Category Archives: Asia Pacific
Asia-Pacific or Asia Pacific (abbreviated as Asia-Pac, Asia Pac, Apac, APAC, APJ, JAPA or JAPAC) is the part of the world in or near the Western Pacific Ocean. The region varies in size depending on context, but it typically includes at least much of East Asia, Southeast Asia, and Oceania.
12 Signs That The Economy Is Really Starting To Bleed Oil Patch Jobs
by Michael Snyder via The Economic Collapse blog,
The gravy train is over for oil workers. All over North America, people that felt very secure about their jobs just a few weeks ago are now getting pink slips. There are even some people that I know personally that this has happened to. The economy is really starting to bleed oil patch jobs, and as long as the price of oil stays down at this level the job losses are going to continue. But this is what happens when a “boom” turns into a “bust”.
Since 2003, drilling and extraction jobs in the United States have doubled. And these jobs typically pay very well. It is not uncommon for oil patch workers to make well over $100,000 a year, and these are precisely the types of jobs that we cannot afford to be losing. The middle class is struggling mightily as it is. And just like we witnessed in 2008, oil industry layoffs usually come before a downturn in employment for the overall economy. So if you think that it is tough to find a good job in America right now, you definitely will not like what comes next.
At one time, I encouraged those that were desperate for employment to check out states like North Dakota and Texas that were experiencing an oil boom. Unfortunately, the tremendous expansion that we witnessed is now reversing…
In states like North Dakota, Oklahoma and Texas, which have reaped the benefits of a domestic oil boom, the retrenchment is beginning.
“Drilling budgets are being slashed across the board,” said Ron Ness, president of the North Dakota Petroleum Council, which represents more than 500 companies working in the state’s Bakken oil patch.
Smaller budgets and less extraction activity means less jobs.
Often, the loss of a job in this industry can come without any warning whatsoever. Just check out the following example from a recent Bloomberg article…
The first thing oilfield geophysicist Emmanuel Osakwe noticed when he arrived back at work before 8 a.m. last month after a short vacation was all the darkened offices.
By that time of morning, the West Houston building of his oilfield services company was usually bustling with workers. A couple hours later, after a surprise call from Human Resources, Osakwe was adding to the emptiness: one of thousands of energy industry workers getting their pink slips as crude prices have plunged to less than $50 a barrel.
These jobs are not easy to replace. If oil industry veterans go down to the local Wal-Mart to get jobs, they will end up making only a very small fraction of what they once did. Every one of these jobs that gets lost is really going to hurt.
And at this point, the job losses in the oil industry are threatening to become an avalanche. The following are 12 signs that the economy is really starting to bleed oil patch jobs…
#1 It is being projected that the U.S. oil rig count will decline by 15 percent in the first quarter of 2015 alone. And when there are less rigs operating, less workers are needed so people get fired.
#2 Last week, 55 more oil rigs shut down. That was the largest single week decline in the United States in 24 years.
#3 Oilfield services provider Baker Hughes has announced that it plans to lay off 7,000 workers.
#4 Schlumberger, a big player in the energy industry, has announced plans to get rid of 9,000 workers.
#5 Suncor Energy is eliminating 1,000 workers from their oil projects up in Canada.
#6 Halliburton’s energy industry operations have slowed down dramatically, so they gave pink slips to 1,000 workers last month.
#7 Diamondback Energy just slashed their capital expenditure budget 40 percent to just $450 million.
#8 Elevation Resources plans to cut their capital expenditure budget from $227 million to $100 million.
#9 Concho Resources says that it plans to reduce the number of rigs that it is operating from 35 to 25.
#10 Tullow Oil has reduced their exploration budget from approximately a billion dollars to about 200 million dollars.
#11 Henry Resources President Danny Campbell has announced that his company is reducing activity “by up to 40 percent“.
#12 The Federal Reserve Bank of Dallas is projecting that 140,000 jobs related to the energy industry will be lost in the state of Texas alone during 2015.
And of course it isn’t just workers that are going to suffer.
Some states are extremely dependent on oil revenues. Just take the state of Alaska for instance. According to one recent news report, 90 percent of the budget of Alaska comes from oil revenue…
But oil is also a revenue source in more than two dozen states, especially for about a third of them. In Alaska, where up to 90 percent of the budget is funded by oil, new Gov. Bill Walker has ordered agency heads to start identifying spending cuts.
Sadly, it looks like oil is not going to rebound any time soon.
China, the biggest user of oil in the world, just reported that economic growth expanded at the slowest pace in 24 years. And concerns about oversupply drove the price of U.S. crude down another couple of dollars on Monday…
Oil declined about 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast on lower fuel demand and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action.
U.S. crude, also known as West Texas Intermediate or WTI, settled 4.7 percent lower at $46.39 a barrel, near its intraday bottom of $46.23.
There is only one other time in history when we have seen an oil price crash of this magnitude.
That was in 2008, just before the greatest financial crisis since the Great Depression.
Despite Sanctions by EU & US, Irani Black Gold Turns into 24K Gold
JNN 24 Jan 2012 Tehran : Despite fresh EU sanctions against Iran’s oil exports,India has agreed to pay the price of crude oil it imports from Iran in gold, which makes it the first country to drop the US dollar for purchasing the Iranian oil. China has shown interest in Iran’s oil with hiring at least two supertankers to ship oil from the country.
According to a report published by DEBKAfile news website, unnamed sources have stressed that China is also expected to follow suit.
India and China take about one million barrels per day (bpd), or 40 percent of Iran’s total exports of 2.5 million bpd and both of them have huge reserves of gold.
The report added that by trading in gold, New Delhi and Beijing enable Tehran to bypass the upcoming freeze on its Central Bank’s assets and the oil embargo which the European Union’s foreign ministers agreed to impose on Monday, January 23.
The EU currently buys around 20 percent of Iran’s oil exports.
On the other hand, experts say the vast sums involved in these transactions are expected to boost the price of gold and depress the value of the dollar on world markets.
“An Indian delegation visited Tehran last week to discuss payment options in view of the new sanctions. The two sides were reported to have agreed that payment for the oil purchased would be partly in yen and partly in rupees. The switch to gold was kept [in the] dark,” the report stated.
India is Iran’s second largest customer after China, and purchases around USD 12-billion-a-year worth of Iranian crude, or about 12 percent of its consumption.
Delhi is to execute its transactions, the report said, through two state-owned banks: the Calcutta-based UCO Bank, whose board of directors is made up of the Indian government, the Reserve Bank of India representatives, and Halk Bankasi (Peoples Bank) — Turkey’s seventh largest bank which is owned by the government.
US President Barack Obama signed into law, on December 31, 2011, new sanctions which seek to penalize other countries for importing Iran’s oil or doing transaction with Islamic Republic’s Central Bank.
Foreign ministers of the European Union also imposed sanctions on Iran’s oil imports over the country’s peaceful nuclear program during their Monday meeting in Brussels.
The sanctions involve an immediate ban on all new oil contracts with Iran and a freeze on the assets of the country’s Central Bank within the EU.
Tehran has warned that the embargo will have negative consequences, such as increasing the oil price.
Clarkson Research Services Ltd., a unit of the world’s largest shipbroker, announced the two supertankers were booked to carry about 2 million barrels of crude from Iran’s Khark Island to China.
Qi Lian San, a large crude carrier anchored near Singapore, was booked to load 270,000 tons of crude at Khark Island from Feb. 3 to Feb. 5 and carry the cargo to China, Clarkson said.
The Chinese oil trader, Zhuhai Zhenrong Co., also booked an unidentified ship owned by the National Iranian Tanker Co. to load 265,000 tons of crude in Khark Island on Jan. 29 and sail to the Chinese port city of Ningbo.
Two other ships, Davar and Hoda, which called at an Iranian oil terminal, are heading for China, Bloomberg reported.
Ship-tracking data show Davar is sailing to Ningbo after leaving Iran’s Soroush terminal on Jan. 11, and Hoda is bound for Shui Dong. The National Iranian Tanker Co. owns both very large carriers.
Customs data also showed that China imported 2.4 million metric tons of crude from Iran last month.
On Monday, EU foreign ministers in Brussels agreed to embargo Iranian oil that involved an immediate ban on all new oil contracts with Iran.
Earlier this month, China’s vice foreign minister said his government “opposes imposing pressure and sanctions.”
- Sanctions dodge: India to pay gold for Iran oil, China may follow – RT (tribuneofthepeople.com)
- Iran pays Statoil loan with gas (mb50.wordpress.com)
- EU firms renew Iran oil deals to win sanction reprieve (mb50.wordpress.com)
- Iran says EU oil embargo will be ineffective (foxnews.com)
- EU to Embargo Iranian Crude as Tension Mounts (tarpon.wordpress.com)
- Britain may up navy presence near Strait of Hormuz amid tensions (foxnews.com)
- ‘Iran sanctions will backfire’ – Minister (laaska.wordpress.com)
Australia: Exmouth Plateau Brings Joy to Chevron
Chevron Corp. today announced a natural gas discovery in the Exmouth Plateau area of the Carnarvon Basin, offshore Western Australia.
The Satyr-3 well encountered approximately 243 feet (74 meters) of net gas pay. The well is located 113 miles (182 kilometers) north of Exmouth in the WA-374-P permit area, and was drilled in 3,688 feet (1,124 meters) of water to a depth of 13,369 feet (4,075 meters).
George Kirkland, vice chairman, Chevron Corporation, said, “Satyr-3 represents our thirteenth offshore discovery in Australia since mid-2009. This recent discovery reinforces the quality and value of our Australian exploration lease holdings in the Carnarvon Basin.”
Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, “The Satyr-3 discovery adds to our Australian resource base, further supporting our long-term plans to position Chevron as one of the world’s leading LNG suppliers.”
Chevron’s Australian subsidiary is the operator of the WA-374-P permit area and holds a 50 percent interest, with Exxon Mobil and Shell each holding 25 percent.
- Chevron Strikes Gas at Exmouth Plateau, Offshore Australia
- Australia: Chevron*s Brederode-1 Discovery Continues Recent Exploration and Drilling Success
- Chevron Announces Further Drilling Success in Australia
- Chevron Announces Natural Gas Discovery in Australia
- Chevron Announces Further Natural Gas Find Offshore Australia
- Chevron Throws the Brakes on Current and Future Drilling Offshore Brazil (mb50.wordpress.com)
- Australia: Tap Oil Selling Zola Stake (mb50.wordpress.com)
- Worldwide: Project Field Development News (mb50.wordpress.com)
Canadian Minister Tells Enviros to F**k Off on Oilsands Obstructionism
Ronald Bailey | January 10, 2012
In a no-holds-barred open letter, Canadian Natural Resources Minister Joe Oliver tells environmental radicals to take a hike, preferably off a high cliff.
Canada is on the edge of an historic choice: to diversify our energy markets away from our traditional trading partner in the United States or to continue with the status quo.
Virtually all our energy exports go to the US. As a country, we must seek new markets for our products and services and the booming Asia-Pacific economies have shown great interest in our oil, gas, metals and minerals. For our government, the choice is clear: we need to diversify our markets in order to create jobs and economic growth for Canadians across this country. We must expand our trade with the fast growing Asian economies. We know that increasing trade will help ensure the financial security of Canadians and their families.
Unfortunately, there are environmental and other radical groups that would seek to block this opportunity to diversify our trade. Their goal is to stop any major project no matter what the cost to Canadian families in lost jobs and economic growth. No forestry. No mining. No oil. No gas. No more hydro-electric dams.
These groups threaten to hijack our regulatory system to achieve their radical ideological agenda. They seek to exploit any loophole they can find, stacking public hearings with bodies to ensure that delays kill good projects. They use funding from foreign special interest groups to undermine Canada’s national economic interest. They attract jet-setting celebrities with some of the largest personal carbon footprints in the world to lecture Canadians not to develop our natural resources. Finally, if all other avenues have failed, they will take a quintessential American approach: sue everyone and anyone to delay the project even further. They do this because they know it can work. It works because it helps them to achieve their ultimate objective: delay a project to the point it becomes economically unviable.
That bit about the “quintessential American approach” hurts only because it’s true.
So what did President Obama do in the face of environmentalist agitation? He caved. Our bravely decisive president tried to put off deciding on the approval of the Keystone XL pipeline which would link U.S. refineries to the Canadian oilsands production until after the 2012 presidential election. But as part of the deal to extend the payroll tax cut for two months, the Republicans in Congress set a deadline for President Obama to decide by February 21 whether or not the pipeline is in the U.S. national interest. So which Democratic interest group will the president choose to alienate? The unions or the environmental lobby?
- ‘Radical’ groups working against oilsands (cbc.ca)
- Joe Oliver’s open letter: The regulatory system is broken (business.financialpost.com)
- An open letter from Natural Resources Minister Joe Oliver (theglobeandmail.com)
- Gateway pipeline: Minister slams ‘jet-setting celebrities’ and ‘radical’ environmentalists (calgaryherald.com)
- Minister takes on ‘radical’ environmentalists over Northern Gateway pipeline (calgaryherald.com)
As It Pivots Toward Asia, America Brings an Undefined Era to a Close
Anindya Novyan Bakrie | December 19, 2011
At the beginning of the 21st century, the Indo-Pacific region, consisting of the Asia Pacific and South Asia, existed in an interregnum. The Cold War and the period that followed had passed into history, and it was time for a new era to begin.
What began, instead, was the Age of Terror, inaugurated by the 9/11 attacks in the United States. However, unless terrorism wins, it cannot define an era, no matter how terrible its tactics and how atrocious its results. This is because neither terrorism nor the war against it can settle the great issues of the day.
Thus, the war on terror could not and did not define the relationship between the great powers of the region, primarily the United States, China, Japan and India. It did not, because it could not, decide the balance of power among these nations on the basis of their economic, political, military and cultural strengths. Terrorism merely postponed the inevitable rebalancing of power in the Indo-Pacific region. The region lived in an interregnum for the first decade following 9/11.
Now, in the closing months of 2011, the United States has terminated the interregnum and initiated a new era. It has decided to pivot to the region in two ways: by expanding the Trans-Pacific Partnership free-trade agreement and by deciding to station its troops in the Australian city of Darwin, in a move that could alter the security contours of the Indo-Pacific. No country in the region will be immune to the effects of these changes.
The TPP sends out an economic message that the United States is thinking big. At the Asia-Pacific Economic Cooperation forum in Honolulu last month, US President Barack Obama unveiled the framework of a Pacific-wide free trade agreement involving nine countries.
What had begun in 2005 as an agreement among Brunei, Chile, New Zealand and Singapore took on larger-than-life proportions with the inclusion of Australia, Malaysia, Peru, the United States and Vietnam. Japan announced that it, too, would join the grouping.
Covering 505 million people in an economically exciting part of the world who enjoy a gross domestic product of $16.97 trillion and a GDP per capita of $33,546, the TPP is a super-league FTA in the making.
The United States, with the largest economy in the world, has joined hands with Japan, the third largest economy, and several other vibrant economies in a move that could set the cat among free-trading pigeons, including the European Union.
On the strategic front, the message is the same: the Americans are thinking big. The pivot has taken the form of a US agreement with Australia for the eventual deployment of up to 2,500 Marines on rotational missions in Darwin. These numbers are not big in themselves. What is big is the strategic intention behind them. At one go, America has inserted itself in the swiftly-changing scenario in the Indo-Pacific theater created by the military rise of China and manifested in its assertiveness in the South China Sea.
Are the TPP and the coming Darwin deployment attempts to exclude, encircle and contain China? They do not have to be.
China, the world’s second largest economy, is welcome to join the TPP and make it the apex FTA of the future. In the process, Beijing would become enmeshed in the emerging economic architecture of the Indo-Pacific. True, this would mean concessions on its part and agreement to play by the rules of TPP, but then the same rules would bind the other players as well, all of whom would have to make concessions. This is not containment, unless Beijing decides to see it that way.
As for the Darwin deployment, it is an American signal to the Chinese to moderate their naval assertiveness. China’s military build-up leaves no one in any doubt of its desire to protect its national interests in the Taiwan Strait. China seeks to be in a position to deal effectively with the eventuality of American (or other) intervention should Taiwan declare independence and seek foreign help.
But the South China Sea is another matter: It is contested maritime territory. For Beijing to elevate it to a “core interest,” on par with Taiwan’s and Tibet’s place in China’s territorial integrity, cannot but make the other claimants look for support from another great power. America provided diplomatic support to Southeast Asian countries worried about China, particularly Vietnam and the Philippines, by reasserting Washington’s commitment to freedom of navigation in the international waterways.
The Darwin deployment reinforces Washington’s military resolve not to let Chinese assertiveness in the South China Sea carry the day by default. It is now up to China to recalculate its options. This is not containment — unless Beijing chooses to see it that way.
Indonesia has not been vocal on these game-changing events and developments, but it has a role to play in them for obvious reasons. Even before American strategic thinking recognized Indonesia’s position as a pivotal power in the Indo-Pacific, geography had assigned it that role.
The Indonesian archipelago forms a crossroad between the Indian and the Pacific oceans, and it is a bridge between the continents of Asia and Australia. Indonesia is the largest archipelago in the world to form a single state and Southeast Asia’s largest country. With a GDP of more than $700 billion, its economy is the biggest in Southeast Asia and has won it membership of the Group of 20.
Whether Indonesia wishes to join the TPP will depend on a calculus of costs and benefits that must take into account the fact that, for all the nation’s achievements, it remains a developing country. At the moment, what is crucial is that Indonesia contributes to the viability of the Asean Economic Community, whether or not that vision is achieved by 2015.
On the strategic front, Indonesia is not, and will not be, a part of any attempt to contain China. At the same time, however, Indonesia cannot have its options constrained in dealing with the United States, Japan, India or any other country.
This is true not only of Indonesia but of Asean in general. No country in Asean wants to be forced by either the United States or China to choose between the two. Indonesia, as Southeast Asia’s pivotal country, must continue to pursue a free and independent foreign policy that welcomes extra-regional powers without becoming a part of any exclusive agenda they might have.
All in all, these are interesting times in which Indonesia must remain relevant. Or should I say that these are pivotal times?
Anindya Novyan Bakrie is chairman of VIVA Media Group, chief executive of Bakrie Telecom, vice chairman of the Indonesian Chamber of Commerce and Industry (Kadin), and a presidentially-appointed representative for the APEC Business Advisory Council.
- U.S.-China tensions risk spilling over into Asia summit (mb50.wordpress.com)
- TPP: APEC’s anti-China son? (japantimes.co.jp)
- U.S. lays out its Asia-Pacific plans (japantimes.co.jp)
- China holds an open attitude to Trans-Pacific Partnership pact: official – Xinhua (news.xinhuanet.com)
- Plunging The Pacific Into A New Order? (stuckinfijimud.blogspot.com)
- You: Road map for Afghanistan as contested as ever (japantimes.co.jp)
- Obama’s Asia visit puts focus on China’s power (seattletimes.nwsource.com)
- Trans-Pacific Trade Deal Could Revolutionize Commerce: View (businessweek.com)
US plan to deploy combat ships in PH spark protest
A group of Philippine Marines wait to board a navy ship inside a navy headquarters in Manila
Manila : Philippines | Dec 16, 2011 at 9:04 PM PST By GerryAlbert
By Handog Malaya Vera, Gerry Albert Corpuz and Himala dela Cuesta
MANILA, Philippines-The alleged plan of US President Barack Obama to deploy combat ships in the Philippines to offset China’s growing military presence in South China Sea and the Southwast Asian region sparked outrage among groups in Manila highly critical of US military aggression and intervention.
The left-leaning fisherfolk alliance Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) on Saturday protested what it called an upcoming intervention in Manila as they urged Philippine President Benigno Simeon Aquino III to clarify reports about a US plan to station American combat ships in the disputed Spratlys group of islands.
Pamalakaya national chair Fernando Hicap cited an online report published by Interkasyon, the website news of ABC 5 which said the US Navy is planning to deploy combat ships in Singapore and in the Philippines to check China’s threatening presence in Spratlys.
“President Aquino should tell all about this US military project in Spratlys. Is he aware of this upcoming deployment of Washington combat ships inside the territorial waters of the Philippines? Did he agree with this military escapade of US President Barack Obama? What is the real score Mr. President,” asked Hicap in a press statement.
The Pamalakaya leader also asked officials of the Department of Foreign Affairs (DFA) in Manila to shed light on the report, which Hicap said is a direct affront to the country’s national sovereignty.
Hicap said the report likewise merits a full-blown congressional inquiry by the Philippine Senate and the oversight committee of the Visiting Forces Agreement (VFA), saying the deployment of combat ships is tantamount to allowing Washington to use the country as a launching pad to attack countries which the US categorized as rival powers like the China and other nations highly critical of American interests in Asia and the Pacific.
The report said regional defense analysts said the ships were small, but agreed the symbolism of the moves, which come after Washington announced it was increasing its engagement in Asia, would upset Beijing.
Last November, the United States and Australia announced plans to deepen the U.S. military presence in the Asia-Pacific region, with 2,500 U.S. Marines operating out of a de facto base in Darwin in northern Australia.
A report published by the U.S naval Institute said in coming years, the U.S. Navy will increasingly focus on the strategic “maritime crossroads” of the Asia-Pacific region, Chief of Naval Operations Admiral Jonathan Greenert wrote in the December issue of Proceedings.
The plan highlights the deployment of several of US newest littoral combat ships at Singapore’s naval facility and will help the American navy sustain its global forward posture with what may be a smaller number of ships and aircraft than today.
Greenert described littoral combat ships as shallow draft vessels that operate in coastal waters and can counter coastal mines, quiet diesel submarines and small, fast, armed boats. Greenert admitted the ships would focus on the South China Sea, conducting operations to counter piracy and trafficking, both of which are endemic in the area.
“Similarly, 2025 may see P-8A Poseidon aircraft or unmanned broad area maritime surveillance aerial vehicles periodically deploy to the Philippines or Thailand to help those nations with maritime domain awareness.”
Defense experts argued that the disputed ownership of the oil-rich reefs and islands in the South China Sea is one of the biggest security threats in Asia. The sea is claimed wholly or in part by China, Taiwan, the Philippines, Malaysia, Vietnam and Brunei.
They agreed that the shortest route between the Pacific and Indian Oceans, it has some of the world’s busiest shipping lanes. More than half the globe’s oil tanker traffic passes through it.
At a regional summit held in November, US President Obama told Chinese Premier Wen Jiabao that the United States wanted to ensure the sea lanes were kept open and peaceful. But Jiabao lashed back declaring “outside forces” had no excuse to get involved in the complex maritime dispute, a veiled warning to the United States and other countries to keep out of the sensitive issue.
- U.S. Navy may station ships in Singapore, Philippines (ibtimes.com)
- Philippines launches warship amid territorial row (sfgate.com)
- Philippines Launches Warship Amid Territorial Row (abcnews.go.com)
- Philippines launches warship amid territorial row (seattletimes.nwsource.com)
- Tensions rise on South China Sea dispute (mb50.wordpress.com)
- Clinton in Manila amid ASEAN row over South China Sea (mb50.wordpress.com)
- Is War in the South China Sea Inevitable? (mb50.wordpress.com)
- China’s Hu Urges Navy To Prepare For Combat (thetruthabout1111.wordpress.com)
- China’s Hu urges navy to prepare for combat – Yahoo! News (2012indyinfo.com)
- Is China Preparing for war? (peavyblack.com)
USA: ConocoPhillips Allocates USD 14 Billion for E&P in 2012
U.S. oil & gas exploration and production company, ConocoPhillips, announced a 2012 capital program of $15.5 billion. The 2012 capital program for E&P is $14.0 billion and includes $2.2 billion for worldwide exploration, $0.4 billion of capitalized interest and $0.7 billion for the company’s contributions to the FCCL business venture and loans to other affiliates.
Approximately 60 percent of the E&P capital program will be spent in North America. This represents an increase in the U.S. Lower 48 and Canada compared with prior years, reflecting improved market conditions, with additional emphasis on liquids-rich resource plays and high-return investments.
Capital spending in Alaska is expected to be slightly down compared to 2011 levels, and will be directed toward development of the existing Prudhoe Bay and Kuparuk fields, as well as fields on the Western North Slope.
In Europe, Asia Pacific and Africa, total spending is expected to be approximately 40 percent of the E&P capital program.
In the North Sea, spending is planned for existing and new opportunities in the Greater Ekofisk Area, the Greater Britannia fields and development of the Jasmine and Clair Ridge projects.
“The 2012 capital program reflects our strategic emphasis on delivering value by investing in the most profitable opportunities,” said Jim Mulva, chairman and chief executive officer.
The company will continue its focus on accessing, testing and appraising material opportunities in both conventional and non-conventional oil and gas plays. ConocoPhillips plans further appraisal of the Poseidon discovery in the Browse Basin, offshore Australia, and the Tiber and Shenandoah discoveries in the Gulf of Mexico. The company also plans to test material prospects in the Gulf of Mexico and Kazakhstan. Delineation of the company’s position in the Eagle Ford shale play will continue, as will pilot programs in shale plays in the Canadian Horn River Basin, Australia and Poland.
- ConocoPhillips Sells $2B in Pipeline Assets (mb50.wordpress.com)
- Before Splitting, Conoco Reveals $25B In Spending And Buybacks (forbes.com)
- Conoco’s Brent Control (mb50.wordpress.com)
- ConocoPhillips to buy back $10 bln more in shares (marketwatch.com)
- ConocoPhillips selling pipelines for $2 billion (marketwatch.com)
South Korean Hyundai Heavy Delivers Deepsea Metro II Drillship
Deep Sea Metro Ltd. has today taken delivery of the drillship Deepsea Metro II from Hyundai Heavy Industries (HHI).
The naming ceremony for the vessel was held on November 10 in Hyundai Heavy’s shipyard in Ulsan, South Korea.
President & CEO of Odfjell Drilling, Simen Lieungh states:
“This is the second project for Deep Sea Metro this year and fourth overall that Odfjell Drilling has successfully delivered since the Deepsea Atlantic in 2009. We are pleased to see that our site team and the yard have succeeded in every way, with regards to safety and schedule. The safety results in all our projects are very satisfactory, which is an important indicator of professionalism and accountability in all aspects. With the delivery of this state of the art vessel, we are now looking forward to the operations ahead.”
Deepsea Metro II will start its first drilling campaign for Petrobras , offshore Brazil.
- South Korea: Naming Ceremony for Odfjell Drilling’s New UDW Drillship (mb50.wordpress.com)
- Dolphin Drilling to Provide Two Drillships for Anadarko’s Mozambique Operations (mb50.wordpress.com)
- South Korea: Rowan Companies Inc, Announces Option to Build GustoMSC Drillship (mb50.wordpress.com)
- Fred Olsen Wins Contract for Belford Dolphin and Newbuild Drillship (gcaptain.com)
- USA: Busy December Ahead of Pacific Drilling’s Drillships (mb50.wordpress.com)
- Fred Olsen Extends Drillship Option With Hyundai Heavy (gcaptain.com)
- Is the Industry Ready to Drill in the Arctic? Stena Drillmax Ice Nears Delivery (mb50.wordpress.com)