Dubai: Port operating group DP World was the big winner at last week’s 6th annual Seatrade Middle East and Indian Subcontinent awards.
In the presence of nearly 700 senior executives from maritime companies across the region DP World CEO Mohamed Sharaf was named Personality of the Year for the continuing successful expansion of Jebel Ali and the group’s other port interests worldwide, while the Container Terminal Operating Award went to DP World - UAE region. Guest of Honour Jamal Majid Bin Thaniah, DP World vp, had earlier kicked off proceedings by presenting an upbeat assessment of future container traffic growth in the region, calling upon other ports in the region to upgrade their facilities and levels of service to cope with the extra volumes. The Lifetime Achievement Award went to veteran George Edward Chapman, who had begun container operations at Port Rashid back in the 1960s when the terminal was under agency control. Captain Jimmy Sarbh, former Asia chairman of P&O Ports, won the Seatrade Outstanding Achievement Award for having built up P&O’s dominant position in the Indian ports industry before it was taken over by DP World. Dubai-based Gulf Energy Maritime (GEM) picked up the prestigious Safety & Quality Award, one of the four ‘Technical Awards’ decided by a committee of independent experts.
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Tuesday, October 14, 2008
Petrobras confirms new oil discovery in Santos basin
Petrobras, Brazil, last week confirmed the presence of oil in sandstone reservoirs in the south of the Santos basin.
Petrobras has been drilling in the 1-BRSA-658-SPS (1-SPS-57) well. This well is situated in a block about 200km off the coast of Sao Paulo. Water depths are at 274 metres. The Rio de Janeiro-based company said that while still at the preliminary stages of evaluation, the company estimates that recoverable volumes of oil in the area are approximately 150MMboe (Million Barrels of Oil Equivalent).
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Petrobras has been drilling in the 1-BRSA-658-SPS (1-SPS-57) well. This well is situated in a block about 200km off the coast of Sao Paulo. Water depths are at 274 metres. The Rio de Janeiro-based company said that while still at the preliminary stages of evaluation, the company estimates that recoverable volumes of oil in the area are approximately 150MMboe (Million Barrels of Oil Equivalent).
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InterOil set to sink Antelope-1 bit
Canadian independent InterOil is poised to spud the Antelope-1 appraisal well at the Elk-Antelope field in Papua New Guinea and has also announced that it will report a third quarter profit next month.
“We will be filing our third quarter financials on 10 November, and we are extremely pleased to advise that InterOil has weathered the dramatic downturn through prudent management and control procedures and will be announcing a profit for the third quarter 2008,” the company said. Meanwhile, InterOil is set to spud the Antelope-1 well any day, which will target the limestone section that was intersected in the Elk-4 well that recorded a gas flow rate of 105 million cubic feet and about 2000 barrels of condensate per day. This is the highest flow rate seen for a gas well in Papau New Guinea. “We are confident that the high gas and condensate flow results in the Elk-4 will be confirmed in the Antelope-1, which is expected to add an additional 1500 feet of reservoir,” InterOil’s chief executive Phil Mulacek said in a statement. The anticipated result from the combined Elk and Antelope structures has been prognosed as being sufficient to underpin the company’s liquefied natural gas project, he added.
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“We will be filing our third quarter financials on 10 November, and we are extremely pleased to advise that InterOil has weathered the dramatic downturn through prudent management and control procedures and will be announcing a profit for the third quarter 2008,” the company said. Meanwhile, InterOil is set to spud the Antelope-1 well any day, which will target the limestone section that was intersected in the Elk-4 well that recorded a gas flow rate of 105 million cubic feet and about 2000 barrels of condensate per day. This is the highest flow rate seen for a gas well in Papau New Guinea. “We are confident that the high gas and condensate flow results in the Elk-4 will be confirmed in the Antelope-1, which is expected to add an additional 1500 feet of reservoir,” InterOil’s chief executive Phil Mulacek said in a statement. The anticipated result from the combined Elk and Antelope structures has been prognosed as being sufficient to underpin the company’s liquefied natural gas project, he added.
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Korea GS drops joint bid for Daewoo shipyard
South Korean energy and construction group GS said that it has pulled out of a consortium with POSCO to buy Daewoo Shipbuilding casting a cloud over POSCO's push for the deal.
The abrupt announcement came hours after three major South Korean corporate groups, including steelmaker POSCO and GS, submitted final bids for the controlling stake in Daewoo Shipbuilding & Marine Engineering by the deadline. It was not immediately known why GS had quit the joint bid for 50.4 percent of the world's No. 3 shipbuilder, with the stake estimated to fetch up to $4 billion to $5 billion. GS Group and POSCO, the world's fourth-largest steel maker, announced their surprised tie-up in the race. POSCO spokeswoman Ko Min-jin declined to comment on GS's pullout, but said the company will convene an emergency board meeting to discuss the matter. Kim Tae-gyun, a spokesman for the Korea Development Bank, which is a top shareholder in Daewoo and is also handling the sale, said it was discussing how to react to GS's move. The initial enthusiasm for the deal has weakened as Daewoo's share price has slid 62 percent so far this year, hit by global financial market turmoil and a slowing industry outlook. The 50.4 percent Daewoo stake on sale was initially expected to fetch as much as $8 billion. Daewoo Shipbuilding shares jumped 9.2 percent in a market-wide rebound on Monday, to end at 19,500 won before GS's announcement.
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The abrupt announcement came hours after three major South Korean corporate groups, including steelmaker POSCO and GS, submitted final bids for the controlling stake in Daewoo Shipbuilding & Marine Engineering by the deadline. It was not immediately known why GS had quit the joint bid for 50.4 percent of the world's No. 3 shipbuilder, with the stake estimated to fetch up to $4 billion to $5 billion. GS Group and POSCO, the world's fourth-largest steel maker, announced their surprised tie-up in the race. POSCO spokeswoman Ko Min-jin declined to comment on GS's pullout, but said the company will convene an emergency board meeting to discuss the matter. Kim Tae-gyun, a spokesman for the Korea Development Bank, which is a top shareholder in Daewoo and is also handling the sale, said it was discussing how to react to GS's move. The initial enthusiasm for the deal has weakened as Daewoo's share price has slid 62 percent so far this year, hit by global financial market turmoil and a slowing industry outlook. The 50.4 percent Daewoo stake on sale was initially expected to fetch as much as $8 billion. Daewoo Shipbuilding shares jumped 9.2 percent in a market-wide rebound on Monday, to end at 19,500 won before GS's announcement.
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Aker Yards France and Norwegian Cruise Line in cruise vessel dispute
Aker Yards France is in a dispute with cruise vessel operator Norwegian Cruise Line (NCL) over the costs of the ongoing construction of the vessel currently named C 33.
This is the first of two vessels ordered by NCL in 2006, with a total value for both at Eur $1,470 million (US$1,991.4 million). The vessels are scheduled for delivery in 2010. Jacques Hardelay, president of Aker Yards France, said: "In projects with this magnitude of complexity, we have in this industry several examples that discussions arise during the project execution. We regret that we have a situation with a dispute. “While we are in the middle of this process, it would not be correct to speculate on the outcome, or on possible alternatives. Our focus is to find a solution, including continuing the planned activities at our yard in Saint Nazaire". While the process to find a solution is ongoing, Aker Yards France aims at continuing the ongoing work on the C 33 vessel, which is approximately 25 percent complete.
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This is the first of two vessels ordered by NCL in 2006, with a total value for both at Eur $1,470 million (US$1,991.4 million). The vessels are scheduled for delivery in 2010. Jacques Hardelay, president of Aker Yards France, said: "In projects with this magnitude of complexity, we have in this industry several examples that discussions arise during the project execution. We regret that we have a situation with a dispute. “While we are in the middle of this process, it would not be correct to speculate on the outcome, or on possible alternatives. Our focus is to find a solution, including continuing the planned activities at our yard in Saint Nazaire". While the process to find a solution is ongoing, Aker Yards France aims at continuing the ongoing work on the C 33 vessel, which is approximately 25 percent complete.
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