our previous experiences with several operators in the Browse Basin and the North West Shelf have shown that unconsolidated sand formations become much more benign when drilled with RMR® using a proper mud system.”

RMR® has been used by Total on several other projects internationally but this is the first time that the operator has used the system in Australia.

The main reason for using RMR® on these wells is to be able to drill through the unconsolidated sands of the Grebe Formation. It is renowned for stuck-pipe problems when drilling riserless using seawater and sweeps.

RMR® (system example attached) enables the use of weighted, engineered mud in the top-hole section. All mud and cuttings are returned to the rig with no discharge to the seabed. The top-hole section can be drilled more safely, quickly and with less impact on the environment.

RMR®, together with its sister technology the Cutting Transportation System (CTS™), has been deployed on more than 500 wells worldwide to date.

Source

Ex-Im Bank Provides USD 2.95 Billion Loan to Australia Pacific LNG Project

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The Export-Import Bank of the United States (Ex-Im Bank) has authorized a $2.95 billion direct loan to support U.S. exports to the Australia Pacific liquefied natural gas (LNG) project.

The transaction is Ex-Im’s second-largest single-project financing in history and is also the Bank’s first LNG project in Australia.

The project on Curtis Island in south-central Queensland will produce natural gas from coal-seam wells and will have total capacity of nine million metric tons per year. China Petroleum and Chemical Corp. (Sinopec) and Kansai Electric Power Co. Inc. of Japan will purchase most of the LNG produced. China Ex-Im Bank and commercial lenders are also providing debt financing for the project.

Ex-Im’s financing is expected to support an estimated 11,000 American jobs. Principal U.S. exporters are ConocoPhillips Co. and Bechtel International, both of Houston, Texas. Additional exporters and suppliers include numerous small businesses in Texas, Colorado, Nevada, California, Oregon and Oklahoma.

Our authorization paves the way for U.S. companies to export equipment and services to this major LNG project and, in so doing, to maintain thousands of American jobs across the country,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “This financing also demonstrates how the United States and China can work together for our mutual benefit to foster trade and develop critically needed energy resources.”

The transaction, approved by Ex-Im’s board of directors on May 3, was announced following Chairman Hochberg’s trip to China, where he participated in the fourth round of the Strategic and Economic Development Dialogue (S&ED) with Treasury Secretary Timothy F. Geithner and other officials. The S&ED was held in Beijing on May 3-4.

Bechtel official Jay C. Farrar, who manages the company’s office in Washington, D.C., cited the importance of Ex-Im’s financing for U.S. exporters to large international projects. “Since 1992, Ex-Im Bank has been instrumental in the successful awarding and completion of projects involving Bechtel that have supported thousands of jobs for highly skilled employees at our company. The Bank’s financing also has helped to maintain thousands of additional jobs related to the supply chain for these projects,” Farrar said.

The Australia Pacific LNG project will involve development of coal-seam natural-gas fields, two gas transmission lines to a collection hub, a natural gas liquefaction plant and an adjacent marine shipping export terminal on Curtis Island near the city of Gladstone.

Source

Atwood Osprey Rig Stays with Chevron in Australia Until 2017

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Chevron Australia Pty Ltd has decided to extend the contract for the semisubmersible rig Atwood Osprey for three more years

The Atwood Osprey, owned by the international drilling contractor Atwood Oceanics, started its first three year drilling services contract with Chevron on May 27, 2011 for operations offshore Australia inclusive of the Greater Gorgon field development project. With this contract extension, the Atwood Osprey is now committed through May 2017.

The operating day rate for the initial three year period remains unchanged. The operating day rate at the start of the extension period is estimated to be approximately $470,000, exclusive of the total cost escalation adjustments which occur during the initial term and will be additive to the operating day rate during the extension period. The contract provisions during the extension period provide for continued annual cost escalation adjustments, enhanced rig equipment maintenance and repair time allowances, and other adjustments to the initial contract’s terms and conditions.

Source

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