BP America announced on October 15, 2008 an oil discovery at its Freedom Prospect in the deepwater Gulf of Mexico.
The well, located in Mississippi Canyon Block 948, USA, is in about 1,860 metres of water. The Freedom well was drilled to a total depth of approximately 8,927 metres and encountered greater than 167.64 metres of hydrocarbon-bearing sands in Middle and Lower Miocene reservoirs. “The Freedom well is our third discovery in this part of the deepwater Gulf of Mexico following our Tubular Bells and Kodiak discoveries," said Andy Inglis, BP chief executive, Exploration and Production. "We believe that Freedom straddles Mississippi Canyon Block 948 and Mississippi Canyon Block 992 and we look forward to working with our various partners towards efficient development of these discovered resources." Appraisal is required to determine the size and commerciality of the discovery.
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Thursday, October 16, 2008
POSCO goes for Daewoo alone
Seoul: POSCO Co, the world's fourth-largest steelmaker, said that it has made a solo bid for a controlling stake in Daewoo Shipbuilding & Marine Engineering Co.
POSCO had previously formed a consortium with GS Group, an energy and retail conglomerate, in an effort to gain control of the world's No. 3 shipyard, but GS dropped out on Monday, hours after the two sides submitted their final bid. In a regulatory filing made early on Tuesday, GS Holdings, the holding company of GS, said it decided to pull out of the consortium with POSCO because of a "difference" over conditions for the proposed acquisition. With GS dropping its joint bid, POSCO, Hyundai Heavy Industries Co, the world's largest shipbuilder, and Hanwha Group, an insurance and chemicals conglomerate, are competing to buy a 50.4 per cent stake in Daewoo Shipbuilding.
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POSCO had previously formed a consortium with GS Group, an energy and retail conglomerate, in an effort to gain control of the world's No. 3 shipyard, but GS dropped out on Monday, hours after the two sides submitted their final bid. In a regulatory filing made early on Tuesday, GS Holdings, the holding company of GS, said it decided to pull out of the consortium with POSCO because of a "difference" over conditions for the proposed acquisition. With GS dropping its joint bid, POSCO, Hyundai Heavy Industries Co, the world's largest shipbuilder, and Hanwha Group, an insurance and chemicals conglomerate, are competing to buy a 50.4 per cent stake in Daewoo Shipbuilding.
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CSIS Launches New Tools for Schools
Container Shipping Information Service (CSIS) is launching a new set of resources designed for schools.
Its aim is to provide teachers with the tools and information to introduce discussions on global trade and container shipping into the classroom. Among the new resources is an interactive animated video which allows users to follow the journey of certain products from source to store with quizzes and information pit-stops along the way. Also available are a ready-made container shipping presentation covering everything from history to interesting facts and figures, and a pack of information about the crucial Panama Canal. You can view the new CSIS resources at www.shipsandboxes.com/. These new educations resources follow a BBC initiative launched in September in collaboration with CSIS. The Box project follows a BBC-branded shipping container around the world as it transports a variety of consumer goods.
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Its aim is to provide teachers with the tools and information to introduce discussions on global trade and container shipping into the classroom. Among the new resources is an interactive animated video which allows users to follow the journey of certain products from source to store with quizzes and information pit-stops along the way. Also available are a ready-made container shipping presentation covering everything from history to interesting facts and figures, and a pack of information about the crucial Panama Canal. You can view the new CSIS resources at www.shipsandboxes.com/. These new educations resources follow a BBC initiative launched in September in collaboration with CSIS. The Box project follows a BBC-branded shipping container around the world as it transports a variety of consumer goods.
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Dredging vessels to leave Melbourne for reconstruction and routine maintenance
Port of Melbourne Corporation announced at the Channel Deepening Project news conference on October 15, 2008 that the project’s two main dredging vessels are both scheduled to leave Port Phillip this week.
With work at the Entrance of the bay now technically complete, ‘Queen of the Netherlands’ is scheduled to leave Melbourne for Singapore on October 17 2008. There, the vessel’s mid–ship section will be lengthened by about 50 metres. The work is scheduled to be completed in March next year, following which the ‘Queen of the Netherlands’ is scheduled to return to Melbourne. The project’s other main dredger, ‘Cornelis Zanen’ (‘CoZa’), is scheduled to leave for Singapore on October 15 2008 for routine maintenance in dry dock. The vessel is scheduled to return in early December, resuming work in the northern part of the bay. ‘CoZa’ is then scheduled to recommence ongoing works in the south of the bay in early February 2009. Dredging and services protection works using smaller dredging vessels will continue in the Yarra River this week.
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With work at the Entrance of the bay now technically complete, ‘Queen of the Netherlands’ is scheduled to leave Melbourne for Singapore on October 17 2008. There, the vessel’s mid–ship section will be lengthened by about 50 metres. The work is scheduled to be completed in March next year, following which the ‘Queen of the Netherlands’ is scheduled to return to Melbourne. The project’s other main dredger, ‘Cornelis Zanen’ (‘CoZa’), is scheduled to leave for Singapore on October 15 2008 for routine maintenance in dry dock. The vessel is scheduled to return in early December, resuming work in the northern part of the bay. ‘CoZa’ is then scheduled to recommence ongoing works in the south of the bay in early February 2009. Dredging and services protection works using smaller dredging vessels will continue in the Yarra River this week.
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Bin Sulayem, China Shipping chief discuss business opportunities
H.E Sultan Ahmed Bin Sulayem, Chairman of Dubai World, one of the largest holding companies in the world, met in Shanghai Mr. Li Shaode, President of China Shipping (Group), China’s leading shipping conglomerate, to discuss business opportunities.
The meeting presented an opportunity to get a closer view of the maritime business sector in the region. “Dubai World has a strong investment base in China, mainly through DP World, the group’s global marine terminal operator. We are keen to take a close look at more investment opportunities in China in line with the visit of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai in April this year, which has further strengthened economic ties between the two countries,” said Mr. Bin Sulayem. A senior management team from DP World accompanied Mr. Bin Sulayem on his visit. This follows the visit by a 17-member high-level civic delegation from Shanghai in August this year led by His Excellency Han Zheng, Mayor of Shanghai, as part of a familiarization tour to know more about the group’s new projects. Dubai World’s investment portfolio in China mainly includes port operations by DP World. The group’s private equity and alternative investment house, Istithmar World as well as its global real estate master developer Limitless, have offices in Shanghai. Dubai and China enjoy very healthy trade ties, which has been increasing steadily over the past five years.
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The meeting presented an opportunity to get a closer view of the maritime business sector in the region. “Dubai World has a strong investment base in China, mainly through DP World, the group’s global marine terminal operator. We are keen to take a close look at more investment opportunities in China in line with the visit of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai in April this year, which has further strengthened economic ties between the two countries,” said Mr. Bin Sulayem. A senior management team from DP World accompanied Mr. Bin Sulayem on his visit. This follows the visit by a 17-member high-level civic delegation from Shanghai in August this year led by His Excellency Han Zheng, Mayor of Shanghai, as part of a familiarization tour to know more about the group’s new projects. Dubai World’s investment portfolio in China mainly includes port operations by DP World. The group’s private equity and alternative investment house, Istithmar World as well as its global real estate master developer Limitless, have offices in Shanghai. Dubai and China enjoy very healthy trade ties, which has been increasing steadily over the past five years.
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