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Brazilian Oil Finds May Cost a Record $240 Billion to Develop
By Joe Carroll
June 5 (Bloomberg) -- Brazil's oil discoveries, including the Western Hemisphere's largest in three decades, may cost $100 billion more to develop than the industry's most costly field.
The Tupi deposit and nearby offshore prospects probably will cost $240 billion to exploit, said Peter Wells, director of U.K. research firm Neftex Petroleum Consultants Ltd. and a former Royal Dutch Shell Plc exploration manager. The total exceeds the $136 billion estimate for Kazakhstan's Kashagan field, led by Eni SpA, and would be enough to fund the U.S. space program for 14 years.
Brazil's state-controlled Petroleo Brasileiro SA will need to enlist international producers such as Exxon Mobil Corp. to raise financing for the platforms and pipelines required to reach crude trapped beneath six miles (10 kilometers) of water and rock, Wells said in a telephone interview. The prospects may hold $6 trillion of petroleum and make Brazil one of the world's 10 largest oil producers.
``This oil is going to be difficult to get out of the ground and it will cost a lot,'' said Wells, who also was a chief negotiator for BP Plc in Azerbaijan. Petroleo Brasileiro ``will need the capital expertise only found with the world's largest, most experienced oil companies.''
Tupi, the biggest discovery in the Americas since 1976, will start pumping in April 2009, Chief Executive Officer Jose Sergio Gabrielli said in an interview last month. Gabrielli declined to estimate development costs for Tupi and adjacent fields, and a spokesman said yesterday that the company wouldn't comment on Wells's projection.
Tupi and Friends
The $240 billion estimate assumes there are four to seven similar prospects nearby and includes costs to drill wells, lay pipelines and build production platforms over a period of about 20 years, Wells said.
Tupi alone could cost $100 billion, said Wells, part of a Neftex team doing a six-year study to map all of the world's petroleum basins.
Cambridge Energy Research Associates, the Cambridge, Massachusetts-based consulting firm headed by Daniel Yergin, said the Tupi-area fields will cost $200 billion to $240 billion. Costs are rising as producers compete for labor and equipment with oil prices above $120 a barrel. Deepwater drilling rigs are renting for more than $600,000 a day in some cases.
The Brazil fields may hold as much as 50 billion barrels of crude, Wells said. That's more than the reserves of Libya.
Rigs Ordered
Petrobras, as Rio de Janeiro-based Petroleo Brasileiro is known, already has leased about 80 percent of the world's deepest-drilling offshore rigs and plans to hire 14,000 engineers, geologists and drillers within the next three years, Gabrielli said.
The company announced plans last month to place orders with shipbuilders for 40 new drilling rigs and production platforms that will cost about $30 billion.
``Petrobras will probably face stiff challenges in this endeavor, as there are significant hurdles to overcome in terms of acquiring basic materials, people and rig equipment,'' said Stephen Ellis, an analyst at Morningstar Inc. in Chicago.
Petrobras will revise its $22.5 billion-a-year capital budget because it was drafted before engineers realized the size of Tupi's recoverable reserves, which may be equivalent to 8 billion barrels of oil, Gabrielli said. At $240 billion, the price tag would be more than the annual economic output of Thailand, Ireland and Malaysia.
20% Gas
The Brazilian discoveries contain about twice as much natural gas in each barrel of crude as reservoirs in the Gulf of Mexico and West Africa, increasing the complexity and expense of the projects, Wells said.
Tupi is about 80 percent crude and 20 percent gas, said Wells, a University of Exeter-trained geologist. For each barrel of oil, there's 700 to 1,000 cubic feet of gas.
``Gas is an important cost consideration because they have to decide whether to reinject it back into the reservoir or construct a rather large pipeline to take it to another destination where it can be used,'' said Candida Scott, a senior director at Cambridge Energy Research Associates.
The high wax content of Tupi's crude and the presence of carbon dioxide, which can damage pipes, also may raise costs, Wells said.
Reading, U.K.-based BG Group Plc, which owns 25 percent stakes in Tupi and an offshore field known as Parati, and 30 percent of Carioca, hasn't provided cost projections. Carioca, which neighbors Tupi, may hold 33 billion barrels of crude, a Brazilian oil regulator said in April.
``It's really simply too early to make an estimate of costs,'' BG spokeswoman Jo Thethi said.
Irving, Texas-based Exxon Mobil plans to begin drilling its first exploratory well off Brazil's coast in the third quarter.
``It's a very large area, very difficult to image and it's going to cost a lot of money to develop,'' Chief Executive Officer Rex Tillerson told reporters after the company's May 28 shareholders meeting in Dallas
adjpublic, thank you for good information
the thrust hour is on
see the thrust dpdw has it's back to 1.20
MCS Bags Petrobras Subsea Frame Agreement
by MCS
Monday, June 02, 2008
Global subsea engineering company MCS has strengthened its relationship with Brazil's national oil company Petrobras with a one-year subsea frame agreement.
This is the third such deal between the two companies and the scope agreement comprises technical engineering for multibore hybrid risers, bundles flowlines and pipe-in-pipe constructs.
MCS currently provides technical support for Petrobras' flexible and rigid subsea pipes and risers, subsea equipment and integrity management as well as pipeline engineering services.
This latest win follows significant investment by MCS into the recruitment and development of its Brazilian workforce after the company established a dedicated presence in Rio de Janeiro in 2004. The company now employs 15 people in South America with full support and expertise from the company's specialist engineers around the globe.
"MCS has enjoyed a long and productive relationship with Petrobras," said Otavio Serta, director of MCS in Brazil. "This new contract award consolidates MCS' position in the Brazilian market, demonstrating our capability to cover locally a wide range of services in the subsea industry to a consistently high standard."
MCS has offices in Galway, Aberdeen, Houston, Perth, Paris and Kuala Lumpur. The company currently employs more than 200 people and provides engineering solutions including integrity management, proprietary software and hardware expertise, across a wide variety of subsea and riser projects worldwide.
Aker Solutions Wins $12 Million in Subsea Contracts
by Aker Solutions
Monday, June 02, 2008
Aker Solutions has been awarded two contracts worth a total of US $12 million for manufacture and delivery to subsea field developments in Australia and India.
One contract is for the delivery of a four-slot production manifold to Anzon Australia's Basker Manta field development offshore Victoria, Australia. The other is with Allseas for the delivery of pipeline anchor boxes and driving module for the company's installation work at Reliance Industries' KG-D6 field off the east coast of India.
Delivery dates for the two contracts is Q4 and Q3 2008 respectively. All work will be undertaken at Aker Solutions' hi-tech subsea manufacturing centre in Malaysia.
"The award of these contracts shows the competitive edge of our engineering and manufacturing capabilities in Malaysia. It also demonstrates our ability to accommodate fast track deepwater deliveries," says Egil Martinussen, senior vice president Asia Pacific, Aker Solutions.
Contract party is Aker Solutions subsidiary Aker Solutions Malaysia Sdn. Bhd
Nexans to Acquire Subsea Cable Company, Intercond
by Nexans
Friday, May 30, 2008
Nexans, the worldwide leader in the cable industry, announced it has signed a agreement for the acquisition of the Italian company Intercond, a leading European manufacturer of special cables, mainly for industrial equipment including subsea activities.
The acquisition of this company, which sales totaled 60 million euros (at current metal prices) in 2007 and currently employs 150 people, will come as a complement to the Group’s existing business units based in Europe, making of Nexans one of the worldwide leaders in both above mentioned activities.
The 90 million euros Enterprise Value agreed by both parties, corresponds to 5 to 6 times the expected 2008 EBITDA (before synergies).
"This acquisition fits totally in the Group's strategy by increasing the portion of its business in high value-added special cables," said Gerard Hauser, Chairman and CEO of Nexans.
This operation is expected to close in the third quarter of 2008
man those 1.13 are hot
Bjorge Signs LOI with FMC for Naxys Work at Ormen Lange and Vega
by Bjorge
Thursday, May 29, 2008
Bjorge has signed a letter of intent with FMC Technologies for the supply of Naxys condition and leak monitoring systems, to be used on the new subsea production systems on the Ormen Lange and Vega fields. The Vega field is located approx. 80 km west of Floro. The contract has a value of 20 million NOK. Work under the contract has been initiated and will be completed in 2008.
Developed and manufactured by Bjorge, the systems will contribute to ensuring optimal and safe operations, at the same time as giving early alarm in the event of any spills to the sea.
CEO of Bjorge, Stig Feyling, reports that Bjorge previously has supplied similar systems to Troll Pilot, Ormen Lange phase I, Tordis IOR subsea processing facility, and Vigdis production template.
The products have attracted considerable attention on the international market, with Bjorge having received inquiries and submitted bids for projects off West Africa, the Gulf of Mexico and Asia.
Feyling further reports that Bjorge has an ambition to become a leading, complete supplier within monitoring of subsea installations by combining Naxys technology and competence with Bjorge's competence within pumps, valves, instrumentation and process control.
"We are very pleased about the contract that FMC Technologies has awarded us and consider it an important step forward for our technology within condition and leak monitoring," Mr. Feyling concludes
i think there something else going on beside the qt earning going on, i just called no answer
on level 2 i see where maxm move to 0.0088
i am going to ride it out i think dcff still a good stock, i think i push adam too hard for an answer
thank you all,let's hope adam come though
here i just called him, and he answer the phone, i ask him about the news on the numbers, here what he said i have until midnight to post the numbers, he said to me, it has to be today not friday.
i been talking to adam for 2 days he told me yesterday that the earning would be out today, i have called him 3 times today there no answer, however he did tell me that he was working with 7 to 8 new company's to handle the bulb's
mazaniac, that's why i posted the fresh new release, there may be a $ell thor for dpdw
GWMAN, they have a deal with flotex
Maari Platform Installed in New Zealand and FPSO Raroa Arrives
by Ministry of Economic Development
Wednesday, May 28, 2008
Maari wellhead platform is now installed at New Zealand’s largest oilfield offshore Taranaki and the floating production storage and offloading vessel Raroa arrived on site.
Activity at the OMV operated field about 40 km south of the Maui field has built up ahead of the planned arrival of the Ensco 107 jack-up rig later in June or July to begin drilling the first Maari production wells.
Junior publicly-listed Australian partner in the project Horizon Oil International in its March quarterly report says the wellhead platform was installed on the south Taranaki basin seabed on April 24, 2008.
The Maari wellhead platform designed by the Australian Clough company and built in Malaysia was shipped on a heavy transporter ship Blue Marlin and arrived at the sheltered Admiralty Bay in the Marlborough Sounds at the northern tip of the South Island.
The platform which was built to float on the sea with its single support leg jacked up in the air was floated off the transporter and towed to the site before jacking itself up.
The FPSO Raroa arrived in Wellington on April 26, 2008 before moving to the Maari location in early May.
Fellow junior partner Cue Energy says in its first quarter report that the Acergy installation vessel Toisa Proteus has installed the anchor piles, FPSO connecting buoy and mid arch buoy at the Maari location and is laying the flow lines that will connect the platform to the FPSO.
Development drilling of the five oil producing wells and three water for injection wells, will be undertaken by the ENSCO 107 jack up rig which is currently drilling at the Kupe gas condensate field for Origin Energy.
Cue Energy says first oil, assuming no unexpected weather delays, is expected in September 2008 with oil production planned to increase as each development well is drilled, ahead of peak production around the end of the first quarter 2009 of approximately 35,000 barrels of oil per
FMC and Woodside Extend Subsea Service Agreement 5 Yrs.
by FMC Technologies, Inc.
Wednesday, May 28, 2008
FMC Technologies, Inc. announced that it has signed a five-year extension to its existing five-year frame agreement with Woodside Energy Limited in Australia. Under the agreement, FMC Technologies will provide subsea tree systems for the next five years, and associated aftermarket services for the next six years, with options to extend the agreement to ten years.
"Woodside has been a major customer of FMC's for the last fifteen years and a frame agreement partner since 2003," said Tore Halvorsen, Senior Vice President of Global Subsea Production Systems at FMC Technologies. "Under the prior frame agreement, we manufactured and supplied more than 65 subsea tree systems to support their developments and we are excited about the opportunity to continue to provide our subsea technology and offshore support services."
Mr. Halvorsen added that Woodside is the largest liquid natural gas (LNG) operator in Australia and has an expanding portfolio of potential offshore projects, including expansion of its $12 billion Pluto LNG project, as well as its Browse and Sunrise developments.
"Woodside plans to be a leading, global supplier of LNG by 2015. This agreement, which is expected to position FMC to supply more than 80 subsea tree systems, will support their efforts while enhancing FMC's local capabilities in Australia," Halvorsen stated.
FMC Technologies Wins $50 Million Order for Yttergryta Project
by FMC Technologies
Wednesday, May 28, 2008
FMC Technologies has signed an agreement with StatoilHydro for the supply of products and services to support development of the Yttergryta project. The agreement represents revenue of approximately $50 million for FMC Technologies.
The Yttergryta project is a gas field located approximately three miles (five kilometers) northwest of StatoilHydro's Asgard B development in the Norwegian Sea. FMC Technologies' scope of supply includes a horizontal subsea tree system, flow control module, choke, tubing hanger, flow base, umbilical and various monitoring and testing systems. Deliveries are expected to commence in the summer of 2008.
Commenting on the announcement, Tore Halvorsen, FMC Technologies' Senior Vice President of Global Subsea Production Systems, said, "We are proud of our relationship with StatoilHydro and our role in their exploration and production efforts
Saipem Awarded Two Offshore Contracts Worth $600 Million
by Saipem
Wednesday, May 28, 2008
Saipem has been awarded two new offshore contracts in Egypt and Angola worth a total value of about US $600 million.
Egypt
The first contract was awarded by the Burullus Gas Company for the subsea development of the Sequoia field, which straddles both the Rosetta and West Delta Deep Marine Concessions, located offshore from the Nile River Delta, about 130 kilometers northeast of Alexandria, Egypt.
The contract encompasses the engineering, procurement, installation and commissioning (EPIC) of the subsea development system of the Sequoia field, in water depths ranging from between 70 and 570 meters, and of a new 22" gas-export pipeline. The marine activities will be carried out mainly by Saipem's highly specialized FDS vessel and will use different installation methods (J-lay and S-lay) to match the complexity of the operational environment, including both shallow and deep waters. The work will be completed in the second half of 2009.
Angola
The second contract, awarded by Total E&P Angola, is for the Block 17 Gas Export Project consisting of exporting Block 17 gas to Block 2 area for injection into two oil depleted reservoirs located off the Angolan shore, about 230 kilometers northwest of Luanda. Saipem's scope of work includes engineering, procurement, fabrication, transportation and installation of a new injection platform (Single Central Platform) weighting a total of 1500 tons, to be installed in water depth of 38 meters in the Block 2 area. The marine activities will be carried out by Saipem 3000 vessel in the second half of 2009
are you aware if your town or city walgreen's, do not have these bulbs, you can call walgreen hq. give your name address phone and zip code they will have some send out to that location. i got this infro from adam
Walgreen Co.
200 Wilmot Road
Deerfield, IL 60015
United States - Map
Phone: 847-914-2500
Fax: 847-914-2804
Web Site: http://www.walgreens.com
Perdido Sets Sail for the Gulf of Mexico
by Shell
Tuesday, May 27, 2008
The race is on to produce tomorrow's oil from new and more hostile frontier environments. The construction of the hull of one of the world's deepest oil production facilities is now complete and today it started to make its 8,200 mile journey from the shipyard in Pori, Finland, to Ingleside, Texas.
The massive steel spar structure, which is nearly as tall as the Eiffel Tower, and weighs as much as 10,000 family cars, forms part of Shell's most ambitious deepwater offshore oil and gas development ever undertaken and will be the world's deepest spar production facility.
Operating in ultra-deep waters of the Gulf of Mexico, the Perdido spar will float on the surface in nearly 8,000 ft of water and is capable of producing as much as 130,000 barrels of oil equivalent per day. The spar will be secured in place by nine chain and polyester rope mooring lines, spanning an area of the seafloor roughly the size of downtown Houston.
On the seafloor, 22 wells, each extending more than 14,000 ft from the surface and into the mud and rock beneath the vast Alaminos Canyon, will be linked to the Perdido spar above. Oil will be brought to the surface against the extreme pressure of the deepwater by 1,500 horsepower electric pumps and gas will be separated on the sea floor and naturally rise to the production unit on the surface.
The remotest producing platform in the entire Gulf of Mexico region, Perdido will float 220 miles from Galveston, Texas, and provide living quarters for 150 industry personnel. The helicopter landing deck will also set new industry records, accommodating two long-range Sikorsky S92 helicopters simultaneously, each holding up to 24 passengers and crew.
Following its departure from Finland, the hull will travel by transport barge to Ingleside, Texas, where it will be outfitted for offshore installation before beginning the journey to the deep sea and its final frontier destination in block 857 of the Alaminos Canyon.
Shell, the 35% shareholder of the Perdido Regional Development Spar, is operator on behalf of partners BP (27.5%) and Chevron (37.5%). Perdido is scheduled to begin production towards the end of the decade
hello brikk, nice close
adam, nice guy to talk too, however he said since they a public trade co, he cannot give out any information, he also said if your town don't have these bulb's he saids to call walgreen hq. tell them to ship some bulb out to your town so that't what i doing now.
adam told me,today he gave the earning number his guy and said they will post them 5-28-08
wednesday is the day, that's what adam said, they are working on 2 to 3 deal too, so lets start kicking some azz moving up
Aker Starts Production of Buoyancy Modules at Malaysian Subsea Facility
by Aker Solutions
Monday, May 26, 2008
Aker Solutions has started up a new facility for production of buoyancy modules for deepwater marine drilling risers at the company's hi-tech subsea manufacturing center in Malaysia.
Aker Solutions has through its subsidiary Phoenix Polymers International Ltd (Phoenix) established a state-of-the-art manufacturing facility for buoyancy and polyurethane products. Floatation elements for Aker Solutions' deepwater marine drilling risers, which are also manufactured at the site in Malaysia, will be a key deliverable for the new production unit within the manufacturing center.
"Our manufacturing center in Malaysia is the world's only 'one stop shop' for subsea production systems. The introduction of our buoyancy production unit, in addition to our drilling riser facility, makes this manufacturing center even more unique in the global oil and gas industry," says Egil Martinussen, president of Aker Solutions in Malaysia.
The technology used for the new buoyancy production unit is transferred from Phoenix Polymers International Ltd, an Aberdeen-based company which Aker Solutions acquired a controlling 50% stake in June 2007. The buoyancy manufacturing unit in Malaysia will operate and trade under the Phoenix name.
"The buoyancy production facility will secure delivery of a key component to our drilling riser systems in a part of the world where most new drilling units are being built. This removes logistical barriers, which in turn makes us even more competitive," says Svein Haug, senior vice president Umbilical & Riser, Aker Solutions.
"Setting up our manufacturing center in Malaysia and acquiring the Phoenix business are two strategic actions that have contributed significantly towards Aker Solutions becoming a market leader in the drilling riser segment. We saw the boom in the global rig market coming, and we took action. This latest development is part of a plan to position ourselves for the coming wave of new build drilling units
to sum it all up did you ever hear a song called WE ARE FAMILY BY SISTER SLEDGE this what have here
Delba Group connection
Market Wire, January, 2008
E-mail Print Link WestLB Capital Markets Latin America acted as Sole Bookrunner and Underwriter to provide a USD 488 million senior secured debt financing for the construction and operation of an ultra-deep water semi-submersible offshore drilling rig for Delba/Interoil in Brazil. The transaction benefited from the support of the Inter-American Development Bank in the form of an IDB A/B loan with the IDB committing USD 100 million to the transaction.
According to Carla Tully, one of the IDB team leaders, "IDB is pleased to enter the oil sector with this transaction, particularly given the considerable developmental benefits to Brazil resulting from the financing, including the creation of jobs and training under Brazil's PROMINP program, as well as the opportunity to enhance the competitiveness of one of Brazil's growing companies in the sector."
In addition, WestLB also acted as Financial Advisor and Arranger for the client and placed USD 130 million of financial equity for the project, initially provided by MPC Capital AG of Hamburg.
"WestLB was able to provide the client with an integrated solution that encompasses advisory on the equity side, arranging and fully underwriting the debt financing, integration of a multilateral institution and an interest rate hedging program throughout the life of the transaction," said Oliver Langel, Executive Director in WestLB's Latin America Group. "WestLB was also able to support the financial equity obligations of MPC by providing an initial bridge financing on behalf of the client."
The vessel is a Gusto MSC TDS 2500, capable of drilling in water depths of up to 2740 meters, and will be constructed under a fixed price, turnkey Engineering, Procurement and Construction Contract with Single Buoy Moorings Inc. of Switzerland at a shipyard owned by Gulf Piping Company W.L.L. in Abu Dhabi. The project finance facility is largely secured by seven-year charter and services contracts between the Project and Petrobras within the framework of the PROMINP program. The contracts provide for market day rates and contemplate bonus payments for performance above certain parameters.
According to Thomas Friebel, Head of Loan Syndication Latin America, "WestLB was able to successfully syndicate and oversubscribe the IDB B-Loan in a challenging global credit environment, especially for a sponsor that compared to its peers, has limited financial strength, but a very strong and solid track record in the industry."
The transaction was placed with international institutions active in the marine business, among them Dexia, DVB, KfW, Depfa, Itau BBA, Natixis, Cifi, Nordkap, and Caterpillar Financial Services.
"WestLB's successful syndication, which has the largest B-Loan in the Oil and Gas sector of any IDB financing to date, highlights IDB's catalytic role in bringing international financial institutions into IDB-financed transactions," added Lori Kerr, the other IDB team leader.
The credit facilities consist of three tranches: a project loan, a contingency/working capital loan and a mobilization loan. The project loan is a 10.5-year construction and term loan facility of up to USD 460 million to finance up to 80 percent of the project costs. The contingency/working capital facility of up to USD 12 million will finance a combination of up to 50 percent of potential construction cost overruns after the contribution of USD 12 million in contingent equity by the sponsors and initial working capital. The third tranche is a short-term facility of up to USD 16 million to finance the mobilization and transportation of the drilling rig from Abu Dhabi to Brazil.
Transaction highlights include:
-- The transaction is structured as an Inter-American Development Bank
A/B loan, the first time the IDB has been active in the oil sector, and
features the largest IDB B-Loan in the Oil and Gas sector to date.
-- The financing consists of a 3.5-year construction phase and a 7-year
operating and amortizing phase.
-- The financing was extremely well received by the market, as evidenced
by its significant oversubscription.
-- WestLB was able to provide an integrated solution to the Sponsor by
arranging the debt as well as the equity portion of the project.
About the Sponsors
The Delba Group has been doing business in Brazil with Petrobras and other oil companies for the past 40 years, either through its companies or through representation of foreign companies. The main companies of the group include CPDB, a provider of drilling services, Delba Maritima Navegacão, an offshore support company and Aeroleo, a helicopter company which provides services to Petrobras and other oil companies in Brazil. Delba has partnered with Interoil, a Brazilian group active in the oil and gas sector as well as supporting industries for the operation and management of the rig.
MPC Münchmeyer Petersen Capital AG, member of the Münchmeyer Petersen Group, has been active in the maritime financing sector since its inception in 1994 and is the market leader in closed-end funds in Germany with Euro 6 billion in equity placed and more than 260 funds launched. MPC Capital AG is a public company and is listed in the SDAX
mazaniac, yes there so much action out there, this co. flotec has deal from the past and now into the future. also deal's with gov't are hard to find i keep digging, make me wonder why were still sitting around 1 billy buck
hey banks, they both connect
FMC Supplies Subsea Production System for Tambau Field
by FMC Technologies
Thursday, May 22, 2008
FMC Technologies has received an award to supply the subsea production system for Petrobras' Tambau gas field. The award has a value of approximately $140 million in revenue to FMC Technologies.
The subsea production system, rated at 10,000 psi, will be installed in approximately 4,400 feet (1,350 meters) of water in the Santos Basin offshore Brazil. FMC Technologies' primary scope of supply includes four vertical subsea trees, with an option for two additional trees, as well as manifolds, controls and associated equipment. The project will be engineered and manufactured at FMC Technologies' facility in Rio de Janeiro. Deliveries are expected to commence in the fourth quarter of 2009.
"We are delighted to continue supporting Petrobras with their projects," said John Gremp, FMC Technologies' Executive Vice President of Energy Systems. "Our operation has supplied the largest portion of Petrobras' currently installed subsea equipment offshore Brazil. Including today's announcement, Petrobras has now awarded our Brazilian operation more than 300 subsea trees and 21 subsea manifolds integrated with multiplex controls."
Through its FMC CBV Subsea business in Brazil, FMC Technologies has been supplying subsea solutions for the Brazilian oil industry since 1961. With two facilities in Rio de Janeiro and one service base in Macaé, FMC Technologies' capabilities in Brazil include local engineering, project management, manufacturing, integration testing, installation and customer support
Lankhorst Mouldings, Heerema Marine Work Together on Petrobras Flowline
by Lankhorst Mouldings
Thursday, May 22, 2008
Lankhorst Mouldings' Offshore division supplies VIV Suppression Strakes to Heerema Marine Contractors for installation on Petrobras' Chinook flowline System in the Gulf of Mexico.
Lankhorst Mouldings' Offshore division has signed the contract with Heerema Marine Contractors (HMC) for the supply of TriVIV (Vortex Induced Vibration) protection for the Petrobras Chinook & Cascade project. This project is the first, and deepest, FPSO-based system in the Gulf of Mexico at 8,250 ft of water depth. The Chinook 14-inch Pipe-in-Pipe flowlines are designed by Petrobras America Inc. with a length of 12 miles and will be installed by HMC using a Deepwater Construction Vessel. Over a length of 8-9 miles the seabed structure shows high mega furrows and spans which require VIV Suppression devices to be attached during the installation. One of the major advantages of the TriVIV system is the high speed of installation due to a low weight per piece and efficient design in combination with a low overall transport volume. The track record of Lankhorst Mouldings confirms this has been recognized by other operators and installation contractors in the GOM.
Lankhorst Mouldings' Offshore division is market leader in the supply of riser protection systems for both production and drilling risers, such as TriVIV, RiserTect, RiserShims as well as pipeline connections and protection systems such as PiggyLock and UraGUARD.
"Over the past years we have supplied protection and connection systems for many advanced projects," said Mr. Ed Flohr, Vice-President of Lankhorst Mouldings' parent company, Royal Lankhorst Euronete group bv. "However, being able to work with Heerema Marine Contractors on the Petrobras Chinook project is a major success for us. We regard this as a further proof that Lankhorst Mouldings Offshore is the preeminent player in providing clever composite protection systems to the worldwide deep offshore oil and gas industry."
The Royal Lankhorst Euronete group bv is a multinational company based in Sneek, the Netherlands, that provides plastic and composite products to many industrial markets. HMC transports, installs and removes all kinds of offshore installations for the international oil and gas industry
ask just move up to 1.02
volume is pouring in, here on bang 60k wow
'Squawk Box' Guest Warns of $12-15-a-Gallon Gas
Robert Hirsch, an energy advisor, says CNBC morning show prediction was a citation of the 'Dean of Oil Analysts.'
By Jeff Poor
Business & Media Institute
5/21/2008 3:38:13 PM
It may be the mother of all doom and gloom gas price predictions: $12 for a gallon of gas is “inevitable.”
Robert Hirsch, Management Information Services Senior Energy Advisor, gave a dire warning about the potential future of gas prices on CNBC’s May 20 “Squawk Box”. He told host Becky Quick there was no single thing that would solve the problem, due to the enormity of the problem.
“[T]he prices that we’re paying at the pump today are, I think, going to be ‘the good old days,’ because others who watch this very closely forecast that we’re going to be hitting $12 and $15 per gallon,” Hirsch said. “And then, after that, when oil – world oil production goes into decline, we’re going to talk about rationing. In other words, not only are we going to be paying high prices and have considerable economic problems, but in addition to that, we’re not going to be able to get the fuel when we want it.”
Hirsch told the Business & Media Institute the $12-$15 a gallon wasn’t his prediction, but that he was citing Charles T. Maxwell, described as the “Dean of Oil Analysts” and the senior energy analyst at Weeden & Co. Still, Hirsch admitted the high price was inevitable in his view.
“I don’t attempt to predict oil prices because it’s been impossible in the past,” Hirsch said in an e-mail. “We’re into a new era now, and over the next roughly five years the trend will be up significantly. However, there may be dips and bumps that no one can forecast; I wouldn’t be at all surprised. To me the multi-year upswing is inevitable.”
Maxwell’s original $12-15-a-gallon prediction came in a February 5 interview with Energytechstocks.com, a Web site run by two former Wall Street Journal staffers.
“[Maxwell] expects an oil-induced financial crisis to start somewhere in the 2010 to 2015 timeframe,” Energytechstocks.com reported. “He said that, unlike the recession the U.S. appears to be in today, ‘This will not be six months of hell and then we come out of it.’ Rather, Maxwell expects this financial crisis to last at least 10 or 12 years, as the world goes through a prolonged period of price-induced rationing (eg, oil up to $300 a barrel and U.S. pump prices up to $15 a gallon).”
According to associate of Maxwell at Weeden & Co., Maxwell is out of the country and currently unavailable for comment.
Maxwell’s biography on the Weeden & Co. Web site said he “has been ranked by the U.S. financial institutions as the No. 1 oil analyst for the years 1972, 1974, 1977 and 1981-1986,” according to polls taken by Institutional Investor magazine.
“In addition, for the last 17 years he has been an active member of an Oxford-based organization comprised of OPEC and other industry executives from 30 countries who meet twice a year to discuss trends within the energy industry.”
Although Maxwell’s prediction is for the long-term, not everyone supports high-end predictions, even in the short-term. CNBC contributor and the vice president of risk management for MF Global (NYSE:MF) John Kilduff said on “The Call” May 7that he expected gas prices to drop following the Chinese Olympics, as China’s economic boom slows down
StatoilHydro Finds Gas at Galtvort Prospect
by StatoilHydro
Wednesday, May 21, 2008
StatoilHydro has struck gas during exploration drilling in the Norwegian Sea northwest of Kristiansund and will drill a sidetrack well to further identify the area.
StatoilHydro, the operator of production license 348, now completes the drilling of exploration well 6407/8-4 S. The well is located 30 kilometers northeast of the Njord field and 9 kilometers northwest of the Draugen field.
"The purpose of the well was to confirm the existence of hydrocarbons in mid/lower Jurassic rocks in the southern segment of the Galtvort prospect. It is very positive that we again strike hydrocarbons in these areas where finds can quickly be put on stream," says StatoilHydro's vice president for infrastructure-led exploration in the North, Orjan Birkeland.
The well, drilled by the West Alpha semisub, has confirmed the existence of gas in Jurassic sandstone. The size of the discovery is so far not determined, and a sidetrack well will be drilled right after the current well has been completed.
This is the first exploration well in production license 348, which was awarded in TFO 2004 (awards in pre-defined areas). No formation leak-off test has been conducted in the well, but extensive data acquisition and sampling have been performed in the reservoir.
The exploration well was drilled to a vertical depth of 2632.3 meters below the sea surface and completed in rocks belonging to the lower Jurassic Ã…re formation. The well, located in 266 meters of water, will now be permanently plugged and abandoned.
The well was drilled by the West Alpha drilling rig, which will now drill sidetrack well 6407/8-4 A on the Galtvort prospect.
The licensees in production license 348 are: StatoilHydro (30.0 percent), Gaz de France Norge (20.0), Norwegian Energy Company (17.5), E.ON Ruhrgas Norge (17.5), Endeavour Energy Norge (7.5) and Petoro (7.5).
take 5 million at 3 then take 5 million at 12 comes to 21 that's not bad. the key is moveing all that stock
yea brikk we moving into 1 penny land go man go