Insurance giant AXA Group subsidiary AXA Corporate Solutions has received approval from Monetary Authority of Singapore to upgrade its offices in the Lion City to a branch.
AXA Corporate Solutions Assurance Singapore Branch is now able to write all lines of general insurance in Singapore and enjoys the Standard & Poor’s rating of AA enjoyed by its parent group. AXA has been active for eight years in Singapore’s marine sector and currently writes an estimated $100 million in the region in marine and aviation coverages. The announcement comes during Singapore Maritime Week when a number of high-profile events will boost Singapore’s ambition of being recognized as an important international shipping centre. “This next stage in our development confirms our total commitment to Asia, and with the financial strength and re-affirmed S&P rating of AA for AXA Corporate Solutions, this will provide the absolute security and peace of mind demanded by our customers in Asia,” said Mike Davies, Singapore branch CEO.
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Friday, October 17, 2008
Indonesia unlocks 22 new blocks
Indonesia has awarded oil and gas exploration rights on 22 blocks to energy companies including US supermajors Chevron and ConcoPhillips, a senior mines and energy ministry official said.
Indonesia has turned into a net importer of crude in recent years as it has failed to tap new fields fast enough to replace declining production from ageing wells. It has been offering new exploration rights and financial incentives for exploration in a bid to stem its steady production decline. Evita Legowo, a director general at the energy ministry, said the government has awarded offshore and onshore West Papua 1 and West Papua 3 oil and gas blocks to Chevron Indonesia. She said Indonesia has also awarded exploration rights to ConcoPhillips for the offshore Arafura Sea Block in the Mollucas. "The prospects for findings hydrocarbons are still good in Indonesia, but we have to see the exploration acitivities first before determine the findings," Legowo told reporters. She said total investment for these blocks could reach around $308 million for the first three years. Indonesia also awarded oil and gas exploration rights to offshore North Sumbawa 2 Block, in Nusatenggara, to Husky Energy. A consortium of Marathon Indonesia, a unit of US independent Marathon Oil and Kaizan Oil were awarded exploration rights in offshore and onshore Bone Bay block in Sulawesi.
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Indonesia has turned into a net importer of crude in recent years as it has failed to tap new fields fast enough to replace declining production from ageing wells. It has been offering new exploration rights and financial incentives for exploration in a bid to stem its steady production decline. Evita Legowo, a director general at the energy ministry, said the government has awarded offshore and onshore West Papua 1 and West Papua 3 oil and gas blocks to Chevron Indonesia. She said Indonesia has also awarded exploration rights to ConcoPhillips for the offshore Arafura Sea Block in the Mollucas. "The prospects for findings hydrocarbons are still good in Indonesia, but we have to see the exploration acitivities first before determine the findings," Legowo told reporters. She said total investment for these blocks could reach around $308 million for the first three years. Indonesia also awarded oil and gas exploration rights to offshore North Sumbawa 2 Block, in Nusatenggara, to Husky Energy. A consortium of Marathon Indonesia, a unit of US independent Marathon Oil and Kaizan Oil were awarded exploration rights in offshore and onshore Bone Bay block in Sulawesi.
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Groundbreaking for New LNG Terminal in Mississippi
The ceremonial groundbreaking occurred yesterday for the Gulf LNG Clean Energy project located southeast of Pascagoula on the Pascagoula Bayou Casotte Ship Channel.
When completed, the liquefied natural gas terminal will enable 150 tankers per year to deliver natural gas from Africa. The project is scheduled for completion in late 2011 and is estimated to cost $1.1 billion. The project owners are El Paso (50%), The Crest Group (30%), and a subsidiary of the state-owned oil company of Angola, Sonangol USA (20 percent). The LNG terminal will have two storage tanks, with a combined capacity of 6.6 Bcf. The project includes approximately 5 miles of 36-inch diameter pipeline that will enable deliveries from the terminal to interstate pipelines, including Gulfstream, Destin, Florida Gas Transmission and Transco. The delivery capacity from the terminal to the interstate pipeline system will be approximately 1.3 Bcf/day. The project was first announced in 2004 and received approval from the Federal Energy Regulatory Commission (FERC) in February 2007.
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When completed, the liquefied natural gas terminal will enable 150 tankers per year to deliver natural gas from Africa. The project is scheduled for completion in late 2011 and is estimated to cost $1.1 billion. The project owners are El Paso (50%), The Crest Group (30%), and a subsidiary of the state-owned oil company of Angola, Sonangol USA (20 percent). The LNG terminal will have two storage tanks, with a combined capacity of 6.6 Bcf. The project includes approximately 5 miles of 36-inch diameter pipeline that will enable deliveries from the terminal to interstate pipelines, including Gulfstream, Destin, Florida Gas Transmission and Transco. The delivery capacity from the terminal to the interstate pipeline system will be approximately 1.3 Bcf/day. The project was first announced in 2004 and received approval from the Federal Energy Regulatory Commission (FERC) in February 2007.
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Petrobras Standardizes on Intergraph 3D Technology
Petroleo Brasileiro SA will standardize on Intergraph's SmartPlant Enterprise 3D modeling software for the design, production and life cycle optimization of its offshore platforms and floating production, storage and offloading (FPSO) vessels.
The world’s eighth largest oil company and a longtime Intergraph customer, Petrobras will completely adopt SmartPlant® 3D modeling and visualization, engineering and schematics, information and materials management, and project controls solutions to enable Petrobras to develop, operate and maintain its fixed offshore drilling platforms, semi-submersibles and FPSOs. Petrobras has already used Intergraph solutions for 10 FPSOs, four semisubmersible floating production platforms, one gas platform and one re-pumping platform. Sisgraph, Intergraph’s Brazil-based distribution partner, will continue to support Intergraph offshore engineering solutions for Petrobras. Petrobras is expanding its capacity to produce offshore structures and vessels so that it may tap the potential of a new discovery in the Gulf of Mexico and the ultra-deep Tupi and Santos Basin megafields off the coast of Brazil, which are among the largest in the world.
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The world’s eighth largest oil company and a longtime Intergraph customer, Petrobras will completely adopt SmartPlant® 3D modeling and visualization, engineering and schematics, information and materials management, and project controls solutions to enable Petrobras to develop, operate and maintain its fixed offshore drilling platforms, semi-submersibles and FPSOs. Petrobras has already used Intergraph solutions for 10 FPSOs, four semisubmersible floating production platforms, one gas platform and one re-pumping platform. Sisgraph, Intergraph’s Brazil-based distribution partner, will continue to support Intergraph offshore engineering solutions for Petrobras. Petrobras is expanding its capacity to produce offshore structures and vessels so that it may tap the potential of a new discovery in the Gulf of Mexico and the ultra-deep Tupi and Santos Basin megafields off the coast of Brazil, which are among the largest in the world.
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Oil Spill exercise introduces new dispersant spraying aircraft
To test and demonstrate Singapore’s readiness to respond effectively to oil spills at sea, the Maritime and Port Authority of Singapore led a multi-agency joint oil spill exercise (code-named JOSE 2008) on 17 October 2008.
In addition to 16 anti-pollution craft, JOSE 2008 also showcased for the first time an aerial dispersant application by an aircraft. A hundred personnel from various agencies took part in this operational exercise located at sea about 2.8 kilometres (or 1.5 nautical miles) from Raffles Lighthouse. See Annex 1. “As the world’s major hub port, it is vital that Singapore remains vigilant at all times,” said Capt M Segar, MPA’s Group Director (Hub Port). “MPA, together with other agencies and the industry, has drawn up comprehensive contingency plans which are tested via regular, multi-agency exercises to ensure the country’s preparedness to respond to marine incidents. Since 2000, JOSE has been a biennial affair, reflecting our strong commitment to protect the environment. This year’s exercise demonstrates the close co-ordination of both aircraft and vessel based dispersant spraying systems in the busy waters of the port and Singapore Straits. This further ensures an effective and swift response to oil spill incidents, should prevention fail.” JOSE 2008 involved a scenario where a very large crude carrier (VLCC), ‘Moon Shadow’ (299,999 dwt), carrying 290,000 tonnes of light crude oil, was hit by an oil tanker MT (motor tanker), ‘Sun Explorer’ (8,722 dwt), carrying 7,700 tonnes of marine fuel oil.
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In addition to 16 anti-pollution craft, JOSE 2008 also showcased for the first time an aerial dispersant application by an aircraft. A hundred personnel from various agencies took part in this operational exercise located at sea about 2.8 kilometres (or 1.5 nautical miles) from Raffles Lighthouse. See Annex 1. “As the world’s major hub port, it is vital that Singapore remains vigilant at all times,” said Capt M Segar, MPA’s Group Director (Hub Port). “MPA, together with other agencies and the industry, has drawn up comprehensive contingency plans which are tested via regular, multi-agency exercises to ensure the country’s preparedness to respond to marine incidents. Since 2000, JOSE has been a biennial affair, reflecting our strong commitment to protect the environment. This year’s exercise demonstrates the close co-ordination of both aircraft and vessel based dispersant spraying systems in the busy waters of the port and Singapore Straits. This further ensures an effective and swift response to oil spill incidents, should prevention fail.” JOSE 2008 involved a scenario where a very large crude carrier (VLCC), ‘Moon Shadow’ (299,999 dwt), carrying 290,000 tonnes of light crude oil, was hit by an oil tanker MT (motor tanker), ‘Sun Explorer’ (8,722 dwt), carrying 7,700 tonnes of marine fuel oil.
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Bin Sulayem, CITIC Guoan Group chief discuss business co-operation
HE Sultan Ahmed Bin Sulayem, Chairman of Dubai World, one of the largest holding companies in the world, met in Beijing Mr. Li Shilin, prominent businessman and Chairman of CITIC Guoan Group.
The two corporate leaders discussed a wide range of investment-related topics, including potentials for future projects and possibilities for working together. The meeting was held at the spectacular Grand Epoch City in Xianghe, close to Beijing, the CITIC Guoan Group’s flagship international conference and exhibition centre complex. Mr. Bin Sulayem took a tour of the massive project, which is also major tourist attraction that includes six different styles of high-end hotels, the Golden Arts Hall, the Buddhism Museum, a Golf Garden, an indoor water park and shopping places. The discussions underlined Dubai World’s keenness to sustain the momentum of economic co-operation between Dubai and China. Mr. Bin Sulayem and Mr. Shilin expressed happiness over the increasing trade and investment flow between the two countries. “It was a fruitful meeting,” Dubai World Chairman said. “The discussions and the tour of the Grand Epoch City gave me another ringside view of the strides China has made in economic development. It runs close to what Dubai has achieved in different areas, where Dubai World has been playing a major role,” Mr. Bin Sulayem said. Dubai World has a strong investment presence in China, led by DP World’s port operations.
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The two corporate leaders discussed a wide range of investment-related topics, including potentials for future projects and possibilities for working together. The meeting was held at the spectacular Grand Epoch City in Xianghe, close to Beijing, the CITIC Guoan Group’s flagship international conference and exhibition centre complex. Mr. Bin Sulayem took a tour of the massive project, which is also major tourist attraction that includes six different styles of high-end hotels, the Golden Arts Hall, the Buddhism Museum, a Golf Garden, an indoor water park and shopping places. The discussions underlined Dubai World’s keenness to sustain the momentum of economic co-operation between Dubai and China. Mr. Bin Sulayem and Mr. Shilin expressed happiness over the increasing trade and investment flow between the two countries. “It was a fruitful meeting,” Dubai World Chairman said. “The discussions and the tour of the Grand Epoch City gave me another ringside view of the strides China has made in economic development. It runs close to what Dubai has achieved in different areas, where Dubai World has been playing a major role,” Mr. Bin Sulayem said. Dubai World has a strong investment presence in China, led by DP World’s port operations.
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