Ford to Debut 1.0-Liter EcoBoost Engine in Europe

- Ford to Debut 1.0-Liter EcoBoost Engine in Europe



Sep 12, 2011

Ford (NYSE:F) confirmed the first production applications for its smallest-ever EcoBoost engine at the 2011 Frankfurt Motor Show.

The engine will debut in the European Ford Focus early in 2012, offering the performance of a conventional 1.6-liter engine with less than 120g/km CO2 emissions.

Graham Hoare, executive director, Powertrain, Ford of Europe said, "By offering the Focus with an advanced small-displacement petrol engine, Ford is not only making a major statement on how serious we are about engine downsizing - it also shows the strength of our development and engineering capabilities. To produce a 1.0-liter EcoBoost petrol engine with such impressive performance and fuel economy is a clear example of our commitment to be class-leading in fuel economy."

Ford Motor (NYSE:F) has a potential upside of 84.1% based on a current price of $10 and an average consensus analyst price target of $18.41.

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Commodity Corner: Oil Climbs on Europe Debt Plan

- Commodity Corner: Oil Climbs on Europe Debt Plan

Thursday, July 21, 2011
Rigzone Staff
by Saaniya Bangee

On Thursday, oil futures settled at their best since early June, briefly peaking above $100 a barrel, as European leaders made progress on a plan to deal with its debt crisis.

Crude for the new front-month contract gained 73 cents Thursday, settling at $99.13 a barrel. Prices peaked as high as $100.16 a barrel early in the session.

Top European officials met in Brussels today to discuss releasing a rescue package for Greece. The leaders agreed to lower interest rates on European Financial Stability Facility loans while extending loan maturities. Details from the plan are expected to be released soon.

Meanwhile, Brent crude fluctuated between $116.95 and $119.19, before settling at $117.51 a barrel.

Earlier Thursday, the International Energy Agency (IEA) said it won't release additional emergency oil reserves. Last month, the IEA released 60 million barrels of oil to alleviate the disruption of supplies from Libya.

August natural gas fell 11 cents, ending the session at $4.395 per thousand cubic feet after government reports reported an increase in natural gas stockpiles. The U.S. Energy Administration said natural gas stockpiles grew by 60 billion cubic feet, totaling 2.671 trillion cubic feet for the week ended July 15.

The intraday range for natural gas was $4.37 to $4.59 per thousand cubic feet.

Gasoline futures decreased nearly 5 cents, settling at $3.10 a gallon. RBOB prices peaked at $3.16 and bottomed out at $3.09 Thursday.

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Chevron Exec: East Europe Shale Development Slower Than In US

- Chevron Exec: East Europe Shale Development Slower Than In US

Wednesday, June 29, 2011
Dow Jones Newswires
MOSCOW
by Jacob Gronholt-Pedersen

U.S. oil major Chevron is optimistic about the geological potential at recently acquired shale acreage in Eastern Europe, but says lack of infrastructure and a poor regulatory environment will slow down the development.

Unconventional gas sources such as shale gas, which has shaken up the U.S. gas market in the past two years, have also caught the interest of major players in Eastern Europe.

"It's not easy to replicate the shale gas developments we saw in the U.S.," Jay Pryor, Chevron Vice President in charge of global business development, told Dow Jones Newswires in an interview.

The U.S. oil major has acquired shale gas acreage in Poland, Bulgaria and Romania.

"We certainly think the reservoir potential is there, but it will take a little longer to develop," Pryor said.

"The regulatory environment as well as the infrastructure, including pipelines and service work necessary to drill the wells, just isn't as developed (as in the U.S.)," he added.

Shale gas and oil are being produced using relatively new technologies such as hydraulic fracturing, which involves injecting a mixture of water, sand and chemicals underground at high pressures to release oil from hydrocarbon deposits.

In recent years, these technologies have unlocked shale oil and gas that weren't previously accessible, leading to a boom in new wells across the U.S. and flooding the market with natural gas. In 2009, the U.S. surpassed Russia as the world's biggest gas producer in 2009.

Most of the attention is in the U.S. around accomplished shale basins in North Dakota and Texas. Following a $3.2 billion acquisition of gas producer Atlas Energy in the beginning of the year, Chevron last month acquired the rights to 228,000 acres in the Marcellus Shale.

"We expect others are to be found around the world, and we are certainly looking for them," said Pryor.

However, there are significant hurdles to further development of shale deposits both in the U.S. and globally. After years of rapid growth, shale gas producers have begun to bump into cost constraints and particularly environmental concerns about water contamination during the drilling process.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Aurelian Makes Headway in Europe

Aurelian Makes Headway in Europe

Thursday, April 21, 2011
Aurelian O&G plc

Aurelian provided the following operational update.

Highlights

• Previously announced mechanical issues at Trzek-2, Siekierki Multi Fracced Horizontal Well ("MFHW"), restricts production to 3mmscf/d in 15 day stabilized flow rate test
  • Result as expected after mechanical issues restrict flow in six of the ten well bore sleeves.
  • Trzek-2 to be sidetracked and fracced in Q4 2011 at a cost of €6 million to achieve target stabilized flow rate of 8 mmscf/d and accelerate recovery of 16-28 bcf.
  • A change in the completion methodology, to cemented liner and frac for the Trzek-2 sidetrack, removes the risk of similar mechanical issues recurring.
  • Sidetrack already funded and potential of project unchanged at 346 bcf (net to Aurelian) recoverable.
• Second MFHW, Trzek-3, encounters 140 meter gas column in Rotliegendes reservoir
  • Top reservoir encountered. Logs confirming good gas readings.
  • Core taken from estimated 140 metre gas column representing a 40% increase compared with Trzek-2.
• Gas Processing Facility progressing well, first gas targeted H2 2012
  • Contract to allow tie-in to national gas transmission system signed.
  • Environmental and Planning approvals received.
  • Construction approval expected H2 2011 with first gas targeted H2 2012.
• Krzesinki conventional exploration well to spud in Greater Siekierki Area Q3 2011
  • Constructing site for well targeting 45-465 bcf (gross) prospective resources.
  • Vertical well costing up to €10 million (gross) spudding Q3 2011.
• First Bieszczady well produces gas and condensate from potentially commercial zone above primary targets
  • Short term drill stem test of 42 meter zone, flows indicates potentially commercial rates of condensate and gas. Flow from third test confirms zone's prospectivity.
  • Current depth circa 3,850 meters. Primary targets between 4,000 and 4,800 meters.
  •  Processing and interpretation of second 300 km 2D seismic survey underway to support second well early 2012.
• Significant growth initiatives launched in both Carpathian and Tight Gas Core Areas
  • Award of 100% of Poreba concession, resulting in the launch of a new 2,562 km2 operated, low cost Carpathian conventional gas business targeting 500-750 bcf (gross) of gas.
  • Program commences with work over well in H2 2011 targeting resources of up to 20 bcf (gross). Up to 2mmscf/d initial production and cash flow targeted H2 2012.
  • 2012 exploration well targeting prospect with resources of between 40-60 bcf .
  • Tight Gas joint commercialization MOU signed with PGNiG targeting new tight gas blocks providing further growth opportunities outside of Siekierki.
  • MOU signed with PGNiG and FX Energy to work together sharing data to enhance understanding of Rotliegendes tight gas blocks in Central Poland.

Rowen Bainbridge, Chief Executive commented, "We are making progress to understand the Siekierki reservoir and to develop production and cash-flow by the second half of 2012. Our Trzek-2 well has shown that horizontal wells can produce from tight sands such as Siekierki, and we now need to optimize the completion, frac design and execution to crystallize the potential of this project. In the Greater Siekierki area we are looking forward to the spudding of our Krzesinki, vertical well in H2 2011.

The first well in the Bieszczady concession in our Carpathian drilling program continues to look encouraging and we look forward to providing further updates on this in the coming months.

We are also pleased to have been awarded a 100% interest and operatorship in the Poreba concession, which together with our existing West Karpaty operated concession, enables us to launch our Carpathian conventional gas business targeting first gas and cash flow in H2 2012. The MOU's/alliances that we have signed with PGNiG and FX Energy are also an important step in helping us further grow our tight gas business outside of Siekierki."

Google to invest in German solar power plant

Google to invest in German solar power plant



Google (GOOG) announced today that it has agreed to make its first clean energy project investment in Europe - a EUR3.5M investment in a solar photovoltaic power plant in Germany. The transaction still requires the formal approval of the German competition authorities and is subject to other customary closing conditions. The recently completed facility is located near Berlin.

The power plant has a peak capacity of 18.65MW, which puts it among the largest in Germany. Google agreed to jointly invest in this project with the German private equity company Capital Stage.

General Motors to develop Buick plug-in hybrid

General Motors to develop Buick plug-in hybrid



General Motors (GM) is developing a Buick using the Chevrolet Volt's plug-in hybrid technology, reports Bloomberg. According to two people familiar with the project, designers are working on a version of the hybrid Opel Ampera scheduled for sale in Europe this year. The Buick version would go on sale in 2013 if it receives final approval.

Marex Group Reaches Agreement to Acquire Spectron Group

Tuesday, 22 March 2011 02:35 PR Newswire

Marex Group Limited ("Marex"), the international broker of commodity derivatives, financial futures and foreign exchange, which is majority-owned..

NEW YORK, March 22, 2011 /PRNewswire/ -- Marex Group Limited ("Marex"), the international broker of commodity derivatives, financial futures and foreign exchange, which is majority-owned by JRJ Group ("JRJ") and its partners, Trilantic Capital Partners and BXR Group, today announces that it has reached agreement with Imarex ASA to acquire its 100% holding of Spectron Group Limited ("Spectron") for approximately $154.1 million.

Operating from offices in London, Continental Europe, Asia and the US, Spectron is a leading global broker of wholesale energy and other commodity products. Spectron provides electronic and voice brokerage services for a diverse range of mainly Over-the-Counter ("OTC") markets, including gas, power, environmental products, freight, crude oil and related products, coal, weather and metals. Spectron's broad client base includes traders and risk managers within large oil and gas corporations, energy utilities, commodities firms, financial institutions and charterers. The transaction is subject to FSA approval in the UK and expected to close in the second quarter of 2011.

The combination of the two companies is highly complementary, with each firm a leader in its respective markets. As a leading intermediary in European power and gas markets, Spectron is well positioned for a continuation of the secular growth trend in energy-related financial market activity, with transaction levels expected to continue to respond positively to the processes of liberalisation and integration necessary to realize key EU objectives for competitive, secure and sustainable European energy markets. Marex is a leading broker of metals, agricultural, energy and financial products. Together, the companies will comprise the world's largest independent, privately-owned broker in power, gas, fuel oil, metals, agriculture and other high growth asset classes, able to service clients across both OTC and exchange-traded arenas.

Roger Nagioff, CEO of Marex and Co-Founding Partner of JRJ Group, said: "The partnership with Spectron is transformational for shareholders, clients and employees of both firms. It's a highly complementary combination given Marex's longstanding expertise in exchange-traded commodity derivatives, and Spectron's market-leading execution capabilities in a broad range of energy-related OTC derivatives. This transaction is entirely consistent with, and supportive of, Marex's strategy of growing the firm to become the preeminent independent global broker across the commodities and financial asset classes."

Gordon Bennett, Managing Director of Spectron, said: "The partnership with Marex provides new opportunities for the clients and employees of the combined group. Marex has a successful track record in growing its business and providing top quality service for its clients. I am excited about working with the Marex team to develop the enlarged group into a world-leader across the energy and commodities sectors."

About Spectron

Spectron operates one of the largest global marketplaces for energy, commodity, freight and environmental products from its offices in London, Frankfurt, Oslo, Singapore and several cities across the US. Spectron Group is regulated by the Financial Services Authority in the UK and the National Futures Association in the US. Its screen-based trading system, combined with specialist voice brokers, serves users who trade physical and financial products in a number of wholesale markets, including natural gas, electricity, emissions, coal, metals and weather. About $500bn worth of products and contracts are transacted via the Spectron Group annually. For further information, please visit http://www.spectrongroup.com/.

About Marex

Marex is amongst the world's largest independent, privately-owned, brokers, providing execution, direct market access and clearing services in the metals, energy, agriculture, financial futures and foreign exchange markets. Marex's client base includes commodity producers and consumers, banks, brokers, CTAs, hedge funds and professional traders. Marex is a member of the London Metal Exchange, the CME Group exchanges, ICE US, NYSE Liffe, ICE Futures and Eurex and offers access to all major exchanges in the US and Asia. Marex is headquartered in London with offices in New York, Hong Kong and Geneva. Marex subsidiaries are regulated by the Financial Services Authority in the UK, the National Futures Association in the US and the Securities and Futures Commission in Hong Kong. For further information, please visit http://www.marex.com/.

J.P. Morgan plc acted as financial adviser to Marex on the acquisition and Reynolds Porter Chamberlain LLP and The Dontzin Law Firm LLP acted as legal counsel. PricewaterhouseCoopers LLP provided additional advice.

About JRJ Group

JRJ is a private investment firm established in January 2009. JRJ focuses exclusively on the financial services sector, providing capital, operational expertise and strategic guidance to enhance the value of its investments. For further information, please visit http://www.jrjgroup.com/.

Enquiries

London
Gavin Prentice, Marex

Tel: +44 (0)20 7650 4004

Ethan Levner, JRJ Group

Tel: +44 (0)20 7290 7050

Carole Cable, Brunswick Group

Tel: +44 (0)20 7404 5959

Jeremy Capstick, J.P. Morgan

Tel: +44 (0)20 7742 4000

Hong Kong
Ekaterina Alferova, Brunswick Group

Tel:  +852 3512 5093

New York
Michelle Lee, Brunswick Group

Tel:  +1 212 333 3810

SOURCE Marex

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