Crude Oil Price by oil-price.net

Oil and Gas Energy News Update

Showing posts with label chief. Show all posts
Showing posts with label chief. Show all posts

Wednesday, July 13, 2011

DEC Chief Defends Plan For Fracking

- DEC Chief Defends Plan For Fracking

Wednesday, July 13, 2011
The Buffalo News, N.Y.
by David Robinson

State Environmental Conservation Commissioner Joseph Martens says he doesn't see a double standard in new natural gas drilling recommendations that would bar a controversial practice in parts of the state and not others.

His department's recommendations for regulating the natural gas drilling technique known as hydraulic fracturing would bar the practice in the Syracuse and New York City watersheds, but would open about 85 percent of the gas-rich Marcellus Shale region to drillers.

Martin, in a meeting Tuesday with reporters and editors of The Buffalo News, said the New York City and Syracuse watersheds were singled out as deserving special protection because they are the only supplies of unfiltered drinking water in the state.

A surge in natural gas drilling, along with the increased truck traffic that comes with it, potentially could jeopardize the ability to tap those watersheds as drinking water supplies that do not require filtering.

If that happened, the municipalities that rely on those watersheds for drinking water could be forced to build costly water treatment plants that, in the case of New York City, could carry a tab as high as $9 billion, Martens said.

Martens said the Department of Environmental Conservation's recommendations protect water supplies elsewhere in the state by barring drilling within 500 feet of the boundary of primary aquifers or private wells. Drilling also would be prohibited within 2,000 feet of a public drinking water supply.

"Our regulations are stricter than any other state," Martens said.

"We have very ambitious setbacks from all water supplies," he said. "I would say we've taken a cautionary and prudent approach."

But State Sen. Daniel Carlucci, DClarkstown, questioned why what's good for a large swath of upstate New

York is not allowed in the two watershed areas.

"It does, however, raise a troubling paradox," Carlucci wrote this week in a letter to the DEC. "If the threat of potential pollution is too great to subject the New York City and Syracuse watersheds to, why would it then be acceptable to subject water sources in the rest of the state to the same potential contamination?"

The recommendations also would ban high-volume hydraulic fracturing on state-owned land, including parks, forests and wildlife-management areas, and in flood plains.

Kate Sinding of the Natural Resources Defense Council noted that the DEC recommendations "inexplicably" would allow individual landowners to waive the 500-foot buffer around private drinking water wells. "They should not put landowners in a position of balancing potential economic gain against risking their health and safety," she said.

Drilling advocates contend the prolific horizontal wells could provide a major economic boost to upstate New York, creating thousands of jobs and helping to hold down natural gas prices by bolstering supplies.

More than 3,000 horizontal wells have been drilled and hydraulically fractured in the Marcellus Shale area of Pennsylvania, but none in New York because of a moratorium imposed by the state while the DEC developed new rules.

Horizontal wells go straight down for about a mile, then gradually turn at almost a 90- degree angle and continue for a half mile to nearly a mile horizontally, through the Marcellus Shale.

Drillers then inject millions of gallons of water, chemically treated to kill bacteria and prevent scale buildup up on pipes, into the well at high pressure to produce tiny cracks in the rock to free the gas. They also use small explosive charges.

The technique allows drillers to tap into much larger supplies of gas from a single drill site, which can have as many as six wells extending out in different directions. A single well can cost more than $4 million, but successful wells can produce gas at very high rates.

Opponents contend that the process, which uses millions of gallons of water mixed with chemicals and sand, could contaminate drinking water supplies and cause other environmental damage through increased truck traffic and the construction of roads and pipelines through rural areas.

Any drilling boom, however, probably would miss most of Western New York, with the likely exception of the easternmost portion of Allegany County. Unlike the layer across much of Central New York, geologists said the Marcellus Shale throughout most of the western part of the state is too thin and shallow to hold vast quantities of natural gas. Instead, most of the drilling is expected to focus on the portions of the Southern Tier from Steuben County eastward to Delaware County.

Copyright (c) 2011, The Buffalo News, N.Y.

Oil & Gas Post

Promote Your Page Too
LINK

Thursday, July 7, 2011

Ithaca Welcomes New Chief Production Officer

- Ithaca Welcomes New Chief Production Officer

Thursday, July 07, 2011
Ithaca Energy Inc.

Ithaca announced the appointment of Mr. Mike Travis as Chief Production Officer. Mr. Travis is anticipated to commence employment as an officer of the Company at the beginning of 2012.

Mike Travis (aged 51) has over 28 years of diverse offshore and onshore experience in the oil industry which has been acquired in the North Sea and other challenging international locations. He has held key leadership positions throughout his career in all aspects of Production and Development projects including asset management, drilling and operations. Mr. Travis has previously been employed by BP, LASMO, Venture Production and more recently by Premier Oil. He has a strong track record of generating outstanding team performance and delivering results, throughout his career.

Oil & Gas Post

Promote Your Page Too
LINK

Thursday, June 30, 2011

NZOG Chief Executive To Step Down

- NZOG Chief Executive To Step Down

Thursday, June 30, 2011
NZOG

NZOG (New Zealand Oil & Gas Ltd) advises that Chief Executive and Managing Director David Salisbury has given six months notice of his resignation.

David Salisbury joined NZOG in April 2007. He is resigning for personal reasons and his last day with the company will be 29 December 2011.

NZOG Chairman Tony Radford said "the Board is disappointed to be losing someone of David's calibre. David has made a tremendous contribution during a period of growth for our business that has included many significant challenges.

"David has brought great enthusiasm, rigour, discipline and insight to our business strategy. I know he is keen to conclude a number of important initiatives over the coming months."

Tony Radford said the six month notice period provides time to ensure a smooth transition and a process will commence shortly to recruit a replacement Chief Executive.

Oil & Gas Post

Promote Your Page Too
LINK

McDermott Names New Chief Operating Officer

- McDermott Names New Chief Operating Officer

Thursday, June 30, 2011
McDermott International

McDermott International, Inc. announced today that John T. ("Jack") McCormack has been appointed Executive Vice President, Chief Operating Officer of McDermott International, Inc. effective June 30, 2011.

"Jack has been instrumental in leading our Asia Pacific and Middle East operations to exceptional performance," said Stephen M. Johnson, McDermott's Chairman, President and Chief Executive Officer. "Jack has been with McDermott since 2003 and has extensive experience in the capture and execution of major engineering and construction projects. His performance and background make him uniquely qualified for this position."

McCormack will succeed McDermott's current Chief Operating Officer John T. Nesser who previously indicated his intention to retire from McDermott in 2011.

"John Nesser's service to McDermott's employees, customers and shareholders has been nothing less than extraordinary. In John's nearly 13 years of service he has led both the Legal & Administrative functions as well as served as our Chief Operating Officer. He has created significant value for shareholders in each. I know of few executives in our industry that have the business knowledge, intellectual capability and personal integrity that John possesses. I wish John every success in his retirement," said Johnson.

Oil & Gas Post

Promote Your Page Too
LINK

Friday, June 17, 2011

Ex-BP Chief's Vallares Lifts IPO Size to $2.18B

- Ex-BP Chief's Vallares Lifts IPO Size to $2.18B

Friday, June 17, 2011
Dow Jones Newswires
LONDON
by Alexis Flynn & Selina Williams

Vallares, the new investment vehicle headed by financier Nathaniel Rothschild and former BP chief executive Tony Hayward, raised GBP1.35 billion ($2.18B) to invest in emerging-market oil and gas assets, some 35% more than it had anticipated.

Hayward said the level of support "demonstrates the confidence investors have in the strong fundamentals of the resources sector," and said the company will now search for "suitable acquisition opportunities."

Vallares is a cash shell that will use the capital raised to merge or invest with existing companies. Hayward said last week it would look at assets worth between GBP3 billion and GBP8 billion.

Co-founder Julian Metherell said the majority of investor interest came from U.S. and U.K. long-only funds and hedge funds, with some support from Middle Eastern sovereign wealth funds.

Vallares' founders--Hayward, Rothschild, Metherell and Tom Daniel--invested GBP100 million, of which GBP80 million is in ordinary share capital and GBP20 million in incentivized shares and securities designed to ensure an acquisition happens within a mandated timeframe.

Metherell said it was "very likely" Hayward would head an acquired company, marking his return to the spotlight less than a year after he left BP in the wake of the Deepwater Horizon disaster and Gulf of Mexico oil spill.

"He is a world-class CEO. I think any partner who wanted to come into Vallares would be hard pressed to find a better person to run a company than T. Hayward," said Metherell.

Metherell said voting rights for any majority owners following a transaction would be capped at 29.9%.

Vallares earlier Friday placed 133 million ordinary shares at GBP10 a share. Conditional dealings began Friday under the ticker symbol VLRS, and at 0927 GMT they were trading down five pence, or 0.5%, at 995 pence, slightly underperforming a 0.2% decline in the FTSE 100 index.

Admission to the London Stock Exchange and unconditional dealings on the main market for listed securities is expected 0700 GMT on June 22.

Vallares is so named in a nod to Rothschild's earlier commodities venture Vallar, and the two companies' business models do chime. Rothschild last year raised $700 million before buying Indonesian coal assets valued at some GBP3 billion. Shares in Vallar have risen 21% since their summer 2010 debut.

Credit Suisse is acting as global coordinator and joint bookrunner, J.P. Morgan Cazenove is acting as joint bookrunner and Evolution Securities is acting as co-lead manager in the share placing.

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

Oil & Gas Post

Promote Your Page Too

Thursday, March 31, 2011

Gas Driller Citations to Be Reviewed

Gas Driller Citations to Be Reviewed

Thursday, March 31, 2011
Knight Ridder/Tribune Business News
by  Timothy Puko, The Pittsburgh Tribune-Review

Every Marcellus shale drilling citation will need a review from the new Department of Environmental Protection chief before final approval, said an agency spokeswoman.

All violation notices for gas drillers and the enforcement actions the agency plans must be e-mailed to Acting Secretary Michael Krancer, spokeswoman Katherine Gresh said. The department's six regions each enforce rules differently, and Krancer is trying to improve consistency across the state, she said, noting the policy may be temporary.

But putting a political appointee in a position to micromanage regulatory enforcement could lead to unfair interference on behalf of campaign donors, said Myron Arnowitt, state director for CleanWaterAction.org. Gov. Tom Corbett received $835,000 in campaign contributions from gas companies, according to MarcellusMoney.org, a website run by Common Cause Pennsylvania and Conservation Voters of Pennsylvania.

"Krancer has talked a lot about being scientifically-based, factually-based and implementing the law," Arnowitt said. "It's not clear how what he's doing does any of that."

Corbett has promised he will give no special consideration to the industry because of the donations he has received.

The DEP has spent much of the past three years playing catch-up with the gas drilling industry, going on a hiring spree to ensure it had enough employees to match the plethoraof permit requests statewide. There were 1,200 violations last year, and adding another layer of bureaucracy to enforcement raises more questions about how quickly the agency can stop lawbreakers, Arnowitt said.

Gresh said the effort won't be time consuming, but she didn't know how much time it might add to Krancer's day or how many more documents he might need to review. Ultimately, it will make the agency more efficient by ensuring new staffers received proper training and are enforcing regulations consistently, she said.

"We have communications like that around the department all the time. This is one aimed at achieving a goal that is very important to Secretary Krancer," Gresh said. "We'll take whatever time is necessary to ensure the consistency to improve efficiency, protect the environment, and, you know, which will benefit all Pennsylvania."