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CAN YOU HANDLE THE TRUTH, 170 MILLION FOR INAUGURATION
What Recession? The $170 Million Inauguration
Obama's Inauguration Has Been Financed Partially by Bailed-Out Wall Street Executives
By SCOTT MAYEROWITZ
ABC NEWS Business Unit
Jan. 19, 2009
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SHARE The country is in the middle of the worst economic downturn since the Great Depression, which isn't stopping rich donors and the government from spending $170 million, or more, on the inauguration of Barack Obama .
Employees at banks, brokerages and Wall Street firms donated $7 million Barack Obama's inauguration.
(ABC News Photo Illustration)The actual swearing-in ceremony will cost $1.24 million, according to Carole Florman, spokeswoman for the Joint Congressional Committee on Inaugural Ceremonies.
It's the security, parties and countless Porta-a-Potty rentals that really run up the bill.
The federal government estimates that it will spend roughly $49 million on the inaugural weekend. Washington, D.C., Virginia and Maryland have requested another $75 million from the federal government to help pay for their share of police, fire and medical services.
And then there is the party bill.
Related
The 44th President: Barack ObamaWATCH: Obama Officially Elected PresidentNobel Prize Winner's Recession Solution"We have a budget of roughly $45 million, maybe a little bit more," said Linda Douglas, spokeswoman for the inaugural committee.
That's more than the $42.3 million in private funds spent by President Bush's committee in 2005 or the $33 million spent for Bill Clinton's first inaugural in 1993.
Douglas said that this will be the "most open and accessible inauguration in history," with members of the general public able to participate on a greater scale than ever before.
"The money is going toward providing events which we hope are going to connect people, make them feel like we are all in this together and reinforce the notion that when we pull together, we're stronger," Douglas said. "And we need to pull together to face the challenges that are before us today."
Among the expenses: a Bruce Springsteen concert, the parade, large-screen TV rentals for all-free viewing on the national Mall, $700,000 to the Smithsonian Institution to stay open and, of course, the balls, including three that are being pitched as free or low cost for the public.
But there are plenty of rich donors willing to pick up the tab.
"They are not the $20 and $50 donors who helped propel Obama through Election Day," said Massie Ritsch, communications director for the Center for Responsive Politics. "These are people giving mostly $50,000 apiece. They tend to be corporate executives, celebrities, the elite of the elite."
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A. MARKET HIGHLIGHTS & BEST PROSPECTS
Market Profile
The PETROBRAS-exercised oil monopoly has formally been revoked since 1995, but
in May 1999 the parastatal is still the only player in the OGM offshore
platform subsector in Brazil.
PETROBR-S expenditures in offshore platforms were $750 million in 1998 and are
expected to exceed $1.2 billion in 1999, divided between two separate company
departments as follows:
1. SEGEN, PETROBRAS's Engineering Department is responsible for the purchase,
i.e., international bidding process, of new offshore platforms, within
configurations defined by the
technical and financial characteristics of each project. Fifteen separate
projects have been listed by SEGEN for development, as follows:
(The acronyms used in this listing are:)
FPSO = Floating, production, storage and offloading
FSO = Floating, storage and offloading
SS = Semi-submersible
TLP = Tension leg platform
SPAR = Spar buoy platform
DCU = Dry completion unit
Bpd = Barrels per day
Mm3/d = Million cubic meters per day
M = Meters
MMUSD = Million U.S. dollars
5. Delba Marftima Navegatpo Ltda.
Rua Ramon Franco, 26
22290-290 Rio de Janeiro RJ
Phone: 55 21 543 1260 T-fax: 55 21 543 1122
Contact: Newton Lins, President
Delba provides comprehensive platform lease contracts
to Petrobras and is a Baker Hughes representative in Brazil.
Meanwhile, Queiro Galveo is building three semi-submersibles, and the Quip Consortium (Queiro, UTC and Iesa) have orders for 10 FPSO hulls, plus topsides for P-53, P-55 and P-63 built by SBM.
Jurong Singapore, Daewoo, Keppel Fels and Sevan Norway are bidding more work. It’s difficult to track the entire list. PBR announced 40 total, of which 28 deepwater rigs to be built at domestic shipyards, 14 drillships and 14 semi-submersibles. Delba Baiana tapped WestLB Capital for $488 million to start four of those rigs. Aker Solutions has a multi-billion dollar order for subsea trees and National Oilwell Varco is tipped to provide thrusters and generators. The whole subsalt program is contingent on solving an esoteric puzzle — corrosion resistant risers that are immune to CO2 and hydrogen sulphide. Technip is working on it. PBR needs about 100 miles of this superpipe.
So what’s the total? Brazilian energy minister Edison Lobao says $115 billion. Maybe that’s the order book as of today — about 1/3 of the deepwater iron required to lift the tens of billions of barrels of oil that PBR claim as proved and probable subsalt reserves. Let’s suppose that it’s plenty to start with. Does it make sense as an investment?
Petrobras CEO Jose Sergio Gabrielli:
For each 150,000 barrels per day of output and a production system comprising a floating platform, wells and subsea lines, the cost may be between $6 billion and $8 billion. We don’t know whether we’ll need 20, 40 or 50 such production systems.
Not counting green crews, mismanagement, lost tools, sidetracks and drilling blunders, let’s say PBR’s guesstimate is correct: $7 billion to lift 150,000 barrels a day, 50 million barrels a year times 5 years = $30 per barrel. No way, Jose. Corrosion, natural decline, taxes, and interest expense make this financially improbable. Labor and supplies are another $20 per barrel. It does not include transporting whatever net oil & gas is produced 300 km by nonexistent pipeline or a never-before-attempted floating LNG liquefaction train. No one in the oil business has experience fracing tight reservoirs four miles down, and Wide Azimuth seismic won’t be available until Q2 2009
here some information for you share holder, the news release nov 25, o8 the last lines, how many RIGS NEED UPDATED buoyancy requirements on the Delba
III for two principle reasons. We believe the highly engineered CoreTec(TM)
modules provide a superior and cost-effective solution with its
demonstrated durability and longevity at ultra high ocean depths. A second,
and equally important consideration, is Deep Down's long-standing
reputation for providing exemplary installation services of all types of
equipment in offshore operations at any depth," commented Drilmar Monteiro,
Delba Drilling International Cooperatie U.A. "We anticipate continued use
of this solution in our Brazilian operations, as we have a significant
backlog of rigs all requiring an effective and durable buoyancy solution
for deepwater operations
InterMoor Completes Mooring Operations at Tombua Landana Offshore Angola
by InterMoor Inc.
January 14, 2009
InterMoor has anchored a mobile offshore drilling unit (MODU) and preset anchors for a tender assist drilling (TAD) vessel for Cabinda Gulf Oil Company Ltd. (CABGOC) offshore Angola, announced InterMoor President Tom Fulton.
InterMoor provided design, engineering, procurement and installation services for the permanent preset moorings at the Tombua Landana location and the Tombua South drill center. The company also handled the fabrication of a 60-foot suction follower and various installation aids that were required for the installation of suction-embedded plate anchors (SEPLA) at the Tombua Landana location.
Eight mooring anchors were installed at both of the locations. At the Tombua Landana location, installation of the eight SEPLA anchors at a water depth of 1,250 feet began Oct. 28 and was completed by Nov. 5. On average, it took just more than a day per anchor to complete the installation.
This project marks the first time SEPLA anchors and a polyester preset (to be installed in mid-2009) were used offshore Angola for CABGOC, a Chevron subsidiary.
"Successful installation of the SEPLA anchors is an important milestone for InterMoor on a project that has included several challenges, including vessel availability, investigation of various installation methods, fabrication requirements and limited installation windows," said Michael O'Driscoll, a project manager for InterMoor.
Polyester lines specifically designed and fabricated for the Tombua Landana site will be attached to the preset SEPLAs and anchor chain using subsea mooring connectors in mid-2009. The preset system will then be used to hook-up and moor the TAD vessel.
InterMoor is a leading supplier of mooring technology providing innovative solutions for rig moves and mooring services including engineering and design, fabrication and subsea
only in your eye's
what the hell is 100m to what bush went thur.
listen zigzagman,did u know how many cops and miltary are going to be there, and all the f14 jet's flying over dc. here the news i read yesterday, there going be short on buck house's
im not concern about dates,i am looking for flotec list of business, connection.
that came from yesterday drudge news release
well valleyboi0, there alot of news out there, got to dig it up
ares a 'state of emergency' in Washington as cost of Obama's swearing-in ceremony soars to £110m
By Paul Thompson
Last updated at 5:28 PM on 14th January 2009
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'State of emergency': Hundreds of thousands of people are expected to Obama's £100m inauguration
Barack Obama's inauguration is set to cost more than £100m making it the most expensive swearing-in ceremony in US history.
The President-elect will take less than a minute to recite the oath of office in front of an estimated two million people in the US capital next week.
But by the time the final dance has been held at one of the many inaugural balls the costs for the day will be a staggering £110m.
The cost was revealed as Mr Obama scrambled to answer questions about the nomination of Treasury Secretary pick Timothy Geithner.
Geithner - the president of the New York Federal Reserve Bank whose selection by Obama as Treasury chief in November - is facing questions about an 'illegal' housekeeper whose work papers lapsed while she was employed by his family, and about several years when Geithner did not pay £35,000 of Social Security and Medicare taxes for himself.
Obama's White House spokesman, Robert Gibbs, said in a statement that Geithner had committed honest mistakes that he quickly addressed upon learning of them.
'He made a common mistake on his taxes, and was unaware that his part-time housekeeper's work authorization expired for the last three months of her employment
Flotation Technologies develops Tahiti
USA/GULF OF MEXICO: Biddeford, Maine-based Flotation Technologies Inc. developed a buoyancy module used by Cameron for the Chevron-operated deepwater Tahiti field. Cameron needed to relieve weight from the high-pressure jumpers and avoid increasing the potential for vortex-induced vibrations (VIV). Flotation Technology's Straked Buoyancy Module provided VIV suppression strakes as part of the module and an inter-locking module locking system that provided a continuous helix once assembled. The Tahiti field is located on Green Canyon Block 640 in about 4,000 feet (1,219 m) of water
Deepwater sensors from ClampOn to the Jubilee discovery
by: OilOnline
Wednesday, January 14, 2009
ClampOn has received a substantial order for subsea detectors for the Jubilee field. The Jubilee field is located off Ghana and is currently estimated to hold between 500 million and 1.8 billion barrels of oil, water depth is 1320 MSW and the project is due onstream in 2010.
Our undisputed position as the industry's preferred supplier of subsea sand and pig monitoring equipment proves that operators all over the world value the quality and reliability of our products.
The design philosophy behind ClampOn's sand monitoring and pig detection systems has made us the first choice of engineering companies and operators all over the world. The design ensures a long life-cycle of 25 years, thanks to the following features:
The subsea sensor itself is divided into two chambers, one of which is kept at atmospheric pressure and the other at high (subsea operating) pressure.
The atmospheric pressure chamber contains all the electronics, processors and the piezoelectric crystal, and it is totally hermetically sealed by electronic beam welding and a penetrator: there are no O-rings or C-rings exposed to seawater.
The penetrator is the interface with the high-pressure chamber, which is at the same pressure as the seawater outside and is filled with silicon oil.
The ClampOn funnel design reduces heat loss and any danger of local hydrate production.
The sensors have a "noise killer" included. This is a filter that drastically reduces unwanted noise by a factor of 500 compared to alternative solutions. It makes sensor location (distance from the choke) less critical. This offers more flexibility on gas-producing wells, especially for subsea installations, where space is limited.
The above advantages, together with the ultrasonic sensor, electronics and software that have been continuously upgraded and developed since they originally appeared, have made us the number one choice in the subsea market.
Since 2000, more than 90% of ultrasonic subsea sand monitor deliveries all over the world have been from ClampOn - and the above description tells you why! And in case you are wondering - our ClampOn Compact is still the most compact system on the market.
If we include our subsea deliveries in 2008, ClampOn has delivered over 1000 subsea sensors to operators all over the world. Quality, reliability and performance obviously still count in the selection of critical subsea measurement systems
man o man there sure alot of 14 out there
fro, have there tankers rented loaded with oil.
The winner is New York–based Dune Capital Management
By Teri Buhl, with contributions from IEHI Staff. Teri Buhl is an investigative journalist covering Wall Street who writes for the New York Post.
The FDIC’s most expensive bank failure, IndyMac, is slated to land in the hands of a private equity firm.
The winner is New York–based Dune Capital Management, founded by two ex-Goldman partners. Dune’s Co-CEO Dan Niedich was known as the "dean" at Goldman of investing the firm's capital in real estate. Chairman and Co-CEO Steve Mnuchin comes from a family of Goldman bankers. The firm was seeded in 2004 by legendary hedge fund trader George Soros.
A sale price for the transaction could not be determined.
Dune Capital has recently been cleared for a bank charter. In principle this means the firm could qualify for TARP funds. The Treasury began issuing special expedited bank charters to private equity groups on November 21st, 2008.
Rumors swirled the market this month around who the natural bidder for the toxic bank would be, with Bloomberg reporting this week that PNC Financial Services Group and U.S. Bancorp were a likely fit, but the media didn’t envision a “winner take all” outcome to take shape in the form of a private equity firm.
Executives inside of IndyMac’s Pasadena office where told Tuesday a deal to sell the whole bank had been made, final contracts were being negotiated, and an announcement would come in the next couple of days. Assets for sale include: $6 billion in retail deposits, 33 California branches, a near-$200 billion loan servicing portfolio and platform, $16 billion in mortgage loans, and its reverse mortgage company Financial Freedom that holds a mortgage book worth $22 billion.
A slew of bids came in by the extended deadline of December 15th, but only for the failed bank's individual parts. Bidders fought over hot assets such as its loan servicing portion or the reverse mortgage company. According to an executive inside of IndyMac who was involved in the deal-making, serious players who did due diligence on the loan servicing portion included: Leon Black’s Apollo Group, Lone Star Capital, Dallas-based Beal Capital, and Goldman Sachs.
Goldman Sachs would not comment on whether they were interested in the whole bank or only the loan-servicing arm. But according to the IndyMac executive, the FDIC and its lead advisor Barclay's had concerns about Goldman’s balance sheet and it’s ability to pay for the deal. Barclay's would not comment on its advisory position.
“Talk on our 6th floor executive offices was that Goldman would be sloppy seconds as a buyer,” said the IndyMac employee who spoke on the condition of anonymity.
As deal terms are still being negotiated through the Christmas holiday, specifics could not be determined and Dune Capital did not return a call for comment. The FDIC’s David Bar simply responded they would announce by year-end.
But the player involved in providing financing for Dune turns out to be a consortium of other private equity firms led by Oaktree Capital, a Los Angeles-based firm with over $55 billion in assets. According to the Indy insider TH Lee Partners, Michael Dell’s MSD, Vestar Capital and Wafra Partners were also all part of Dune’s due diligence team and are expected to shoulder some of the risk in financing the deal.
“I’d seen a few of these firms before because when former CEO Mike Perry was rushing to shore up capital the private equity firms had agreed to invest if each got 25 percent of the company -- a move made to stay below the regulatory disclosure rules. But two of them backed out and it fell apart,” said the Indy insider who had been involved in the transaction.
According to sources inside of Indy, part of the concession on the deal by the FDIC involves their loan-modification program – protecting it is an important political agenda for their leader Shelia Bair. The FDIC will eat the foregone interest and only sell the marked down principal amount of the loan to the buyer.
Getting the bank as a whole is a sticking point for Dune and as a result the Indy insider said they’ve been crunching numbers this week to try to get Dune to pay more for the reverse mortgage arm. The FDIC doesn’t want egg on its face if the bid is too low, leaving room for the private equity firm to profit from the flip of an asset sale after the deal is done. As a result, even as of today the insider warned that “the deal is still fluid.”
A seasoned banker at GE Capital who asks not to be named said, “For Dune this deal is about liquidity and with $6 billion of retail deposits that’s the prize they’re really after. The FDIC said they would use all means necessary to sell the bank and with this deal they’ll set the precedent for non-banking institutions to get into the banking game.”
Paul Miller, bank analyst for Friedman Billings and Ramsey says, “Private Equity firms coming into the market will help but it doesn't fix the problem that most banks are broke
Advertise on NYTimes.com
Breakingviews.com
Buying IndyMac at a Bargain Price
Advertise on NYTimes.com
Breakingviews.com
Buying IndyMac at a Bargain Price
By LAUREN SILVA LAUGHLIN and RICHARD BEALES
Published: January 7, 2009
The private equity firms buying IndyMac, the failed California-based bank, will get loans and securities with a face value of $23 billion, and a couple of mortgage businesses for an outlay of just $1.6 billion in cash. The Federal Deposit Insurance Corporation also handed them several other benefits. But the F.D.I.C. may have been too soft on the buyers.
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IndyMac, the failed California-based bank, is likely to be a windfall for its buyers, who are getting a bargain, with federal help.
First, J.C. Flowers, Paulson and others are paying what looks to be a low headline price of $13.9 billion, including assumed liabilities, for IndyMac’s $16 billion loan portfolio, $6.9 billion of securities and two mortgage servicing platforms. That suggests a discount from face value of a minimum of 40 percent on the loans and securities.
But the discount on those assets is probably even greater. Last March, the investor Wilbur Ross bought Option One, which has a mortgage servicing business about a third the size of IndyMac’s, for $1.1 billion. Extrapolate that to IndyMac’s servicing business as a rough comparison, and it implies a value of roughly $3 billion.
That would mean the private equity buyers are paying about $11 billion for IndyMac’s loans and securities, or about a 55 percent discount from face value. Depending on the details of the assets, even in a dire market that could be a bargain.
The deal echoes some that were struck during the last American banking crisis, in the early 1990s, but the F.D.I.C. now appears to be giving more away. Last time around, the F.D.I.C. or other government agencies retained significant upside, as well as sharing losses.
By contrast, IndyMac’s buyers will bear the first 20 percent of any future write-downs on about $13 billion of the loans. Beyond that, though, the lion’s share of losses will be borne by the F.D.I.C. But the agency will share only in the profits associated with a $2 billion collection of loans.
The F.D.I.C. is also leaving in place a $6 billion loan to IndyMac that could be hard to refinance. Throw in IndyMac’s deposit liabilities of more than $6 billion, and that leaves only $1.6 billion of the $13.9 billion of assets for the buyers to fund with new cash. On top of that, the buying group has applied for a federal holding company charter for its acquisition vehicle. That could eventually bring the buyers tax benefits too.
The F.D.I.C. says the deal allows it to rid itself of hard-to-sell assets, including IndyMac’s portfolio of troublesome Alt-A mortgages. The agency had already sunk about $9 billion from its insurance fund into IndyMac, so while it did shop the bank to a range of possible buyers, it may have understandably been in a hurry to return it to private hands. Perhaps that justifies some of F.D.I.C.’s concessions. But assuming no one steps in with a better offer this time, the agency should aim to strike a harder bargain next time.
Paper Pushers
It used to be that if you wanted a job done properly, you did it yourself. That no longer holds for the administration of hedge funds. The practice of doing administrative work in-house was already on the wane. But Bernard L. Madoff’s apparent fraud appears to be accelerating the march toward outsourcing.
Exhibit A this week is Millennium Management, the old-school hedge fund firm run by Izzy Englander. All its funds are now going to be administered by GlobeOp Financial Services. That means tasks like reconciling cash positions will now be handled outside.
Millennium’s move does not suggest anything is amiss. But it does reflect a hardening investor mood expressed most decisively, if belatedly, by Union Bancaire Privée, the Swiss bank. After big losses on investments managed by Mr. Madoff, UBP said it would no longer invest in funds that didn’t outsource administration.
The idea is that an independent administrator, earning only service fees and not reliant on any one fund, has no incentive to let anything slip by. Funds that outsource trading and custody-related functions should give investors even more comfort, because that gives administrators different sources of data to cross-reference.
By contrast, Mr. Madoff’s investment outfit was buried within his market-making firm, so he appears to have acted as his own administrator, prime broker and custodian. That may have allowed him to fabricate consistent-looking documentation to fool his investors.
With investors and regulators demanding more transparency, hedge fund managers may find it a blessing to hand paper-pushing tasks to someone else. Then they’ll have more time to do what they are supposed to do best: investing.
LAUREN SILVA LAUGHLIN and RICHARD BEALES
For more independent financial commentary and analysis, visit www.breakingviews.
PBR excellent mid-long term prospects 4-Jan-09 12:16 pm Petrobras' $240 Billion Tupi Oil Field: Good News for Brazil (and Owners of PBR)
Last summer, when the price of crude passed $120 a barrel and crude futures markets lost all signs of rationality, Brazil's national oil company PetroBras added fuel to the fire when it announced the discovery of a brand new field off its coast containing an estimated 5 billion to 8 billion barrels of oil.
Analysts at Cambridge Energy Research later estimated that the new field, named Tupi, would require 15 oil wells to be drilled at a staggering cost of $240 billion.
The enormous cost seemed manageable under the guise of $125-a-barrel oil, and the company's NYSE-floated American depositary receipts motored from $50 to $75 in less than two months due to the excitement surrounding the Tupi find.
During the fall of 2008, as oil prices plummeted from their summer highs, energy analysts started rethinking the complexity and cost of the Tupi project, and PetroBras ADRs followed crude prices downward to their current price of $24 a share.
However, most analysts suggest that Tupi is still economical at today's oil price. Furthermore, Tupi will likely have a life span of at least 20 years, during which the global price of crude will probably average out at a level that is well above $40 a barrel.
Most analysts also believe that PetroBras' fair value is well above $24 a share, and that PetroBras shares will likely appreciate for its investors in the medium to long term.
Conclusion: Brazil will set the market price for crude when Tupi comes fully online. The field will be economically viable unless a major new oil substitute is discovered and brought to market. PetroBras offers stockholders excellent medium and long-term growth potential.
http://www.thestreet.com/story/10455592/...
The Ultimate Showdown: Crude vs. Nat Gas
Posted on: January 5, 2009 - Email Article - Printable Version
Charles W. Petredis
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Many investors wonder whether or not there are advantages to being long or short one commodity versus another or if all commodities will roughly trade in the same manner. Like many of the other questions I tackle here on the website, there is no exact answer (as is the case with many questions dealing with the financial markets) to these questions. Even though there is no precise mathematical science to answer this question, there are many identifiable factors involved that can shed light on what to many seems to be a difficult and never-ending puzzle.
Two commodities which many inexperienced investors assume are very similar are crude oil and natural gas. In many cases, the difference between the use of and investments in these two commodities could not be more different. Crude oil is one of the base commodities that all investors follow, while natural gas is mistakenly tagged into conversations concerning crude oil because it also happens to be an energy commodity. The key to figuring out which can benefit your portfolio depends on your current allocation and macro-economic outlook.
Uses and Infrastructure Outlook
Crude oil currently is one of the most used commodities in the world, as almost every single nation around the world has a varying degree of crude oil “addiction.” Crude is used for everything from transportation to industrial processing to commercial products. Many consumers would be surprised to find out that petroleum based products include things as far reaching as women’s make-up. On top of this, the world’s economies have built both their discretionary and staple economic functions around crude oil infrastructure. Until this decade, excluding a few spikes in the 1970s and 1980s, this has not been a problem because oil was freely available. Most current estimates have crude oil contributing to over 40% of world energy consumption. However, there are no reliable numbers for world consumption.
Natural gas on the other hand is used more often for home heating, industrial production, and a few other commercial uses. It is also heavily used for electrical generation by utility companies. This gives natural gas a larger seasonality component, which I will get into later. Natural gas currently has less of an infrastructure built up in the United States, but aggressive capital expenditure programs by companies such as ConocoPhillips [COP: 55.47, 0.00 (0.00%)], BP plc [BP: 49.03, 0.00 (0.00%)], Chesapeake Energy Corp. [CHK: 18.13, 0.00 (0.00%)] amongst many others are quickly changing that.
Advantage: Crude oil, for now. A return of high gasoline prices or new left-leaning legislation could change this going into the future.
Geographic Supply and Demand Functions and Seasonality
Both crude oil and natural gas have their own separate seasonality, and for more background on both of these commodities you can read The Fundamentals of Crude Oil Pricing and The Bullish Case for Natural Gas. Crude oil traditionally has had higher demand during the warmer months when driving is much more prevalent. Natural gas on the other hand has traditionally higher demand during the cooler months as home heating takes up a larger portion of energy consumption. Besides the difference in seasons, the other fact that separates crude and natural gas is that during the cooler months crude oil consumption does not decrease as rapidly as natural gas consumption does during the warmer months. This fact is very well known and priced into the futures through the backwardation and contango that we see so often in the NYMEX prices. Crude oil has less volatile supply and demand functions when compared to natural gas, and in turn the price movements of crude oil are generally less volatile than natural gas, which isn’t saying much, as crude oil is still very volatile.
Another important point to note is the geographic factors that affect crude oil and natural gas. Natural gas is traded in a number of different markets at different prices around the world. This is because it is impossible to move natural gas over seas without LNG tankers (Liquid Natural Gas tankers). Currently there are less than 200 full-size LNG tankers in the world, and the cost of building these LNG tankers is generally over $300 million per tanker. This transportation predicament can create wide disparagement in the price of natural gas across different continents.
Crude oil on the other hand, depending on the type, is traded at the same price all over the world. A large transportation infrastructure has been built around crude oil and it is very cheap and easy to move. Based on these factors, it is much more relevant to look at regional supply and demand for natural gas and global supply and demand for crude oil.
Advantage: Crude oil for inexperienced investors, natural gas for skilled and veteran investors.
Environmental and Political Outlook
Natural gas seems to be in favor with many powerful financial and political figures as of late. This is due to two main reasons:
Natural gas on average produces only 60% of the “pollution” that crude oil does when it is consumed.
There is an abundance of domestic natural gas available for exploration and production that will allow America to rely more on its own natural resources as opposed to the natural resources of other countries, specifically those that do not have aligned interests with the United States.
These two factors have convinced people including legendary oil man T. Boone Pickens, President-Elect Barack Obama, and even the automotive industry executives to push for natural gas as a way of the future. With probable legislation for increased carbon caps and environmental control, it seems that in many cases natural gas will be the logical substitution for crude oil as it is the only other commodity that can be produced on a wide enough scale to satisfy a large shift in demand. Many investors wonder about wind and solar, but the efficiencies of these processes will take 5-15 more years in order to compete with that of crude and natural gas. On top of that, it is easier to drill a well for oil or natural gas than it is to make a wind turbine or solar farm given the world’s current economic condition. Spare drilling rigs are fairly abundant in this economic downturn, but there are no such things as spare turbines or solar panels. There is no disputing that both wind and solar are environmentally superior to natural gas, but these two technologies are solutions to a future problem, not the current problem.
Advantage: Natural gas by a wide margin.
Relative Value
One of the most important aspects when analyzing crude oil and natural gas is the relative value of each commodity. There are two common ways that investors and traders use to determine relative value, but they are by no means the only two:
Energy Output - The amount of energy output is referred to as BTUs, or British Thermal Units. This scientific measure allows us to compare different methods of energy consumption to see which is more efficient. The amount of BTUs contained in a barrel of crude oil is roughly six times as many as those contained in one of the natural gas units that are traded on the NYMEX exchange (this is measured in MMBTUs which stands for one thousand thousand BTUs, or one million BTUs). Using this method, it is possible to work backwards to see the relative value of both commodities. Using simple division we know that if this energy output ratio is greater than 6:1, then natural gas is relatively undervalued from an energy standpoint as the cost of one barrel of crude oil would be the equivalent of more than six units of natural gas. This also works in reverse. If the energy output ratio is below 6:1, then we know that crude oil is undervalued relative to natural gas as six units of natural gas would buy you more than one barrel of crude oil.
Historical Trading Ratio - Over periods of time the actual trading ratio has more often than not been something besides 6:1. The reason for this is the infrastructure substitution effect. Because crude and natural gas cannot be substituted in every single circumstance, there must be a premium placed on the market ratio of the two prices. In the case of our modern day economy, the bias goes towards crude oil as our infrastructure is more heavily built around the consumption of crude oil. As you can imagine, large shifts in infrastructure may cause the trading ratio to change. This has happened multiple times in the past, but the last major shift occurred around the 1980s. Some investors believe that another shift may be coming due to new policies that could be put in place by the President-Elect Barack Obama. From 1980 till today, the actually trading ratio of a barrel of crude oil to natural gas has been averaging 8.5:1. The same math applies for this ratio as the energy output ratio, but the new “crude biased” ratio applies. Most of the energy traders and experts I have spoken to have used this historical trading ratio as opposed to the energy output ratio. Another important point to remember is that depending on your time period, the average historical trading ratio can change drastically. As you all have heard before, there are three types of lies: lies, damn lies, and statistics.
Using NYMEX prices from last week we can see the ratio stands at roughly 6.5:1 ($39 crude oil, $6 natural gas). By the energy output ratio, we would say that the commodities are both valued correctly relative to each other, but by the historical trading ratio we would say that crude oil is undervalued when compared to natural gas.
Advantage: Crude oil at the time of this writing, but shifts in relative valuation ratios takes place regularly.
Conclusion
All in all, it seems as if there is no clear winner to the battle. I’m going to award crude oil the temporary winner due to its infrastructure advantage, relative price, and the fact that it probably has less moving pieces involved for investors to analyze. Obviously, almost all of these variables I have written about in this and other articles are constantly moving, so it is important to be on top of the current macro and micro-economic news. Another important factor to remember will be the movements in the U.S. Dollar, although that won’t have an effect when analyzing crude oil and natural gas as they are both priced in U.S. Dollars (if you use the NYMEX gas prices). The key to successful commodities based investing is to be continually adapting to the new and ever-changing economic environment.
Winner: Crude Oil at the time of this writing.
- Charles W. Petredis
hello manchild1, you still riding national storm, well the price is right, take a look at dpdw.....
Brazil AHTS ahead of building schedule
Singapore's Keppel Offshore & Marine Ltd's (Keppel O&M) subsidiary in Brazil, FELS Setal SA has laid the keel for the second Anchor Handling Tug / Supply vessel (AHTS) it is building for Brazilian offshore vessel operator, Delba Maritima Navegacao, two months ahead of schedule.
FELS Setal clinched the US$90 million contract for three AHTS in December last year amidst competition from nine other shipyards in Asia, Europe and Brazil. The three vessels are the first AHTS to be built in Brazil. Apart from its near-market advantage, FELS Setal says it won the contract on account of its high quality work, technical expertise, on-time delivery and environmental and safety track record.
At the keel-laying ceremony held today in FELS Setal's Brasfels Yard in Angra dos Reis, Choo Chiau Beng, chairman and CEO of Keppel O&M said, "I am happy to note that our construction of these AHTS is well ahead of schedule. "In the offshore industry, quality and on-time deliveries are paramount and in this respect, FELS Setal has won the confidence of reputable rig owners and operators in the region."
Chairman of Delba Maritima Newton Lins declared he was "most pleased with the execution of the job," adding, "I hope, in the near future to place other orders under FELS Setal's care."
The three AHTS, of the UT722 design by Rolls Royce Marine, are highly sophisticated multi-functional vessels to be used for supporting offshore platforms and FPSO's operating in the Campos Basin. They will be chartered to Petrobras for a period of eight years.
Each taking between 22 to 30 months to build, the first AHTS is scheduled for operations in the last quarter of 2003. Each AHTS has avery high winch capacity of between 300 to 500 metric tons and an installed horsepower from 12,000 bhp to 14,400 bhp. Measuring 76 m in length and 18 m in molded breadth, each vessel has bollard pulls of between 130 to 150 metric tons.
Meantime, the Brasfels yard's $75 million conversion of the tanker Stena Concordia into the Floating Production Storage and Offloading vessel (FPSO), P-48, for Halliburton Produtos Ltda, a subsidiary of Kellogg Brown & Root, is in progress.
The vessel is presently undergoing drydock work, which is expected to take 70 days.
Delba Maritima is owned by Brazilian entrepreneur Newton Lins and French offshore vessel operator, SURF, a subsidiary of Groupe Bourbon. FELS Setal is a joint venture between Keppel Offshore & Marine and the PEM Setal Group of Brazil
PSS Wins DOF Subsea Contract
PSS Wins DOF Subsea Contract
10/07/2008
Perry Slingsby Systems (PSS) secured a fast-track contract to supply a new generation Triton XLX ROV system to DOF Subsea for delivery before the end of the year. This contract comes six months after the offshore survey, IMR, construction support and engineering contractor awarded a multi-million dollar contract to PSS to deliver 10 TXLX systems for delivery throughout 2009 and 2010. It brings the total number of PSS systems contracted by the company in the last three years to 22.
PSS has committed to deliver the latest 3,000m TXLX 38 mobile system for use across DOF Subsea’s operations by December 2008. Each TXLX is equipped with the all new ICE (Integrated Controls Engine) real-time control system, proportional tooling systems and advanced survey systems
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Year-End Round Up: Top Worldwide Finds in 2008
Year-End Round Up: Top Worldwide Finds in 2008
by Nancy Agin Rigzone Monday, December 22, 2008
A year most notable for its record high and low crude prices driving year-round market tension, not to mention oil majors' annual build-up to third quarter, bank-busting profits, 2008 should also go on record for the petroleum industry's significant oil and gas finds dotting the globe. Some of these discoveries have pinpointed specific regions as potential investments for future exploration ventures, while others further the commercial viability of already existing fields' values and reserve estimates.
Related Pictures
Jupiter Field, Santos Basin
(Click to Enlarge)
One particular region that has continued to dig deeper in 2008 and has hit the hydrocarbon jackpot for the year is located in the world's southern hemisphere and features unconventional conditions for recovering hydrocarbons. Specifically, Brazil is taking the reigns for unlocking vast amounts of oil and gas below layers of salt, rock and sand, and several of the most memorable finds are located in extreme water depths in the country's subsalt basins.
As a region, Latin America boasts seven of the largest oil-and-gas discoveries worldwide for 2008, according to Isabel Ordonez of Dow Jones Newswires. Among the largest discoveries, reports Ordonez, are three gigantic fields in the Santos basin offshore Brazil. If Brazil, home to energy giant, state-run Petrobras, develops its ultra-deepwater finds, the country may very well be catapulted into the top tier of superpower producers. Already, Petrobras has moved up in the ranks as one of the world's forerunners in the oil and gas industry, barreling out production rates of more than 2 million bopd.
Following is a list of significant worldwide finds of 2008 that span the globe from the deepwater Gulf of Mexico to Austral-Asia.
Brazil's New Frontier: Pre-Salt, Ultra-Deepwater Oil Finds
1. Jupiter
Operator: Petrobras
Location: Brazil's Santos Basin, South America
Discovery: 120 meters of natural gas and light oil
In the first month of 2008, Petrobras made a discovery at the Jupiter pioneer well in the ultra-deepwaters of Brazil's Santos Basin. The well encountered an initial pay of 120 meters of natural gas and light oil reserves. Drilled to a total depth of 5,773 meters by Diamond Offshore's Ocean Clipper drillship, the well is located in Block BM-S-24 in water depths of 2,187 meters. The find was confirmed and filed with the ANP on Sept. 25.
2. Wahoo
Operator: Anadarko
Location: Brazil's Campos Basin, South America
Discovery: 49 meters net pay
Capitalizing on offshore Brazil's innovative pre-salt opportunities, Anadarko reported a discovery on Sept. 30 at the Wahoo prospect situated in the Campos Basin. The well, drilled by Transocean's Deepwater Millennium drillship, is located on block BM-C-30 in approximately 1,417 meters of water and 40 kilometers southeast from Petrobras' vast Jubarte field that recently came on stream. Anadarko's Wahoo find indicated at least 49 meters of net pay with characteristics similar to Jubarte.
Digging to Greater Depths: GOM Deepwater Oil Finds
3. Kodiak
Operator: BP
Location: Mississippi Canyon Block 771, GOM
Discovery: 152 meters of hydrocarbon-bearing sands
On Apr. 3, BP America noted that it struck oil at its Kodiak well in the Gulf of Mexico's Mississippi Canyon Block 771. Located in 1,500 meters of water, the well was drilled by Transocean's Deepwater Horizon semisub to a total depth of 9,494 meters and encountered 152 meters of hydrocarbon-bearing sands. Located in the vicinity of BP's 2003 Tubular Bells discovery, the field will undergo further appraisal to determine its size and scope.
4. Freedom/Gunflint
Operator: BP
Location: Mississippi Canyon Block 948, GOM
Discovery: 168 meters of hydrocarbon-bearing sands
Furthering the success of its deepwater drilling campaign in the Gulf of Mexico with its third discovery, BP hit an oil pocket in October at its Freedom/Gunflint prospect. Located in Mississippi Canyon Block 948 in 1,860 meters of water, the well was drilled by the Deepwater Horizon semisub to a total depth of 8,927 meters. Encountering an initial 168 meters of hydrocarbon-bearing sands, Freedom will be delineated with additional appraisal wells.
BP believes Freedom may straddle both Mississippi Canyon Blocks 948 and 992, the latter of which is operated by BHP Billiton with BP serving as partner.
Global Hydrocarbon Hunt
5. Tindalo & Yakal: Twin Discoveries
Operator: Nido
Location: Service Contract 54, Offshore Philippines
Discovery: Combined pay of 197 meters
On Sept. 24, Nido announced that it discovered oil at its Yakal-1 wellbore offshore the Philippines in SC54. The well encountered an oil column confirmed to a minimum of 78 meters high. Located in the Northwest Palawan Basin and drilled by the WilBoss jackup rig, Yakal was the first step in realizing the company's commercial strategy in the SC54 area where the company has identified 20 additional prospects. Yakal is also the first oil discovery documented in the Philippines in the last 14 years.
Right on the heels of the Yakal discovery, Nido intersected an oil accumulation that was logged and confirmed at 119 meters during its October operations at the Tindalo prospect. Located 5.5 kilometers northeast of Yakal on SC54, Tindalo-1, also drilled by the WilBoss, complements the Yakal find for a total pay-off of nearly 200 meters.
6. Sangos & Ngoma
Operator: Eni
Location: Angola, West Africa
Discovery: Combined oil pay of 127 meters
In May, Eni and partner Sonangol announced a significant oil discovery in Block 15/06 offshore Angola, a hotbed of deepwater oil and gas exploration. The Sangos-1 well, drilled at a water depth of 1,349 meters to a total depth of 3,343 meters, indicated an oil mineralization column of 127 meters. During production tests, the well yielded excellent quality oil (29 degrees API).
An additional find was made near Sangos-1 in October. The Ngoma-1 well, drilled in 1,421 meters of water to a total depth of 3,383 meters, also encountered an oil column of 127 meters, thus confirming the high mineral potential of deepwater Block 15/06.
Both the Sangos and Ngoma wells were drilled by Transocean's M G Hulme Jr. semisub.
7. Jordbaer
Operator: BG
Location: Block 34/3, Norwegian North Sea
Discovery: Tested at average rate of 7,500 b/d
Situated in the Norwegian North Sea, the Jordbaer field is located in BG-operated Production License 373S. Jordbaer's first exploration well, 34/3-1S, was spudded by the Bredford Dolphin semisub in April, and an oil discovery was documented in July. Located in a water depth of 400 meters, the discovery well was drilled to a TVD of 4,057 meters and tested at an average rate of approximately 7,500 barrels per day.
The Jordbaer prospect consists of two main segments, Jordbaer Central and East, and will be further delineated with more appraisal wells.
Eye Spy: Offshore Global Gas Finds
8. Moth
Operator: Oilexco
Location: UK Central North Sea
Discovery: Test flowed at average rate of 575 Mcm/d
In June, North Sea operator Oilexco unlocked its second major discovery in the past year at its Moth prospect, located in the UK Central North Sea on Block 23/21. The 23/21-6z discovery well was drilled using the Ocean Guardian semisub to a total depth of 4,455 meters and intersected dual-zone reservoirs.
Through a 36/64-inch choke, the well test flowed gas at an average rate of 575Mcm/d; however, production data indicates that the Moth well could flow up to 1.25 MMcf/d.
9. Natalia
Operator: StatoilHydro
Location: Halten Bank, Norwegian North Sea
Discovery: Initial estimates indicate 1.5 Bcm of recoverable gas
Adding to the many finds dotting the Norwegian Sea, the Natalia discovery was uncorked by operator StatoilHydro using the West Alpha semisub. Located on the Halten Bank nearby StatoilHydro's Asgard field, the wildcat well was drilled to a total depth of 3,040 meters and encountered gas in the Middle Jurassic reservoir. Preliminary calculations indicate that Natalia could contain as much as 1.5 billion cubic meters of recoverable gas.
The Natalia find proves that the field could be a potential pay-off for StatoilHydro if the project is developed and tied into existing facilities at Asgard, the largest field development project on the Norwegian Continental Shelf.
Three's a Charm
10. Nimblefoot, Glencoe and Briseis
Operator: Hess
Location: WA-390-P Permit, Australia's Northwest Shelf
Discovery: Combined 102 meters of net gas pay
The first of four exploration wells drilled on the WA-390-P Permit offshore Australia by Hess, Glencoe-1 encountered 28 meters of net gas pay in June. The discovery well was drilled by the Jack Bates semisub in a water depth of 1,121 meters
The following month, Hess announced an additional discovery at its second exploration well, Briseis-1, in the company's 780,000-acre permit. Nearly doubling the initial pay at Glencoe and located 14 kilometers east of the find, Breseis-1 encountered 46 meters of net gas pay as it was drilled in a water depth of 1,118 meters.
Encouraged by the results, Hess moved on to drill its third exploration well, Nimblefoot-1, approximately 25 kilometers southwest of the Briseis find. On Sept. 4, Hess reported a discovery at Nimblefoot when this third successful well encountered 28 meters of net gas pay. Drilled in a water depth of 1,115 meters, Nimblefoot will most likely be developed with Hess' other two finds reported during the summer.
Considering the triple pay of 102 meters, the WA-390-P Permit is a commercially viable investment for future development
FMC Technologies, Noble Energy Bolster Deepwater GOM Ties
by FMC Technologies, Inc.
January 02, 2009
FMC Technologies, Inc. recently signed a five-year frame agreement with Noble Energy, Inc. making FMC Technologies the preferred subsea equipment supplier for Noble Energy's deepwater Gulf of Mexico developments.
FMC Technologies' scope of supply includes the manufacture of subsea production systems including enhanced horizontal subsea trees and related installation services. FMC will also provide required controls, manifolds and tie-in systems as part of the agreement.
"Earlier this year we manufactured two 15,000 psi subsea tree systems for Noble Energy," said John Gremp, Executive Vice President of FMC Technologies. "This frame agreement strengthens our existing relationship and also provides a budgeting and forecasting plan to assist Noble Energy with their deepwater Gulf of Mexico developments."
Deepwater Set To Command Greater Share of Capex - Report
by Douglas-Westwood
December 26, 2008
A new study to be published in early January by energy business analysts Douglas-Westwood, "The World Deepwater Market Report 2009-2013" forecasts that, despite current oil price concerns, the deepwater oil & gas sector will spend an average of over $27 billion annually during the period 2009 to 2013.
Speaking at the Deep Offshore Technology Conference in Perth, Australia earlier this month, John Westwood, Chairman of Douglas-Westwood stated that, "Although we expect some small decline in 2009, thereafter, the deepwater oil & gas industry is set for renewed growth, with annual Capex reaching nearly $31 billion in 2011. This is a 45% growth for the 2009-2013 period compared with the previous five years. Deepwater currently accounts for over 15% of total offshore oil production, but over the next few years its relative share will rise to over 20%.
"Africa is expected to be the leading deepwater development area by far, accounting for nearly 40% of the global spend. Since the first deepwater 'elephants', Africa has emerged as perhaps the most significant deepwater region in the world, with some stunning successes in recent years, such as Girassol, Xikomba and Kizomba.
"Latin America's deepwater activity is dominated by Brazil with its national operator Petrobras who has pioneering the use of innovative technology to achieve production from tremendous water depths. Overall, the region is expected to account for nearly 20% of world deepwater development spend over the 2009-2013 period. Beyond 2013, we expect Brazilian spend to reach new heights as the recently discovered 'pre-salt' giant fields are developed.
"Over the next five years, North America is expected to attract a similar share to Latin America. With a few notable exceptions, deepwater fields in the US Gulf of Mexico tend to be smaller than those in other deepwater 'hotspots' such as Brazil or West Africa. The region's extensive offshore infrastructure and the relative proximity of supply and service centers have a significant positive influence on E&P activity, turning otherwise marginal prospects into viable commercial propositions.
"The 'Golden Triangle' of Africa, Gulf of Mexico and Brazil will account for three-quarters of global deepwater expenditure over the forecast period. However, the emergence of Asia as a significant deepwater region should not be overlooked. Indonesia, Malaysia and India all have development prospects on screen for the 2009-2013 period and the region should account for nearly 10% of deepwater Capex. Western Europe, will maintain its market share but growing activity will see actual expenditure increasing over 30%.
"In terms of hardware, floating production systems will grow from 22% of historic spend to 28% over the forecast period. Surface wells' share is set to decrease from 4% to 1%, with all other components, including subsea wells remaining stable. Combined, subsea wells and platforms, at $92 billion, are forecast to represent 67% of expenditure.
The World Deepwater Market Report 2009-2013 forms part of a series of reports that are used by companies in 48 countries. These include leading corporations, investment banks and agencies of governments. The report considers the prospects for this growing market and values future expenditure through to 2013. The report also reviews technologies and drivers and details prospects
North Sea Headlines
Browse News from Other Regions: Asia-Pacific Gulf of Mexico North Sea Other Regions South America West Africa
StatoilHydro Re-Ups Statfjord Latelife Contract with Aker Solutions
(Tuesday, December 23, 2008) StatoilHydro has exercised the Phase 3 option for modification of the Statfjord B&C topsides with Aker Solutions for NOK 1.1 billion.
StatoilHydro to Drill Production Wells on Gjoa
(Tuesday, December 23, 2008) StatoilHydro has received consent from the Petroleum Safety Authority Norway to use the semsisub Transocean Searcher to conduct drilling and completion operations on six production wells on the Gjoa field.
Subsea 7 Successfully Installs Pipeline Bundle at Machar Field
(Monday, December 22, 2008) Subsea 7 Inc. has successfully launched and installed its sixtieth pipeline bundle on BP's Machar field.
Subsea 7 Signs Service Agreement for TAQA's North Sea Assets
(Thursday, December 18, 2008) Subsea 7 has been awarded a 1 year IRM (inspection, repair and maintenance) services agreement by TAQA for the provision of project management, engineering, dive support and remote intervention services to assist TAQA with its North Sea assets.
FMC Gets $68MM Tooling Contract for StatoilHydro's Asgard Field
(Monday, December 15, 2008) FMC Technologies has been awarded a contract from StatoilHydro for the manufacture and supply of additional subsea equipment for its Asgard field located in the Norwegian Sea.
FMC Nabs Subsea Equipment Contract for Heidrun North Project
(Monday, December 15, 2008) FMC Technologies has been awarded a contract from StatoilHydro for the manufacture and supply of additional subsea equipment for its Heidrun North project, located in the Norwegian Sea.
Silverstone Fires Up Production at Victoria Field in UK North Sea
(Wednesday, December 10, 2008) The Victoria Field, located in Southern North Sea Block 49/17, is now in production.
Venture Fires Up Stamford Gas Production in UKCS
(Monday, December 08, 2008) Venture has successfully brought the Stamford gas field into production.
New Schlumberger Facility Supports Subsea Well Control
(Friday, December 05, 2008) Schlumberger last week officially opened a new facility for subsea well control to address the growing deepwater market.
Alve Production to Be Phased in to Norne Field
(Friday, December 05, 2008) StatoilHydro was granted consent to phase production from Alve in to the Norne field, which is scheduled for start-up in early 2009.
Aker to Supply Subsea Umbilicals for Troll B Gas Development
(Monday, December 01, 2008) Aker Solutions has signed a contract with Subsea 7 to supply steel tube umbilicals for the Troll B gas development in the Norwegian Sea.
Stratic Highlights 3Q Ops, Pledges to Maintain Activity on Best Projects
(Friday, November 21, 2008) Stratic has filed its interim financial statements and accompanying Management's Discussion and Analysis for the quarter ended September 30, 2008.
Tyrihans Pumps Ready for Testing, Expected to Boost Production by 10%
(Friday, November 21, 2008) The subsea raw seawater injection pumps that will be installed at the Tyrihans field were transported from Aker's facility to Horten, where they will undergo testing. Once installed, the pumps are expected to increase oil production by 10%.
StatoilHydro Makes Additional Gas Discovery in Norwegian Sea
(Thursday, November 20, 2008) The well confirmed a 38 meter gas column, and it is too early to say whether the discovery is commercially viable when seen in connection with a possible field development of Haklang and the nearby Luva and Snefrid South finds.
Valiant Progresses with Don Development, Anticipates Start Up in Q109
(Thursday, November 20, 2008) Valiant has achieved a number of field development milestones on the Don South West and West Don fields, including the mooring of the Northern Producer floating production facility, completion of subsea work and drilling of first production well.
Petrofac Installs Production Platform at Don Development
(Thursday, November 20, 2008) Petrofac has completed the safe mooring operation for the Northern Producer on location on the Don Area development in the North Sea, following a major refurbishment program of the semisubmersible production platform.
Sterling Unlocks Oil at UK North Sea's Bowstring East
(Monday, November 17, 2008) Sterling has made an oil discovery at the Bowstring East Prospect, also known as Cladhan, located in Block 210/29a in the UK Northern North Sea.
Sonsub's ROV Support Vessel Carries Out Barents Sea EM Operations
(Monday, November 17, 2008) The most recent addition to the Sonsub fleet, the multipurpose ROV support vessel Bourbon Pearl, has completed successful operations in what was Sonsub's most northerly work site to date.
Gulf of Mexico Headlines
Browse News from Other Regions: Asia-Pacific Gulf of Mexico North Sea Other Regions South America West Africa
Delmar Tree System Installations Tip The Scales
(Friday, December 19, 2008) Delmar Systems, Inc. reported that it continues to meet the challenges of ultra-deepwater subsea projects by using the Heave Compensated Landing System (HCLS) to successfully install three of the "heaviest tree systems in the world."
2H Offshore to Verify Gulf of Mexico's Pony Field Development SRCs
(Friday, December 19, 2008) 2H Offshore confirmed that it will verify the design of Hess' production and export steel catenary risers in the Pony field development in the Gulf of Mexico.
2H Offshore to Verify Gulf of Mexico's Pony Field Development SRCs
(Friday, December 19, 2008) 2H Offshore confirmed that it will verify the design of Hess' production and export steel catenary risers in the Pony field development in the Gulf of Mexico.
BP Ramps Up Production from Thunder Horse in Deepwater GOM
(Thursday, December 18, 2008) BP has successfully started production from the third and fourth wells at the Thunder Horse field with production now in excess of 200,000 barrels of oil equivalent per day.
Noble Taps FMC as Preferred Subsea Supplier for Deepwater GOM Projects
(Wednesday, December 17, 2008) FMC Technologies has signed a five-year frame agreement with Noble making FMC the preferred subsea equipment supplier for Noble's deepwater Gulf of Mexico developments.
Eni Starts Up Production from Pegasus Field in Gulf of Mexico
(Wednesday, December 17, 2008) Eni has started production from the Pegasus field, which has been tied back to the Allegheny Tension Leg Platform in the deepwater Gulf of Mexico.
Cabot's Aerogel Chosen for Deepwater GOM's Cascade-Chinook Pipeline
(Monday, December 15, 2008) Pipeline Technique and Heerema Marine Contractors have chosen Cabot's Nanogel aerogel Compression pack product to insulate a subsea pipeline in the deepwater Gulf of Mexico, as part of the Cascade-Chinook development project.
Shell Forges New Ground with Silvertip Well
(Friday, December 12, 2008) Shell Oil Company has set a world water depth record in drilling and completing a subsea well 9,356 feet (1.77 miles) below the water’s surface in the Silvertip Field at the Perdido Development project.
MSV Ocean Intervention Contracted for Subsea Services in Deepwater GOM
(Tuesday, December 09, 2008) Oceaneering it has secured a one-year term contract with estimated revenue in the range of $25 million to $30 million for use of the MSV Ocean Intervention and other related services for deepwater subsea facilities in the Gulf of Mexico.
Delmar Installs 'World's Heaviest' Tree Systems in the Gulf of Mexico
(Wednesday, December 03, 2008) Delmar Systems has installed three of the "heaviest tree systems in the world" at BP's Viosca Knoll 915 and Mississippi Canyon 129 locations.
BP Awards WorleyParsons EPMS Contract for GOM Facilities
(Wednesday, December 03, 2008) BP has awarded WorleyParsons an engineering and project management services contract to support BP's offshore production facilities in the Gulf of Mexico.
Shell Goes for the Gold, Drills World's Deepest Offshore Well
(Tuesday, December 02, 2008) Shell has set a world water depth record in drilling and completing a subsea well 9,356 feet below surface in the Silvertip Field at the Perdido Development project.
FMC's Deepwater Subsea Tree System Used to Set Silvertip Drilling Record
(Tuesday, December 02, 2008) FMC Technologies' global standard enhanced vertical deepwater tree system was used to set a new subsea deepwater completion record of 9,356 feet at the Shell-operated Silvertip Field.
Leed Hits Hydrocarbons at Eugene Island A-8
(Monday, December 01, 2008) The Eugene Island A-8 well, located in the Gulf of Mexico, has encountered commercial hydrocarbons in the two primary well targets.
Final Count: MMS Declares 60 Platforms Destroyed by Hurricanes
(Friday, November 28, 2008) Final results of the assessment indicate that 60 platforms were destroyed as a result of Hurricanes Gustav and Ike, constituting 13,657 bopd and 96,490,000 cf/d or 1.05% of the oil and 1.3% of the gas produced daily in the GOM.
Helix to Restore GOM Production to Pre-Storm Levels by Year-End
(Wednesday, November 19, 2008) As of November 19, 2008, oil and gas production by Helix has increased to approximately 50% of its 160 mmcfe/day production levels prior to hurricanes Gustav and Ike, with restoration to pre-storm levels expected by the end of December
South America Headlines
Browse News from Other Regions: Asia-Pacific Gulf of Mexico North Sea Other Regions South America West Africa
Aker to Provide First Set of Subsea Trees for Tupi Development
(Thursday, December 18, 2008) Aker Solutions has been awarded a contract with Petrobras to supply the first set of subsea trees, including control systems and related equipment for the Tupi field development in the Brazilian pre-salt layer.
FPSO Espirito Santo Arrives in Brazil, Ready for Deepwater Installation
(Monday, December 15, 2008) The FPSO Espirito Santos, which was completed in Singapore in early November, has arrived in Brazil and will be hooked up as part of the BC-10 deepwater development.
Deep Down Reels in $11.1MM Buoyancy Contract for Delba III
(Tuesday, November 25, 2008) Deep Down received an executed $11.1 million contract from Delba Drilling to supply and install the deepwater marine drilling riser floatation system for the Delba III semisub drilling rig.
Petrobras Unlocks Large Volumes of Oil in Espirito Santo Pre-Salt Layer
(Friday, November 21, 2008) Petrobras completed the drilling of two new wells in the pre-salt layer offshore Brazil and proved an expressive discovery of light
Asia-Pacific Headlines
Browse News from Other Regions: Asia-Pacific Gulf of Mexico North Sea Other Regions South America West Africa
Australia Braces for Tropical Cyclone Billy
(Tuesday, December 23, 2008) Operators have begun evacuating offshore developments and drilling operations in the path of Tropical Cyclone Billy.
Jumbo Flexes Muscles, Successfully Installs Equipment on Van Gough
(Tuesday, December 23, 2008) Jumbo successfully completes the heavy lift and installation of the DTM buoy for the Van Gogh field offshore Australia.
J Ray Wins Fast Track Pipeline Contract for ExxonMobil's Malaysia Ops
(Tuesday, December 16, 2008) J. Ray's Malaysian affiliate has won a fast track transportation and installation contract from ExxonMobil for the pipeline between Guntong-C and Guntong-A offshore Malaysia.
MODEC Awards Jurong FPSO Conversion for Angola's Block 31 PSVM Fields
(Tuesday, December 09, 2008) Jurong Shipyard has secured a contract from MODEC to convert a tanker to a FPSO that will operate in BP's PSVM Fields in Block 31 offshore Angola.
Apache's Van Gogh, Pyrenees Oil Developments Projected to Add 40,000 B/D
(Monday, December 08, 2008) Apache has arranged a $350 million financing for the Van Gogh and Pyrenees oil developments offshore Western Australia which are expected to add a total of 40,000 barrels per day to Apache's worldwide net oil production by mid-2010.
North West Shelf Oil Project Approved, to Be Fully Operational in 2011
(Wednesday, December 03, 2008) BHP Billiton has announced approval for the North West Shelf Cossack, Wanaea, Lambert, Hermes redevelopment project for a capital investment of US $245 million.
Expro Showcases Leading Subsea Technology at Perth's DOT
(Wednesday, December 03, 2008) Expro is showcasing some of its market-leading subsea technology to visitors of the annual Deep Offshore Technology Conference in Perth, Australia, running from December 3-5.
New FPSO for North West Shelf JV to Replace Cossack Pioneer in 2010
(Wednesday, December 03, 2008) SBM Offshore announced that the full scope turnkey supply contract for a disconnectable FPSO for Woodside and the CWLH JV has been signed. The FPSO will replace the FPSO Cossack Pioneer in the fourth quarter of 2010.
Triton Group Expands Subsea Services into Asia
(Tuesday, December 02, 2008) Companies operating in the Asia Pacific region can now tap into the oil and gas subsea technology and services expertise of Triton Group as the company initiates a major corporate expansion into the marketplace.
South Korea Considers Undersea Pipeline
(Wednesday, November 26, 2008) South Korea may opt for an undersea pipeline to receive Russian natural gas if North Korea refuses an overland route.
Poyry Picks Up Flow Assurance Contracts for Pluto LNG Project
(Wednesday, November 26, 2008) Woodside has awarded Poyry contracts worth more than $3.4 million to provide ongoing flow assurance and related process engineering support, as part of the Pluto liquefied natural gas Project, currently under construction in Western Australia.
Aquatic Opens New Subsea Base in Singapore
(Tuesday, November 18, 2008) Aquatic is expanding its activities in Asia Pacific, and has opened a new office in Singapore to meet the demand for growing subsea oil and gas services in the region.
valleyboi0, that 61 million is the start and goes to a cool 100 million
Posted by: 10 bagger Date: Monday, December 15, 2008 1:45:25 PM
In reply to: None Post # of 1887
DPDW..
Bought 25K @0.16 off an open.. I will trade out if I can get a profit... BUT at this level it's again appearing to become a risk/reward trade.. Have orders in at $0.128 and $0.1028..
Out at $0.1836 ave.. That seemed quick & easy but I will not try any flips again.. Have lowered buy $0.118.. I believe that there is a very large seller out there that looks like some one with margin pressure.. Good luck to the existing longs,, this has been brutal.. hank
i know too much, in in heart you know what to do get out or ride the horse
LET FACE FAX, YES DPDW MAGAGENTMENT MAKE SOME NICE CASH, HOWEVER THEY WORK FOR IT AND MAKE SOME NICE CASH,YES THEY ARE HIRING SOME TOP GUNNER FOR THERE CO. AND ADD MORE. I HAVE TO GIVE THEM DPDW CREDIT
I GOT IT FROM THE HORSE MOUTH MR.STEVE HAAG THIS INFORMATIOM
YES THERE ARE SOME POT HOLE IN THE ROAD WHAT STOCK DON'T HAVE THEM IN TODAY MARKET. YOU AS SHARE HOLDER HAVE TO HANG IN THERE OR PULL THE PLUG
let me post this before they remove, it to ur share holder, dpdw is sitting on a deal, the last time i check, between 75MILLION TO 100MILLION FOR NEXT YEAR SALE'S NOW IF IT COME IN AT 65 TO 75 MILLION EXCUSE ME, SO WHO CARE FOR A LINE CREDIT 1 TO 3 MILLION LOAN
yes i know the stock is down, however i know they dpdw don't have there nuts in a knot like the auto co's do.