Promoting ship-building industry

An opportunity is showing up for Bangladesh to promote an emerging sector and make it a largely successful one in a short period of time and earn a bounty in foreign currencies on a sustainable basis.

This is the country's budding ship building industry. Already, two private sector shipping companies have made their mark in this field by getting orders from European countries to make small and medium sized ocean going ships. They are now doing path-breaking work in this sector and other potential entrepreneurs can take on shipbuilding tasks by emulating their example and adding sinews to this sector. The situation now is much like the early seventies when Bangladesh was just starting to launch itself in the readymade garments (RMG) sector. The RMG sector then quickly flourished to come to the state it has reached today. A similar feat is possible in the very hopeful shipbuilding sector. The world market for ordered ships is growing annually by six per cent and if Bangladesh can even get two per cent of the market shares in this sector, it can start earning the equivalent of foreign currencies in the neighbourhood of Taka 560 billion in the near future. The earnings are only one side to the multi-faceted spin-offs. In the event of such a success, hundreds of thousands of people will be employed in this new industry and its linkage ones as it will be semi-labor intensive in the Bangladesh context. There are indeed great possibilities for the shipbuilding sector to be tapped in a conducive policy environment. It is largely up to the government to help timely in the creation of it so that this industry can take-off faster.

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Rolls-Royce signs mou with Vinashin

Rolls-Royce signed a memorandum of understanding with Vietnam Shipbuilding Industry Group (Vinashin) aimed at helping to develop Vietnam’s fast-growing marine industry.

The scope of the partnership will include identifying potential strategic partners for development of shared business interests, which include the delivery of propulsion systems as well as developing a sourcing strategy that enhances the business activities of both parties in Vietnam and for the export market. It will also develop a sourcing strategy that enhances the business activities of both parties in Vietnam and for the export market. John Paterson, Rolls-Royce president - marine, said: “This agreement provides the framework for the establishment of a strong relationship between Rolls-Royce and Vinashin. I am confident that this strategic partnership will help promote and develop the fast-growing marine industry in Vietnam and also enable Rolls-Royce to expand its marine capabilities in Vietnam and the region.” The agreement also recognizes Vinashin’s goal of enhancing both management and technical skills of its workforce by including the development of a training structure which will call on the technical expertise of Rolls-Royce.

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Chevron bids high on Green Canyon 944

Central Gulf of Mexico Lease Sale 206 began today with a large bid by Chevron Corp. for Green Canyon Block 944.

The energy giant's high bid of over US$55 million was one of 10 bids submitted for the tract, far outstripping a US$26 million bid from a partnering between Brazilian state oil company Petrobras and Oklahoma-based Devon Energy. ExxonMobil also bid on the block. Green Canyon Block 945 proved equally as popular as nearby Green Canyon Block 944, also attracting 10 bids. United States Interior Secretary Dirk Kempthorne opened the sale by praising the corporations working in the Gulf of Mexico, and thanking them "on behalf of America" for the technology they develop and the energy security they provide. The reading of the bids for Lease Sale 206 will be followed by Lease Sale 224, which offers blocks in the Eastern Gulf of Mexico.

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Samsung Heavy wins US$1.3 billion ship order

Samsung Heavy Industries wins a deal valued at 1.35 trillion (US$1.3 billion) to build two drill ships.

The deal with an unidentified American company called on Samsung Heavy to deliver the vessels, used for deep-water oil exploration, by July 2011, the company said. Shipyards in South Korea, the world's largest shipbuilding nation, have received record orders in recent years as demand has surged for vessels to transport raw materials to China and goods to the rest of the world.

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Yarrow drill stem scents gas

Innamincka Petroleum is drilling ahead at a depth of 2735 metres in the Yarrow North-1 well in Queensland after a drill stem test brought small quantities of gas to the surface.

The company said it had run the test in basal Patchawarra/Tirrawarra sediments between 2716 and 2735 metres. It said the gas flowed to the surface for about 66 minutes before the isolating packer gave way. The company said that wireline logging would provide more detailed information once the well had been sunk to its target depth of 27770 metres. The well is being drilled on Queensland Petroleum Exploration Licence 103 about 120 kilometres north of Moomba. Innamincka operates the well with a 75% stake.

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