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Subsea 7 secures contract for Lapa North East field offshore Brazil

first_img Image: The Lapa North East field is an ultra-deep water oil and gas field, located approximately 300kms off coast São Paulo, Brazil. Photo: Courtesy of David Mark from Pixabay. UK-based offshore projects and services provider Subsea 7 has secured a contract from Total E&P do Brasil for the development of the Lapa North East field.The company did not reveal the contract value but indicated that it is in the range of $50-150m (£41-124m). Total E&P do Brasil serves as an operator for the field on behalf of the consortium comprising of Total E&P do Brasil, Shell, and Repsol-Sinopec.Under the contract, Subsea 7 will be responsible for transport, installation and pre-commissioning of 35kms of flexible pipelines and 20kms of umbilical, connecting 5 wells to the FPSO Cidade de Caraguatatuba.The company would also start project management and detailed engineering immediately from its Rio de Janeiro, Brazil office, and the offshore works are expected to start in the fourth quarter of 2019.Subsea 7 Brazil vice-president Marcelo Xavier said: “This contract builds on our track record of project execution offshore Brazil and reflects our commitment to work and learn together with our client to achieve successful solutions.“We look forward to strengthening our relationship with Total in Brazil, through mutually beneficial collaboration on this project and, in the long-term, on future developments.”Details of the Lapa North East fieldThe Lapa North East field is an ultra-deep water oil and gas field, located approximately 300kms off the coast of the State of São Paulo, at 2,150m water depth in the pre-salt Santos Basin.In April, TechnipFMC received a subsea contract from Total E&P do Brasil for the Lapa field. The contract includes the supply of flexible pipes for oil production, gas lift, and gas injection as well as associated accessories.The Lapa Field Consortium comprises Total with 35% stake, Shell Brasil Petróleo with 30% interest, Repsol Sinopec Brasil with 25% stake, and Petrobras with 10% stake.According to estimates, the Brazilian oilfield holds recoverable reserves of 459 million barrels of oil equivalent (boe). Subsea 7 will start project management and detailed engineering immediately from its Rio de Janeiro office in Brazillast_img read more

ION announces new regional 3D multi-client program in Argentina

first_img ION announces new regional 3D multi-client program in Argentina . Photo: courtesy of John R Perry from Pixabay. ION Geophysical Corporation (NYSE: IO) today announced a new 3D multi-client program in Argentina’s Neuquén Basin.  ION is nearly tripling the size of its Vaca Muerta program to 25,000 sq km over one of the most prospective unconventional plays in the world, which is estimated to hold 16 billion barrels of recoverable hydrocarbons.  The first phase of the program is complete with twenty-five seamlessly merged 3D data sets comprising a single 9,000 sq km depth volume.  The second phase of the program is in progress and will increase the project size to 25,000 sq km by merging an additional 60+ surveys and incorporating 150+ wells.  Future interpretation studies derived from this information will provide the framework for a basin-wide understanding of all major intervals in addition to the Vaca Muerta Formation.“Oil and gas companies are investing billions of dollars to explore and develop this world-class unconventional resource,” said Joe Gagliardi, Senior Vice President of ION’s Ventures group.  “Many operators are active in the area and our project underwriters agree that a large-scale program will improve understanding of the basin architecture as a whole, and how the Vaca Muerta fits into the larger exploration picture.  ION has repeatedly demonstrated its unique ability to rapidly and cost-effectively provide a cohesive view of basin-wide systems using existing 3D seismic and well data.” Source: Company Press Release The first phase of the program is complete with twenty-five seamlessly merged 3D data sets comprising a single 9,000 sq km depth volumelast_img read more

Haynesville Shale will play a key role in satisfying new demand for natural gas

first_img Drilling activity at the Haynesville Shale formation has been increasing Haynesville Shale is expected to become the main resource contributor to liquid natural gas (LNG) operations along the US Gulf Coast as demand for exports grows, according to analysts.A recent resurgence of drilling activity in the Haynesville formation — a natural gas deposit straddling large parts of Louisiana, Texas and Arkansas — is expected to continue as the region seeks to capitalise on its natural advantages of resources and location.GlobalData oil and gas analyst Andrew Folse said: “The demand of natural gas feedstock for conversion into LNG is focused on the US Gulf Coast.“This demand is expected to steadily increase over the next five years as there is approximately $18bn to be invested in planned LNG facilities in Texas and Louisiana.“An additional $7.9bn is related to announced facilities, which could further increase natural gas demand.“Given Haynesville’s proximity to the Gulf Coast, the natural gas produced in the play will have easy access to market, specifically to LNG plants, which will depend on gas produced in the region.”LNG has grown in stature in recent years as a transitional fuel between heavy carbon-emitting fossil fuels and intermittent renewables such as wind and solar for power generation. US to lead the way in LNG liquefaction capacity developmentThe development of hydraulic fracturing and horizontal drilling in the US has resulted in historically low gas prices in the country, in turn driving a significant adoption of LNG resources as an alternative to coal in electricity generation.Natural gas is the cleanest-burning hydrocarbon, producing roughly half as much carbon dioxide as coal, and creating only 10% of its pollution when used to generate electricity.The nation has also become a big LNG exporter of the fuel, with South Korea, Mexico and Japan the top destinations for the 156.7 billion cubic feet (bcf) of LNG sold abroad in July 2019.It is expected the US will contribute to almost three quarters of global new-build liquefaction capacity – facilities designed to transform natural gas into a liquid state for transportation and storage – growth by 2023, far outpacing that of any other region, as it seeks to capitalise on natural gas resources like Haynesville. According to analysts at GlobalData, natural gas production at the Haynesville Shale formation will grow to support new demand for the transitional fuelcenter_img Haynesville Shale is one of the most productive natural gas regions in the USHaynesville Shale is an informal name for the 9,000 square-mile Jurassic rock formation that lies beneath Arkansas, Louisiana and Texas, named after the eponymous north-west Louisiana town where it was first discovered and around which extractive activity has developed during the past decade.It is a highly productive region for shale gas extraction, generating 11 billion cubic feet per day (bcfd) in August.Between Haynesville and the Appalachia Basin on the eastern seaboard, more than 50% of the US’ entire natural gas production was accounted for in the same month – around 43bcfd between them.The region has an advantageous strategic location close to some of the world’s largest petrochemical complexes and LNG export facilities – allowing quick turnaround times from extraction to sale.Top producing regions across the Haynesville Shale formation (Credit: GlobalData)Folse added: “In 2018, the most active-producing areas in the Haynesville shale were De Soto, Caddo, Red River and Bossier parishes in Louisiana, as well as San Augustine County in Texas.“Chesapeake Energy, Indigo Natural Resources, Comstock Resources, BP and Range Resources were the leading producers in the Haynesville shale play in 2018.”last_img read more

ADNOC CEO seeks opportunities to strengthen UAE-India energy relationship during virtual dialogue with Prime Minister Narendra Modi

first_imgIn the past two years, ADNOC has enhanced its strategic energy links with India – a key growth market for crude, refined and petrochemical products ADNOC CEO Sultan Ahmed Al Jaber. (Credit: Abu Dhabi National Oil Company) His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of the Abu Dhabi National Oil Company (ADNOC), reinforced the close and deep-rooted economic ties between the United Arab Emirates (UAE) and India during a virtual session with His Excellency Narendra Modi, Prime Minister of India.Speaking at the interactive session between Prime Minister Modi and leading global oil and gas CEOs during the 5th annual roundtable organized by NITI Aayog and India’s Ministry of Petroleum and Natural Gas, H.E. Dr. Al Jaber said India has always been and will always remain one of the UAE’s closest friends and one of its most important trading partners. He noted the strategic ties between both countries have strengthened in recent years, particularly in the field of energy.“Today, Indian companies represent some of Abu Dhabi’s key concession and exploration partners. As we continue to work together, I see significant new opportunities for enhanced partnerships, particularly across our downstream portfolio. As you know, we have launched an ambitious plan to expand our chemicals, petrochemicals, derivatives and industrial base in Abu Dhabi and I look forward to exploring partnerships with even more Indian companies across our hydrocarbon value chain.“India’s remarkable growth as an economic power has cemented its place as one of the world’s largest energy consumers. In fact, it represents the second biggest market for ADNOC. This is a position we hope to build on, in line with the huge expansion of India’s ambitions for growth. ADNOC is ready to meet India’s growing demand across the full portfolio of our products,” H.E. Dr. Al Jaber said.He added ADNOC is proud to be a key supplier to India’s Strategic Petroleum Reserves and is keen to expand the commercial scale and scope of this strategic reserves partnership.In the past two years, ADNOC has enhanced its strategic energy links with India – a key growth market for crude, refined and petrochemical products. In addition to its partnership in the strategic reserves program, ADNOC is also a stakeholder in one of India’s largest refinery and petrochemicals projects, to be constructed on India’s west coast.Concluding his remarks, H.E. Dr. Al Jaber said he believes both countries have only scratched the surface of the opportunities that could benefit both India and the UAE in the energy sector.“I believe that by seizing these opportunities, we can in fact enhance the speed of post-Covid economic recovery. I very much look forward to expanding our relationship across multiple areas and I am absolutely certain that we can remove any barriers that may stand in our way,” H.E. Dr. Al Jaber said.The interactive session was preceded by an inaugural address by Prime Minister Modi and opening remarks by Dharmendra Pradhan, Indian Minister of Petroleum and Natural Gas. The objective of the roundtable is to deliver a global platform to understand best practices, discuss reforms, and inform strategies for accelerating investments into the Indian oil & gas value chain.Other speakers include H.R.H. Prince Abdulaziz bin Salman, Minister of Energy, Kingdom of Saudi Arabia; Hon. Dab Brouillette, Secretary of Energy, United States of America; Patrick Pouyanné, Chairman and CEO, Total; Bernard Looney, CEO, BP; H.E. Mohammad Sanusi Barkindo, Secretary-General, OPEC; Lorenzo Simonelli, Chairman and CEO, Baker Hughes; Tengku Muhammad Taufik, President and Group CEO, Petronas; Daniel Yergin, Vice Chairman, IHS Markit; and Amitabh Kant, CEO, NITI Aayog.Indian companies have steadily increased their participation in the UAE’s energy sector. In March 2019, a consortium of two Indian oil companies were awarded the exploration rights for an onshore block in Abu Dhabi. This followed the award in February 2018 of a 10 percent participating interest in Abu Dhabi’s offshore Lower Zakum Concession to an Indian consortium of three companies. Source: Company Press Releaselast_img read more

MP predicts letting fees ban will cut agent turnover by up to 20%

first_imgHome » News » MP predicts letting fees ban will cut agent turnover by up to 20% previous nextRegulation & LawMP predicts letting fees ban will cut agent turnover by up to 20%London MP canvassed local agents about ban before predicting effectNigel Lewis9th January 20170996 Views The letting fees ban will cut agent turnover by up to 20%, says Mike Freer, the Conservative MP for Finchley and Golders Green in North London (pictured).Freer, who is a buy-to-let landlord himself, says he has talked to letting agents in his constituency about the ban including Martyn Gerrard, which he describes as an ‘industry leader’ in his area.The company is unusual within the lettings sector because it does not charge tenants administration or contract fees.The MP says his research reveals that agent turnover is likely to reduce by between 10% and 20% among “agents who have been charging these spurious fees to tenants” if a ban is introduced and that this will weed out the “cut price unregulated agents” within the industry.He says agents in his area believe that such a dramatic drop in turnover will encourage agents to increase their charges to landlords, who in turn will raise rents to cover the increased costs.“In Scotland, where all but rent and refundable deposits were banned in 2012, the evidence shows that rents have risen as a direct consequence of the ban,” the MP says in his blog on website conservativehome.com.Freer then goes on to argue that holding deposits should not be treated as fees, and says that if they are banned then many tenants will commit to multiple properties when searching for a home in the hope of securing one of them.This, Freer says, will lead to increased costs as landlords and letting agents pay for referencing checks for each prospective tenant, only for them to choose another property.golders green mike freer mp ban on letting fees finchley January 9, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Tenants begin to get choosy about who they house or flat share with, report shows

first_imgHome » News » Housing Market » Tenants begin to get choosy about who they house or flat share with, report shows previous nextHousing MarketTenants begin to get choosy about who they house or flat share with, report showsSome renters prepared to pay hundreds of pounds more a month to be with ideal house or flat sharers.The Negotiator24th March 201702,026 Views Arguments among tenants over unwashed dishes, late night partying and dirty pants left on bannisters are clearly taking their toll, reveals research out today into the house and flat share market.It shows that 70% of house and flat sharer tenants in the UK are willing to pay on average an extra £112 a month to secure a home with more ideal cohabiters.But some told researchers they would stump up even more; £201 a month, which seems a lot just to avoid unflushed loos, stolen orange juice and waiting ages for a shower in the morning.The research found that being clean and tidy was the most important attribute of being a good flatmate among those polled, that men prefer sharing with three others and females two others.Face-to-faceCommissioned by utility company Spark Energy, which is a specialist supplier to the lettings market, the research also reveals that half of all tenants still believe the most effective way to meet people to share a home with is face-to-face, despite the best of efforts of websites such as RoomBuddies.co.uk to convert this into a digital interaction.Spark Energy’s spokesperson Shaun Burnett (pictured) also suggests that a ‘behavioural’ trend may be emerging in the lettings industry akin to TripAdvisor, in which tenants seek out well behaved fellow renters with good profiles to live with.The research also revealed some good news for sales agent – Spark Energy reckons that only 18% of tenants it spoke to believe they will never make it on the property ladder, considerably lower than the two thirds of renters that online only agent House Network feared they would not get on the property ladder.As they say in research, it’s all about who you talk to.houseshares shaun burnett spark energy flat share March 24, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Build to Rent scheme gets green light

first_imgBristol City Council has approved a 255 unit Build to Rent (BTR) scheme, ‘ND7’, in Bristol city centre, the first BTR development to receive planning committee support in Bristol.The scheme will provide high-quality homes for elective renters, offering a level of flexibility and choice that currently isn’t available in Bristol. The scheme will champion the rights of tenants, offering longer and more flexible tenancies with no hidden fees and long-term certainty over rental levels, making renting a more affordable and active choice.Dan Batterton, BTR Fund Manager, LGIM Real Assets, says, “In Bristol there are increasing numbers of people needing to rent and an urgent need for high density, city centre, rental accommodation. It is great news that this innovative scheme has been approved by Bristol City Council, who recognise that ND7 will make a major contribution towards Bristol’s rental housing supply.”B2R Bristol City Council build-to-rent scheme BTR build-to-rent April 10, 2017The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Land & New Homes » Build to Rent scheme gets green light previous nextLand & New HomesBuild to Rent scheme gets green lightThe Negotiator10th April 20170822 Viewslast_img read more

Will this end the need to chase conveyancing solicitors on the phone?

first_imgEstate agents have for decades battled the UK’s frustratingly opaque and slow conveyancing system.But according to a proptech platform due to launch later this month, the days of the ‘black hole’ that property transactions disappear into after an offer has been accepted is about to have a very bright light shone into it.Simon Bath, who two years ago set up a conveyancing legal firm but soon realised the system was “broken”, is about to launch When You Move, an integrated online platform that enables solicitors to keep their introducing agent and broker clients up-to-date with the latest progress on each transaction going through the system.“I’m staggered by the process works at the moment – 80% of a sales progressors’ job is to make phone calls to a solicitor who often doesn’t pick up or returns calls enough,” he says.“The level of frustration grows as all the parties try to find out what’s going on.“But we’ve seen that, by using the technology in our own conveyancing business, if you can automate that comms piece then that problem disappears. And the phone stops ringing off the hook all the time.”“We realised the tech had to be focussed on the estate agents and brokers who will use our system because right now I believe most of them have little confidence in the panel system that exists now,” he says.“The way the system has worked until now has been a smoke screen of technology that has not really assisted the introducer or the client.“An agent I know recently asked for an Excel spreadsheet of how all his transactions were progressing and it took four weeks to get to him – that she be instant, surely?”Simon says that rather than tackling problems like this, the conveyancing industry has been busy racing to the bottom as solicitors have competed on fees to ensure they are on ‘page one’ of a panel’s listings.To solve this, When You Move will offer agents a list of four or five hand-picked solicitor firms whose internal systems have been meshed via an API with its platform, but who are paid a proper fee for the work they do.Conveyancing solicitorsAgents are also able to retain or increase their referral fee, Simon claims, because Whey You Move is all tech and fewer people so it takes a smaller slice of the conveyancing fee cake than the current panel providers do because its costs are lower.“Consumers get a mobile app to track the progress of the sale or purchase, agents get a web app and quoting engine and solicitors like us because they don’t have to use ‘another system’ to use When You Move,” says Simon.When You Move prompts solicitors to update the system every three days with a progress report on each transaction and this is then sent automatically to the estate agent involved, reassuring agents that the solicitor is ‘on it’.“Most solicitors can be terrible at being proactive and some of them think it’s beneath them, so we automate that for them by building in a trigger within the platform,” says Simon.“It means the solicitor doesn’t have to think about that comms piece. we take all that away.” simon bath When You Move September 7, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Will this end the need to chase conveyancing solicitors on the phone? previous nextProptechWill this end the need to chase conveyancing solicitors on the phone?We talk to the latest proptech platform to claim it can solve many of the problems that make dealing with solicitors such a pain for estate agents.Nigel Lewis7th September 201702,412 Viewslast_img read more

Outgoing landlord chief is named one of the UK’s top business leaders

first_imgHome » News » Associations & Bodies » Outgoing landlord chief is named one of the UK’s top business leaders previous nextAssociations & BodiesOutgoing landlord chief is named one of the UK’s top business leadersJudges were particularly impressed by Dixon’s ‘strong and innovative leadership’ of the RLA ahead of its merger with the NLA.Sheila Manchester21st October 20190502 Views Andrew Dixon, the Chief Executive of the Residential Landlords Association,  has been named one of the UK’s top business leaders in the CEO UK Awards 2019.Dedicated to recognising ‘strong and innovative leadership’ amongst business leaders, the CEO Today UK Awards recognises Chief Executive who lead their respective sectors.In the 14 months since Andrew took the reins at the RLA, the association has undergone significant growth in membership, in addition to developing a range of new services and benefits for its members.The judging panel said, “The CEO Today judging panel was particularly impressed by the manner in which Andrew Dixon has consistently achieved growth and success in his tenure as CEO of the Residential Landlords Association.“In the past year, Andrew has built on the legacy of his predecessor since taking the reins at the RLA in August 2018.  He has successfully managed the merger with the NLA and has been instrumental in creating the largest landlord trade association with 80,000 members representing over 500,000 properties across the UK.“Andrew Dixon’s wealth of experience and his constant drive to improve each organisation he oversees in addition to his skill and expertise in managing and inspiring his staff, ensures the RLA remains at the forefront of the housing sector, and for that he deserves to be recognised as one of the UK’s top CEOs.”Huge honourDixon said, “It is a huge honour to receive this accolade. My team and I have worked tirelessly across the last 14 months to grow and develop the association and its services.As a result, the RLA has gone from strength to strength with membership up 17%, hitting the 40,000 members mark for the first time.“We are merging with the National Landlords Association (NLA) to create a bigger and more powerful organisation to represent landlords from across England and Wales.“I am now preparing to hand over to the new management team, as I seek to replicate this success with another organisation.”That team will be led by Ben Beadle, who has worked at both PRS property management giant Touchstone and deposit protection firm TDS and will start his job in November at the National Residential Landlords Association.NLA Residential Landlords Association National Landlords Association Andrew Dixon Ben BEadle RLA October 21, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

Go easy on homeowners as repossessions re-start looms, regulator warns lenders

first_imgLenders have been urged to treat the 1.8 million homeowners who have taken out Covid mortgage holidays fairly as the ban on home repossessions looms at the end of this month.Nisha Arora, the Director of Consumer and Retail Policy at the Financial Conduct Authority (FCA), told an industry conference yesterday that a majority of those who had signed up for these deferrals had been able to meet the new payment plans, but that a significant number needed more support.The FCA’s guidance to lenders has been crucial in shoring up the housing market during the crisis, during which it has changed its advice on dealing with struggling mortgage holders three times.This has helped hundreds of thousands of home owners avoid repossession.RepossessionsArora urged lenders to show those still struggling to pay their mortgage to show flexibility in the way they deal with each case, recognise vulnerable customers, and that repossessions should be a last resort.But she also revealed that those who have taken up a mortgage holiday should expect their credit profiles to be adversely affected “to ensure that lenders have an accurate picture of consumers’ financial circumstances and reduce the risk of unaffordable lending,” she said.“We have set out that once firms have agreed a repayment arrangement with a customer, they should waive or reduce interest, fees and charges to the extent necessary to prevent the balance from escalating.“This will help to avoid the debt becoming unmanageable for the customer and make it easier for them to get back on track.”Read more about repossessions.Nisha Arora home repossessions FCA Financial Conduct Authority October 14, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Go easy on homeowners as repossessions re-start looms, regulator warns lenders previous nextRegulation & LawGo easy on homeowners as repossessions re-start looms, regulator warns lendersBut FCA policy chief also warns those on mortgage holidays that they will see their credit profiles adversely affected in the future.Nigel Lewis14th October 20200961 Viewslast_img read more