Cobalt Names COO

- Cobalt Names COO

Wednesday, September 07, 2011
Cobalt International Energy Inc.

Cobalt announced that Van P. Whitfield has been promoted to the new position of Chief Operating Officer. Mr. Whitfield previously held the position of Executive Vice President, Operations and Development.

Joseph H. Bryant, Cobalt Chairman and Chief Executive Officer said, "Van has been an indispensable member of Cobalt's management team from the earliest days of the company, and I believe this new role will take advantage of the full range of his management talent and experience. Van's many years of senior management experience in worldwide operations will serve him well in his expanded role. As Cobalt executes its deepwater exploration program in two of the world's highest potential basins, the Board of Directors and I are very pleased that Van has accepted this position, and are confident that he will excel in this new role."

Mr. Whitfield joined Cobalt in May 2006. Mr. Whitfield has 37 years of experience leading oil and gas production operations and marketing activities in North America, the United Kingdom and Europe, Africa, the Middle East and Asia. Prior to joining Cobalt, Mr. Whitfield served in executive positions at CDX Gas LLC, BP Exploration (Angola) Limited, and was seconded to ExxonMobil Saudi Arabia (Southern Ghawar) Ltd in the position of Vice President, Power and Water. Mr. Whitfield has also held the positions of Senior Vice President of BP Global Power, President and General Manager of Amoco Netherlands BV and Production Manager of Amoco (U.K.) Exploration Company. In addition, he has held numerous operational and technical leadership positions in various Amoco Production Company locations throughout the globe. Mr. Whitfield has a Bachelor of Science Degree—Petroleum Engineering from Louisiana State University and is a graduate of the Executive Program at Stanford University.

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PPL Corp Says Susquehanna Nuclear Power Plant Operating Normally

- PPL Corp Says Susquehanna Nuclear Power Plant Operating Normally



Aug 23, 2011

The earthquake felt throughout the mid-Atlantic region has not affected regular operation at PPL Corporation's (NYSE:PPL) Susquehanna nuclear power plant near Berwick, the company announced.

Unit 1 of the plant continues to operate normally at full normal power while unit 2 had previously shut down for maintenance and remains in safe, stable conditions.

PPL is delaying the return of Unit 2 to full power as a precautionary measure.

PPL has declared an "unusual event" as a result of the earthquake. An unusual event is the lowest of four emergency classifications established by the U.S. Nuclear Regulatory Commission for nuclear power plants.

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Statoil Extends Eidesvik Contract

- Statoil Extends Eidesvik Contract

Friday, August 19, 2011
Eidesvik Offshore

Statoil has declared its option for one year extended period for the Time Charter party with Eidesvik, (through its subsidiary Eidesvik Shipping AS), for the environmental friendly LNG power PSV Viking Queen. The extended period starts primo November 2011. Statoil has further two optional yearly extended periods on this contract.

Statoil ASA has also declared a one month extended period for the Time Charter Party for the PSV Viking Athene.

Photo Taken by Viking Athene from Viking Queen

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JA Solar Announced It Entered Into A Definitive Agreement To Acquire Silver Age Holdings Limited

- JA Solar Announced It Entered Into A Definitive Agreement To Acquire Silver Age Holdings Limited



Jul 1, 2011

JA Solar (NASDAQ:JASO) announced that it has entered into a definitive agreement to acquire 100% ownership interest in Silver Age Holdings Limited. At the time of closing JA Solar will issue 30.901 million ordinary shares as consideration at a price of $5.825 per share.

Dr. Fang Peng, CEO of JA Solar, commented, "This agreement represents another important step in JA Solar's strategy of optimizing our cost structure through selective vertical integration. In today's solar market, it is essential for producers to improve costs while maintaining a relentless focus on technology and product quality. By boosting JA Solar's internal wafer capacity through this acquisition, we expect to achieve greater economies of scale and improve the company's profitability. Furthermore, Solar Silicon Valley has key technologies which can be leveraged to provide superior quality wafer substrates for our high-efficiency solar cell products. As a low cost leader in the solar industry, we expect that this transaction will enhance JA Solar's leadership position and enable us to meet strong global demand for our high-quality, high-efficiency solar products."

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Google Signs Deal With SolarCity

- Google Signs Deal With SolarCity



Jun 14, 2011

Google Inc. (NASDAQ:GOOG) said on Tuesday that it has made a deal with SolarCity, and it is the biggest deal it has ever made. SolarCity will use the Google fund to help finance rooftop installations. Google Inc. is creating a $280-million fund to help finance the rooftop installations.

Lyndon Rive, chief executive of SolarCity said "Google's leading the way and other companies could follow suit...It's not just about a dramatic environmental impact, it's also a good return." SolarCity is known for its lease programs and power purchase agreements, which allow customers to avoid the thousands of dollars of upfront expenses.

SolarCity is Google's first dip into the solar market, but the company has put nearly $700 million into wind farms, solar power systems, and electric vehicle programs. The buses at Google's Mountain View, California headquarters are equipped with solar panels.

Google has a potential upside of 40.1% based on a current price of $508.15 and an average consensus analyst price target of $711.8.

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Japanese Nuclear Power Plant Disaster Could Cost as much as $246 billion

- Japanese Nuclear Power Plant Disaster Could Cost as much as $246 billion



May 31, 2011

The price tag for the March 11th catastrophe at Japan's Fukushima Daiichi nuclear power plant continues to rise and could cost the country between 5.7 and 20 trillion Yen. That's between $70 and $246 billion. That's according to an estimate by a Japanese research institute and reported by the Kyodo News Tuesday. The Japan Center for Economic Research, a private think tank, estimated that scrapping all six reactors at the complex could cost up to 15 trillion Yen, while compensating people evacuated from the area within 20 kilometers of the plant could reach around 630 billion Yen. Further, the government may be forced to buy up all the contaminated land within that 20-kilometer radius, which would cost another 4.3 trillion Yen.

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PUC Gives Nod to Eminent Domain Power for Pipeline Company

- PUC Gives Nod to Eminent Domain Power for Pipeline Company

Monday, May 23, 2011
Knight Ridder/Tribune Business News
by David Falchek, The Times-Tribune, Scranton, Pa.

The state Public Utility Commission intends to declare natural gas pipeline company Laser Northeast Gathering a public utility, giving it the power to condemn private property by eminent domain.

By a 3-2 vote, the commission tossed back to Administrative Law Judge Susan D. Colwell her recommendation to deny Laser's application for a "certificate of public convenience," which would grant it utility status and the right to wield eminent domain.

The narrow majority of the commission disagreed with Judge Colwell's arguments that the commission lacked the authority to regulate the activity and that Laser didn't meet the definition of a public utility.

Rejecting Judge Colwell's legal reasoning, the commission majority sent the recommendation back with a narrow charge: Determine if granting a certificate of public convenience is in the public interest.

In a fiery dissent, Commissioner James Cawley warned of "grave implications for individual Pennsylvanians and their communities." He said his colleagues' decision would upset the balance in easement negotiations, giving more power to pipeline companies.

"The upset of this balance is not in the public interest and is sufficient reason to deny Laser's application," Mr. Cawley wrote, joined in his opposition by Tyrone Christie.

Joining Mr. Gardner in remanding the Laser requests were Robert Powelson and John Coleman Jr.

Collection and gathering pipelines will directly impact more property owners than the gas wells expected to multiply over the next several decades tapping Marcellus Shale gas. Every well has an estimated lifespan of 30 to 40 years and has to be connected to an interstate pipeline.

Judge Colwell argued a pipeline collection and gathering system did not serve the "public," but rather natural gas well owners. But the commission said the legal definition of public "is not confined to the entire public," but rather the individuals or companies requiring the service.

Also at the meeting, Mr. Gardner said in his motion the PUC has the authority to enforce voluntary environmental safeguards to which Laser consented. Environmental group Earthjustice, which intervened in the case, said it is pleased the PUC recognized its ability to enforce those environmental protections reached in a side agreement with Laser.

"Gas development has proceeded at a frenzied pace in Pennsylvania and along with it has come countless spills, accidents, explosions," said Earthjustice attorney Megan Klein. "Finally, state officials have a chance to do something right from the outset, rather than rushing to clean up the aftermath."

But those protections in the Laser agreement may not be enforced across the board.

State Consumer Advocate Irwin "Sonny" Popowsky is concerned pipeline companies in Pennsylvania will continue to be free to opt in or opt out of regulation.

"At some point, the commission has to decide generically whether this activity of natural gas collection and gathering is going to be regulated as a utility activity or not," he said. "You can't just have companies deciding whether or not they get to be public utilities."

Based in South Abington Twp., Laser Northeast Gathering is run by former Southern Union executive Tom Karam. The company began building its 31-mile pipeline in February and plans complete it by the fall.

Copyright (c) 2011, The Times-Tribune, Scranton, Pa.

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Boeing Partners with South Carolina Electric & Gas on Solar Units

Boeing Partners with South Carolina Electric & Gas on Solar Units



Apr 19, 2011

A new partnership for Boeing (BA) will enable the American multinational aerospace and defense corporation to operate as a 100% renewable energy site. Boeing said today that has entered into an energy partnership with South Carolina Electric & Gas. Under this arrangement, South Carolina Electric & Gas will install a solar generation system and dedicate the power from the system to the Boeing site. The solar generation system is comprised of thin-film solar laminate panels and will be installed on the new Boeing 787 Final Assembly building roof. The installation will be the largest in the Southeast by production capacity, and the sixth largest in the U.S., providing up to 2.6 megawatts of electrical power for the site. According to the company that's enough to power approximately 250 homes. Shares for Boeing are up 0.37% to $73.06.

Tendeka Installs DTS at ADCO's HZ Well

Tendeka Installs DTS at ADCO's HZ Well

Tuesday, April 19, 2011
Tendeka

Tendeka has successfully installed its innovative harsh environment Oryx-XR distributed temperature sensing (DTS) monitoring system on a horizontal power water injection well in the United Arab Emirates for ADCO (Abu Dhabi Company for Onshore Oil Operations).

The project is the first high profile extreme reach horizontal injector DTS installation by Tendeka in the Middle East. The horizontal open section of the well was 10,000ft long.

Designed to overcome the toughest monitoring challenges, the Oryx-XR has a sensing range to 12km, and can provide a temperature resolution as fine as 0.010C.

The autonomous, low powered device provides temperature samples every meter along a fiber, with a wide operating temperature window of between -50C to 650C, and can operate by solar or wind power. The permanent, standalone unit contains the sensing optoelectronics and operates remotely with an intuitive, user-friendly software interface, making it a simple-to-use and easily transportable system.

The Oryx-XR features an inbuilt multiplexing module with either two or four channels, enabling up to four single ended measurements or two double-ended measurements.

Completion tubing of 3 ½" and 4 ½" with a DTS cable was successfully run to total depth in the 10,000ft 6 1/8" horizontal hole, the hanger was landed and the packer installed. The project was completed successfully.

The system, will provide ADCO with dynamic injection profile data to effectively monitor the injectivity performance of the well and enable optimization of the injection process

Tendeka Vice President-MENA Region Mark Watson said, "What could have been a challenging project actually turned out to be a very straight forward one, thanks to the skill and experience of those people involved.

"The completion tubing with the DTS cable attached ran smoothly with very low friction and the installed hanger and packer tested with no problems. The Oryx-XR was designed to deal with some of the toughest monitoring situations, such as horizontal well activity and increasingly complex wells, and it has proven its ability to meet those challenges."

Google Shares Down 0.4%; Firm Agrees to Take Stake in German Solar Project

Google Shares Down 0.4%; Firm Agrees to Take Stake in German Solar Project




Shares of Google (GOOG) are down in mid-day trading as the company will pay $5.1 million to buy nearly half of a 18.7 megawatt solar project near Berlin, Bloomberg reports.

A German private-equity company agreed to sell the Internet search giant a 49% stake in the project.

Google shares are down 0.39%, or $2.25, to $575.91.

Kuwait seeks to import Iraqi gas in Shell deal

Kuwait seeks to import Iraqi gas in Shell deal

Apr 11, 2011
Tamsin Carlisle

Kuwait is seeking to import gas from Iraq through a deal with Royal Dutch Shell.
The emirate burns large volumes of oil in its power plants as it has insufficient supplies of cleaner-burning gas.

It has contracts with Shell for summer imports of liquefied natural gas (LNG) and for a complex project to exploit deep gasfields near its border with Iraq, but that project will take years to develop.

In the meantime, Kuwait is seeking to boost imports, some of which may come from the vast gas resources of its neighbour.

"Kuwait is not negotiating with the Iraqi government in this regard, but with international oil companies in Iraq that are developing oil and gas fields there," the Kuwaiti newspaper Al Jarida has reported, citing a source in the state gas industry.

The emirate was hoping to secure a deal for Iraqi gas to start being delivered within the next 12 to 18 months, the official said.

"It is likely that the Kuwaitis have approached Shell, which is in the final stages of negotiating an associated gas-gathering and monetisation joint venture with state-owned South Gas Company in Iraq and Japan's Mitsubishi," said Samuel Ciszuk, the senior Middle East energy analyst at IHS Global Insight.

The much delayed Shell-led venture would gather large gas volumes produced from southern Iraq's big oilfields. The gas there is now being flared, or burnt off.

The priority use for the gas is to fuel Iraq's electricity sector but surplus may be available for export in the first few years of the project while power plants are built.

Shell has suggested temporary exports through a proposed floating LNG terminal it could build within 18 months of signing a contract.

"The Iraqis and Shell might in the end prefer the flexibility of LNG over piping gas to Kuwait," Mr Ciszuk suggested.

At an oil and gas summit in Kuwait last week, Mohammed Hussain, the deputy chairman of Kuwait Oil Company (KOC), said gas supply had become a critical issue for Kuwait and KOC had a long-term plan to nearly quadruple gas output to 4 billion cubic feet a day by 2030.

But LNG imports to Kuwait, which began in 2009, would continue to be needed for some time before the emirate could sufficiently boost its domestic gas output, said Hashim al Rifai, the managing director of planning at Kuwait Petroleum Corporation, the parent of KOC.
The imports have come from as far away as Sakhalin Island in Russia.

Some of the additions to Kuwait's domestic gas output are expected to be associated with increased oil production.


But the emirate faces an uphill battle to develop its marginal oil resources and refurbish large oilfields that were badly damaged in the First Gulf War.

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.

FirstService launches FS Energy to improve energy efficiency

FirstService launches FS Energy to improve energy efficiency



FirstService announced the official launch of FS Energy, an energy management company that is leading environmental change by improving energy efficiency and lowering operating costs across FirstService's extensive property management portfolio. FS Energy is initially concentrating on the 450 high rise buildings the company manages in New York City.

China #1 In Clean Energy Investment, U.S. Slips Behind Germany To #3

China #1 In Clean Energy Investment, U.S. Slips Behind Germany To #3



The Pew Environmental Group today released the 2010 edition of "Who's Winning the Clean Energy Race?" The report showed China retaining its #1 spot on the list, having invested $54.4 billion in 2010, up from $39.1 billion in 2009.

Germany jumped the U.S. to come in at #2, investing $41.2 billion, even though American investment increased 51% to $34 billion. The top 3 were far ahead of the rest of the pack, with Italy, at $13.9 billion, and Brazil, at $7.6 billion, rounding out the top 5.

The report also noted that China is the world's leading producer of wind turbines and solar energy units, and that the country overtook the U.S. as the nation with the most installed clean energy capacity in 2009.

Total worldwide installed wind energy capacity grew 20.6% in 2010 to 193 gigawatts, with global solar capacity increasing a whopping 65.3% to 43 gigawatts.

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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[Oil and Gas Post] - Samsung wins $2.76 bn project in Saudi Arabia

Samsung wins $2.76 bn project in Saudi Arabia

22 Mar, 2011, 11.40AM IST,AFP

SEOUL: South Korea's Samsung Engineering Co. said Tuesday it had signed a $2.76 billion deal to build a natural gas liquid complex in eastern Saudi Arabia .

Under the deal signed with Saudi Arabia's state-run oil company, Aramco , Samsung Engineering will complete the complex in Shaybah oil and gas field by June 2014.

The plant will produce 750,000 barrels of crude oil and more than 200,000 barrels of natural gas liquids a day.

Samsung Engineering has now secured five projects worth a total of $5 billion, including a power plant project in Wasit, 50 kilometres (30 miles) north of the industrial city of Jubail.

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[Oil and Gas Post] - Japan’s Coal, Gas Demand to Rise After Quake, New Hope Says

Japan’s Coal, Gas Demand to Rise After Quake, New Hope Says

March 22, 2011, 2:07 AM EDT
By Elisabeth Behrmann

(Updates to add closing share price in fourth paragraph.)

March 22 (Bloomberg) -- Japan’s coal and natural gas demand is likely to rise after the nation’s biggest earthquake this month knocked out nuclear-powered generators, said New Hope Corp., an Australian coal producer.

“I would expect increased requirements to burn coal and gas over the next few years,” Robert Neale, chief executive officer of the Ispwich, Queensland-based company, said today in a phone interview. Coking coal, in particular, would be needed “because you’ll have at least five or more years of reconstruction, which is going to require steel,” he said.

Japan, which depends on imported fuel for most of its needs, is seeking alternatives to nuclear power after the March 11 quake forced the shutdown of 11 reactors. Five years may be needed to rebuild after the disaster, the World Bank said.

New Hope fell 0.2 percent to A$4.89 at the 4:10 p.m. close in Sydney trading. Shares in the company have risen 0.8 percent this year, compared with the benchmark S&P/ASX 200 Index’s 2.2 percent fall.

New Hope reported first-half profit of A$407 million ($409 million), a rise of more than fourfold following the sale of the company’s stake in Arrow Energy Ltd. The company has a cash balance of about A$1.6 billion following the A$238 million acquisition of Northern Energy Ltd., Neale said.

Demand for coal will rise to make up for the lost nuclear capacity because it’s cheaper than oil and gas, and also due to negative public sentiment toward nuclear power, Andrew Harrington, an analyst Patersons Securities Ltd., said in a report. “We believe that the negativity surrounding nuclear energy will see increased demand for fossil fuels including and especially coal.”

Coal producers likely to benefit from increased demand include Gloucester Coal Ltd., New Hope, Whitehaven Coal Ltd. as well as developers Aston Resources Ltd., Cockatoo Coal Ltd. and Riversdale Mining Ltd., said Harrington.

--Editors: Keith Gosman, Andrew Hobbs
To contact the reporter on this story: Elisabeth Behrmann in Sydney at ebehrmann1@bloomberg.net
To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net

Link
http://www.businessweek.com/