Ford, Toyota to Collaborate On Developing Hybrid System

- Ford, Toyota to Collaborate On Developing Hybrid System



Aug 22, 2011

The Wall Street Journal reported that Ford Motor Company and Toyota announced they will equally collaborate on the development of an advanced new hybrid system for light truck and SUV customers.

In a statement, Derrick Kuzak, Ford's product development chief said, "This agreement brings together the capability of two global leaders in hybrid vehicles and hybrid technology to develop a better solution more quickly and affordably."

Ford and Toyota have signed a memorandum understanding on the product development collaboration, with the formal agreement expected by next year.

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Delek, Noble Energy Reconsider Developing Noa

- Delek, Noble Energy Reconsider Developing Noa

Friday, May 20, 2011
Knight Ridder/Tribune Business News
by Amiram Barkat, Globes, Tel Aviv, Israel

Sources inform "Globes" that Delek and Noble Energy are about to decide to develop the offshore Noa natural gas field near Yam Tethys and the Gaza Strip. Development of the field could ease the expected natural gas shortage if the gas flow from Egypt does not resume in full.

Until recently, Delek and Noble Energy said that there was no economic justification to spend $200 million to develop the two billion cubic meters Noa gas field. Development would take a year.

However, the prevailing high prices for natural gas have changed the picture. The price the two companies obtained in their gas supply contract with Hadera Paper -- $8.50 per million British Thermal Units, 50 percent above 2009 prices -- translates into $300 million per billion cubic meters.

Delek says prices are set according to the same formula used to set the price in the company's 2009 contract with Israel Electric Corporation (IEC), and it attributes the entire rise in the price in the Hadera Paper deal to the higher price of oil, to which natural gas prices are linked.

The financial report for the first quarter of Delek unit Delek Drilling indicates that the suspension in natural gas deliveries from Egypt did not greatly affect the company's revenue, partly because of the increased gas deliveries were sold at the same price as regular deliveries.

Delek and Nobel Energy reportedly supplied 100 million cubic meters of gas from Yam Tethys because of the suspension of Egyptian deliveries during the first quarter. Yam Tethys supplied 800 million cubic meters of gas during the first quarter.

The financial report also indicates that, despite the crisis in Egyptian gas deliveries, Israeli demand for natural gas slightly exceeded government projections. Demand reportedly increased because of increased use of natural gas by IEC, which for the first time preferred natural gas instead of coal for the generation of electricity, due to the sharp rise in the price of coal in recent months.

The price of coal has reached $120-130 per ton, comparable to $5.50 per million BTU for natural gas. When the excise on fuel and externalities are factored in the cost of coal equals the cost of natural gas, except that coal is more polluting and harmful to the health.

Copyright (c) 2011, Globes, Tel Aviv, Israel

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PetroVietnam Explores Overseas Options

PetroVietnam Explores Overseas Options

Friday, April 01, 2011
Knight Ridder/Tribune Business News

The PetroVietnam Group will spend US $2.35 billion developing 25 petroleum projects in countries of the former Soviet Union, as well as Venezuela and elsewhere in Latin America. Oil and gas exploitation overseas would eventually reach 2-3 million tonnes per year, with reserves as high as 15 million tonnes.

The group made the announcement at a conference in Ha Noi this week held by the ministry of industry and trade to discuss opportunities for the development of Viet Nam's oil and gas industry with Dutch companies.

PetroVietnam was also intending to invest a total of $84 billion between now and 2015 in strengthening oil and gas exploitation, petrochemicals production and other related lines of business, the group said.

Nguyen Thanh Tung, an official from the ministry of industry and trade, told the conference that the potential for the oil and gas industry and the energy sector overall in Vietnam remained great. However, he said, foreign investment and technology was needed to develop a domestic gas processing industry.

Tung said that, to attract investment in the petroleum sector, the Vietnamese government had offered incentives and created opportunities for foreign investors and joint ventures to develop various projects in the nation's oil industry.

Gas exploration and exploitation, particularly in the southern part of the continental shelf, remained in the beginning stages, he said. The nation's untapped gas reserves have been estimated at 682 billion cubic meters, offering a greater potential for exploitation than oil.

According to PetroVietnam, Vietnam's crude oil reserves stood at 4.4 billion barrels at the end of 2010, while crude oil productivity last year reached 15.1 million tonnes. Gas production reached 9.4 billion cubic meters.

The Dung Quat oil refinery has been in operation for two years with a capacity of 6.5 million tonnes per year, corresponding to approximately 148,000 barrels a day and meeting 30 percent of domestic demand for refined petroleum products.

PetroVietnam has plans to build additional refineries in the provinces of Thanh Hoa and Ba Ria-Vung Tau.

Lamprell Bags Weatherford Contract

Lamprell Bags Weatherford Contract

Wednesday, March 30, 2011

Lamprell

Lamprell has received a new contract award from Weatherford Drilling International for the engineering, construction and delivery of two 3000HP land drilling rigs, with a total contract value of $41 million.

The rigs have a static hook load capacity of 1,500,000 lbs and 800,000 lbs set back capacity.

The mast will accommodate a 750T top drive supplied by three triplex mud pumps rated at 2200HP with a 7500psi high pressure mud system. The rig will be powered by five 3516B CAT engines. Lamprell will fabricate the rigs at its yard in Jebel Ali. The project is planned to be completed during the first quarter 2012.

Commenting on the contract award Nigel McCue, Chief Executive Officer, Lamprell said, "We are delighted to be announcing this significant new contract award from Weatherford.

We believe that this land rig award, the largest yet for our oilfield engineering business, demonstrates the exciting opportunity to develop Lamprell's offering in this developing regional market. We look forward to working with Weatherford on this important project."