Plains Exploration & Production Company announces it has completed the divestment of its Gulf of Mexico shallow water shelf properties to McMoRan Exploration Co. The transaction was approved by McMoRan shareholders at a special meeting of the stockholders held today. At closing and after preliminary closing adjustments, PXP received approximately $86 million in cash, which includes $11 million in working capital adjustments, and 51 million shares of McMoRan common stock in exchange for all of PXP's interests in its Gulf of Mexico leasehold located in less than 500 feet of water.
PXP has designated James C. Flores, PXP's Chairman of the Board, President and Chief Executive Officer, and John F. Wombwell, Executive Vice President, General Counsel and Secretary of PXP, to McMoRan's Board of Directors.
James C. Flores, Chairman of the Board, President and Chief Executive Officer of PXP commented, "The Gulf of Mexico shallow water ultra-deep exploration program has been and continues to be a successful value creation strategy, and we look forward to our future participation as a significant McMoRan shareholder. The unique operator/ownership structure approved today maximizes value for both PXP and McMoRan shareholders from the ultra-deep program's current discoveries and exploration potential, and through PXP's ownership position, PXP shareholders maintain growth exposure to this dynamic and emerging play without substantial capital requirements."
Barclays Capital and Jefferies & Company acted as advisors to PXP on the transaction.
PXP is an independent oil and gas company primarily engaged in the activities of acquiring, developing, exploring and producing oil and gas in California, Texas, Louisiana and the Gulf of Mexico. PXP is headquartered in Houston, Texas.
Source: Press release
Petrobras Announces Record Oil Production In Brazil
In addition to the monthly record, the Company recorded yet another daily record. On December 27th, oil production reached 2,256 thousand barrels. With these results, the Company closes 2010 with a level of production higher than 2 million barrels a day (2,003 thousand bpd), which also represents a new annual record.
This performance was mainly due to five new wells coming into production in the Campos Basin during the month: CHT-9 and BFR-3, in the Cachalote and Baleia Franca fields, both interconnected to FPSO Capixaba; wells JUB-9 and JUB-14, which produce connected to the newly installed P-57 platform, in the Jubarte field; and CRT-43, which was given the working name Carimbé and is a producer well nestled in the pre-salt layer of the Caratinga field, which is connected to platform P-48.
With the aggregate contribution of these five wells, it was possible to add more than 100,000 barrels per day to Petrobras' production in Brazil. Furthermore, it is important to highlight the high level of operational efficiency achieved in the month by the Stationary Production Units (SPU) of all operating units.
The good performance of fields located in mature areas in Northern and Northeastern Brazil and in the state of Espírito Santo also contributed to the results. These fields, where production had been declining in recent years, managed to maintain an average production of around 213,000 barrels of oil per day in 2010 thanks to the revitalization effort undertaken by Petrobras.
Another highlight was production being kicked-off at well SPS-55, which initiated the Extended Well Test in the Guará area, in the Santos Basin pre-salt layer.
Source: Press release
California Gasoline Use Rose 0.8% in Third Quarter
Gasoline consumption in California rose 0.8 percent during the third quarter, with use of the motor fuel increasing 1.5 percent in September from a year earlier, the State Board of Equalization said in a report today.
[Read more]
Source: Bloomberg
[Read more]
Source: Bloomberg
US Rig Count Down by 20 This Week
The number of rigs actively exploring for oil and natural gas in the U.S. declined by 20 this week to 1,694.
Houston-based Baker Hughes Inc. said Thursday 919 rigs were exploring for gas and 765 for oil. Ten were listed as miscellaneous. A year ago, the count was 1,189.
[Read more]
Source: ABC News
Houston-based Baker Hughes Inc. said Thursday 919 rigs were exploring for gas and 765 for oil. Ten were listed as miscellaneous. A year ago, the count was 1,189.
[Read more]
Source: ABC News
Ecuador's Petroecuador: 2010 oil output up 2.4 pct
Ecuador's state oil company Petroecuador said on Thursday its oil production had risen to an average of 186,575 barrels per day (bpd) in 2010, up 2.4 percent from last year.[Read more]
Source: Reuters
Anadarko Reaches Highest Since June 2008 on Report BHP May Bid for Company
[Read more]
Source: Bloomberg
Chinese output to break 61m dwt
According to statistics from China Association of the National Shipbuilding Industry (CANSI) on December 29th, Chinese shipbuilding output would exceed 61m dwt this year.[Read More]
Source: Asiasis
Shipbuilding market to keep rising
With a growing expectation for an upturn of the shipbuilding market situation, Korea's shipbuilding stock prices are showing an upward trend just a couple of days before year end.[Read More]
Source: Asiasis
Mikhail Khodorkovsky gets 14-year sentence
[Read more]
Source: Los Angeles Times
Dutch freighter "Stadiongracht" aground off Rauma
Short past midnight on Dec 29, 2010, the "Stadiongracht" ran aground off Rauma. Most likely the cause was a steering failure when trying to make a turn to take the pilot onboard.[Read More]
Source: Safety4Sea
German govt plans anti-pirate conference in Berlin
The German government said on Wednesday its officials would hold talks with shipping executives in January to discuss how to fight Somali pirates in the Indian Ocean where German vessels have been targeted.A spokesman for the Defence Ministry in Berlin told a regular news conference the meeting with shipping industry officials would take place in the second half of next month.
[Read More]
Source: Reuters
BG Group Announces Initial Extended Well Test for Guará discovery, offshore Brazil
BG Group today announced that the initial Extended Well Test (EWT) on the Guará discovery in the BM-S-9 concession offshore Brazil commenced on 25th December 2010.
The EWT is being conducted in the SPS-55 well using the Floating Production, Storage and Offloading (FPSO) vessel Dynamic Producer. The EWT will last for about five months with gross daily production estimated at approximately 14 000 barrels of oil per day (bopd).
Following completion of the EWT, a pilot project on the discovery will commence in 2013 with wells connected to the FPSO Cicade de Sao Paulo which has a production capacity of 120 000 bopd and around 177 million standard cubic feet of gas per day.
Source: Press release
The EWT is being conducted in the SPS-55 well using the Floating Production, Storage and Offloading (FPSO) vessel Dynamic Producer. The EWT will last for about five months with gross daily production estimated at approximately 14 000 barrels of oil per day (bopd).
Following completion of the EWT, a pilot project on the discovery will commence in 2013 with wells connected to the FPSO Cicade de Sao Paulo which has a production capacity of 120 000 bopd and around 177 million standard cubic feet of gas per day.
Source: Press release
Connacher sells Battrum oil property for $57.5M
Oilsand junior Connacher Oil and Gas Limited has sold its Battrum oil properties in Saskatchewan for $57.5 million to privately owned Hyak Energy, an affiliate of Accelerated Oil Technologies.
Production from the Battrum properties averaged approximately 700 barrels per day, at $82,000 per flowing barrel, the company said.
[Read more]
Source: The Calgary Herald
Production from the Battrum properties averaged approximately 700 barrels per day, at $82,000 per flowing barrel, the company said.
[Read more]
Source: The Calgary Herald
EU NAVFOR welcomes French destroyer MONTCALM
The French Destroyer MONTCALM joined the EUNAVFOR Task Force on the 22 December.Commanded by Captain Guillaume Chove, the ship and its crew are fully prepared and trained to take an active part within EUNAVFOR. MONTCALM is equipped with extensive self defence capability and includes a helicopter. The warship has an advanced medical facility and has Arabic interpreters integrated within its crew.
[Read More]
Source: Turkey Sea News
Breitling Oil and Gas Announces Spud of Breitling-Union #1
Breitling Oil and Gas Corporation, an independent exploration and production company based in Irving, Texas, announced today that it has spud the Breitling-Union #1 in Pontotoc County, Oklahoma.The proposed well is located within a 500 acre closure mapped at the Hunton Chimneyhill formation above an estimated total vertical depth of 2,100 feet. There have been 124 Hunton oil completions within a 6 mile radius of the Breitling-Union #1 test well. “The Hunton on our acreage is stacked between the Woodford Shale and the Sylvan Shale so we may have some opportunity in the future to run it out sideways,” said Joe Simo, Chief Geologist for Breitling Oil and Gas.
Management anticipates the well will reach total depth in about 4 days. Well completion and testing should begin during the last week of December.
Breitling Oil and Gas CEO Chris Faulkner stated, “We have good up-hole serendipity with 10 bail out zones identified.” Faulkner added, “These shallow oil plays are really economical when you look at the reserves you can hit just under a half mile down.”
An additional 11 wells can be drilled if commercial production is found in the initial test well.
Source: Press release
Tougher Spanish ship inspections outlined
PAIN’S ship inspection changes give habourmasters the authority to bar foreign ships from Spanish ports, the Spanish shipping authority La Marina Mercante said today.
“Harbour masters will be empowered to deny entry at Spanish ports and or allow anchorage in Spanish waters to those foreign ships that are blacklisted at the Paris Memorandum of Understanding [MoU office], and that have been arrested on two occasions during the past 36 months,” the authority said in a statement.
[Read More]
Source: Safety at Sea
“Harbour masters will be empowered to deny entry at Spanish ports and or allow anchorage in Spanish waters to those foreign ships that are blacklisted at the Paris Memorandum of Understanding [MoU office], and that have been arrested on two occasions during the past 36 months,” the authority said in a statement.
[Read More]
Source: Safety at Sea
Samples from Nordic Oil and Gas Endeavour Well Show the Presence of Hydrocarbons
Donald Benson, Chairman and CEO of Nordic Oil and Gas Ltd. is pleased to announce that the laboratory analysis of the samples taken from the drilling of the Company's 4-11-35-4 W2 site in Endeavour, Saskatchewan has been completed and that all samples show the presence of hydrocarbons.
In addition, the well logs also suggest that hydrocarbons are present, along with very good dolomite porosity - as high as 21%. Given these results, four separate intervals have been selected for perforating.
Furthermore, the Second White Specks has high resistivities and biogenic gas shows are similar to previous wells drilled on the Nordic acreage.
"We are pleased at the results, both from the lab and those from the logs," Mr. Benson stated. "These are positive signs and we will now proceed with perforating and swabbing the well over the next few days."
Source: Press release
In addition, the well logs also suggest that hydrocarbons are present, along with very good dolomite porosity - as high as 21%. Given these results, four separate intervals have been selected for perforating.
Furthermore, the Second White Specks has high resistivities and biogenic gas shows are similar to previous wells drilled on the Nordic acreage.
"We are pleased at the results, both from the lab and those from the logs," Mr. Benson stated. "These are positive signs and we will now proceed with perforating and swabbing the well over the next few days."
Source: Press release
Pirates exceed 2009 attacks in 2010
NEW FIGURES from the IMB for 2010 today showed 436 reports of piracy and armed robbery, from 406 in 2009.The number of total hijackings worldwide for 2010 was 51 compared to 49 in 2009, the International Maritime Bureau added, while the total incidents attributed to Somali pirates was 218 – with 47 vessels hijacked and 1,001 crew members taken hostage – from 217 incidents and 867 hostages last year.
[Read More]
Source: Safety at Sea
Mullen Group Ltd. Expands Fluid Hauling Capabilities
Mullen Group Ltd. announced today a number of transactions that will expand its fluid handling and hauling capabilities in northern Alberta and northeastern British Columbia."Acquiring businesses leveraged to fluid hauling and the production services segment of the oil and gas industry has been a strategic focus of the Mullen Group for several years. New drilling techniques and multi-stage fracturing are creating new opportunities associated with the development of resource plays throughout North America. These acquisitions provide Mullen Group with additional equipment and an experienced workforce enabling our existing production services businesses to service the needs of our customer base," stated Murray Mullen, Chairman and CEO.
Mullen Group closed the acquisition of Radium Industrial Solutions GP Ltd. in November, a fluid hauler based in Grande Prairie. This business is being operated as part of Cascade Energy Services L.P. ("CES") and has expanded CES's operations in the Grande Prairie region.
Mullen Group has also entered into an agreement to acquire Panda Tank & Vac Truck Services Inc. ("Panda") a fluid hauler also based in Grande Prairie. The agreement is subject to, among other things, Mullen Group's completion of its due diligence. This transaction is scheduled to close January 1, 2011. Panda will be operated as a stand-alone business unit and will strengthen Mullen Group's market presence in and around Grande Prairie, Fort St. John and Dawson Creek, while also expanding Mullen Group's geographic reach into Grande Cache.
Furthermore, Mullen Group has entered into a letter of intent to acquire additional fluid hauling assets from a private company based in northern Alberta, which we expect to close in early January, 2011. These assets will be integrated into Mullen Group's existing fluid hauling businesses.
Source: Press release
AWE’s Al Meashar-2 to test oil shows
AWE Limited reports that as at 0600 hours Yemen time on December 29, 2010 (-8 hours EDST) the Al Meashar-2 appraisal well in Block 7, Yemen, had reached a total measured depth of 3,750 metres and was preparing to run a drill stem test. During the previous week wireline logging was completed over the basement interval that had oil shows over the interval 3,200 to 3,750 metres. Progress for the week was 290 metres.Al Meashar-2 is the first appraisal well of the Al Meashar-1 oil discovery, which was drilled in early 2010. The discovery encountered oil in the fracture basement; however oil flow rates were limited due to potential reservoir damage which was incurred while drilling.
The appraisal well was drilled from the existing Al Meashar-1 well pad and deviated parallel to the discovery well. The well is planned to be drilled using Managed Pressure Drilling, which is designed to minimise damage from drilling fluids in the reservoir.
The participants in Block 7 are:
ARC Energy Holdings Ltd* 21.25%
Oil Search (ROY) Ltd (Operator) 34.00%
Kuwait Foreign Petroleum Exploration Co. (Aden) Ltd 21.25%
Yemen General Corporation for Oil and Gas 15.00%
Mitsui E & P Middle East B.V 8.50%
Source: Press release
Bounty Oil And Gas NL Announces Progress Report On The New Seaclem 1 Well In PEP 11
Bounty Oil & Gas NL announces progress report on the New Seaclem 1 well in PEP 11, offshore New South Wales. MEC Resources investee company Advent Energy Ltd (Advent) has reported:[Read more]
Source: Offshore Energy Today
CSBC on the cusp of Evergreen orders
Taipei: CSBC Corporation Taiwan (CSBC) is in the midst of negotiations with Taiwan-based shipping line Evergreen Marine for building 10 container ships of 8,000teu each. [Read More]
Source: Seatrade Asia
Petrofac Awarded Us$280 Million Offshore Contract By Petronas In Malaysia
Petrofac, the international oil & gas facilities service provider, has been awarded a contract by Petronas Carigali Sdn Bhd for the development of the SEPAT offshore early production system on the East coast of Peninsular Malaysia. The contract, which is valued at approximately US$280 million, was awarded following a competitive tender and first oil is expected before the end of 2011.Petrofac will undertake the engineering, procurement, construction, installation and commissioning (EPCIC) for the full scope of the early production system in a water depth of approximately 65 metres. The EPCIC will comprise of a mobile offshore production unit (MOPU), a floating storage and offloading (FSO) facility for the early production of approximately 20,000 barrels of oil per day, and all interconnecting subsea pipelines. These facilities mirror those of the Cendor phase I development, which was also undertaken by Petrofac on behalf of Petronas in record time under a production sharing contract framework.
Local partners supporting Petrofac on this project are Kencana HL, which will add all the processing equipment to the MOPU, and BumiArmada which will supply and install the FSO. The Front End Engineering and Design (FEED) work for the project was carried out in Petrofac's specialist FEED office in Woking, UK.
Maroun Semaan, group chief operating officer, Petrofac, commented: "We are delighted to have been awarded this contract by Petronas, which is our first lump-sum offshore EPCIC contract in South East Asia. The award reinforces our commitment to the region and enables the continued growth of our local delivery capability to support our ongoing relationship with Petronas and other regional partners.
"Petrofac has presented a fast track delivery model using existing vessels for the FSO and MOPU conversions and we should be ready for start-up by the end of 2011. Our ongoing partnership on the Cendor field development project in the region continues to flourish, and we look forward to delivering for Petronas on this project as well."
Source: Press release
Evergreen Line and Simatech launch China-India Express Service
Evergreen Line and SIMATECH today announce that they will be launching a China - India (CIX2 / CISC) Express Service from early January 2011 in order to meet the fast-growing volume of cargo and the demand for a direct service between India, Pakistan and China,.[Read More]
Source: Seatrade Asia
Giant Offshore Oilfidld Named After Current Brazil President, Lula
State-run oil company Petrobras said Wednesday its Tupi field, one of the crown jewels in Brazil’s so-called subsalt oil fields, would now be known as “Lula.”[Read more]
Source: Offshore Energy Today
Sevan Marine enters USD480m loan agreement
The facility is structured as a limited recourse financing and is fully underwritten by DVB Group Merchant Bank (Asia) Pte Ltd, NIBC Bank NV, ING Bank NV, China Development Bank and GIEK/Eksportfinans.
Mandated lead arrangers of the loan are DVB Group Merchant Bank, NIBC Bank and ING Bank.
Syndication has not closed yet and other investors are expected to join the facility, Sevan Marin said.
The company will use the loan to repay existing financing related to its Sevan Driller rig.
Sevan Driller starter operations for Brazilian oil and gas giant Petrobras in June 2010 under a six-year charter contract.
Source: Press release
Wartsila introduces its new powerful engine
Wartsila has introduced a more powerful version for marine applications of its popular Wartsila 32 engine. First introduced in the 1980s, and with more than 4000 units sold to the marine industry alone, the Wartsila 32 engine has proven to be a highly efficient and reliable solution fora wide range of vessel applications. The latest version is expected to expand that range even further, the company's press release said.
The Wartsila 32 engine is widly used for both the marine and land-based power plants markets. In the marine industry the engine is used for both main engine and auxiliary engine applications. It is typically selected to power different types of tankers, container vessels, and offshore support and drilling vessels, while in the cruise and ferry sector, the Wartsila 32 is the most favoured engine of its size. In auxiliary electric production, the Wartsila 32 is widely utilized in all vessel categories where high auxiliary load is needed.
The new and upgraded version is available with an increased power output of 580 kW per cylinder at 750 RPM (50 Hz version). This represents a 15 percent increase in power output over the earlier 32 engine, despite having the same external dimensions. This increased output means that the Wartsila 32 now covers a power range from 3 MW to 9,3 MW. One area where this new power output is of particular interest is in the offshore drillship market. It is felt that in combination with Wartsila’s Low Loss Concept, the new engine can offer a powerful yet compact package for diesel electric propulsion.
The Wartsila 32 engine is fully equipped with all essential ancillaries, and has a thoroughly planned interface for the plant or ship’s control system. This ensures easy installation and reliable engine operation.
The engine is able to operate efficiently and economically on low sulphur fuels (<0.1% S), making it suitable for operation in emission-controlled areas. It can also be equipped with a SCR catalyst, such as the Wartsila NOR (nitrogen oxide reducer), which can reduce NOx emissions by as much as 95 percent. This means that, already today, the machinery is IMO Tier III compliant. The standard Wartsila 32 entirely fulfils IMO Tier II regulations. Regardless of the fuel used, the consumption efficiency is consistently excellent over a wide load range.
In announcing the introduction of this latest engine upgrade, Mr Juhani Hupli, Vice President, Ship Power Technology, Wartsila Ship Power commented: “The Wartsila 32 engine has been the preferred choice of yards, owners and operators for several decades already. However, in order to ensure that our leading position in propulsion technology is maintained and strengthened, Wartsila is constantly seeking to improve and further develop its engine portfolio. This on-going development work enables us to offer our customers around the world, the very latest solutions. These solutions enable them to meet the challenges posed by rising fuel and operating costs, and increasingly stringent environmental legislation.”
Wartsila is a global leader in complete lifecycle power solutions for the marine and energy markets. By emphasising technological innovation and total efficiency, Wartsila maximises the environmental and economic performance of the vessels and power plants of its customers.
In 2009, Wartsila’s net sales totalled EUR 5.3 billion with more than 18,000 employees. The company has operations in 160 locations in 70 countries around the world. Wartsila is listed on the NASDAQ OMX Helsinki, Finland.
Source: Wartsila
Watchkeeper: Picking on shipping
It is difficult to know why there is a sudden surge of individuals and organisations which have suddenly woken up to the existence of shipping and identified it as a source of environmental concern. Whether it is the activities of the environmental activists, who it might be assumed were in business to be “active”, to a lot of people who might be suspected of wishing to get onto the bandwagon, maritime enterprise has been on the receiving end of a lot of attacks of late.
[Read More]
Source: Bimco
[Read More]
Source: Bimco
Dry bulk market ends the year on subdued mode, could recover on January
With the dry bulk market effectively on a lull, shipbrokers’ reports are trying to provide some sort of proper market sentiment for the days to come. In its latest weekly report, Fearnley’s said, commenting on the capesize market that as expected ithas been a quiet week. “Most owners wanting to cover before the holiday season did so last week, albeit at low levels. Some other owners with spot vessel have decided to ballast rather than face the present market, which could keep the market depressed for the first weeks of the new year.
[Read More]
Source: Hellenic Shipping News
China's shipbuilders to reap RMB 40 bln in profit in 2010
The China Association of the National Shipbuilding Industry or CANSI announced today that the output value of shipbuilding enterprises above designated size in China is expected to total RMB 670 billion this year, and they will reap over RMB 40 billion in net profit.
China's shipbuilders completed shipbuilding orders for 61 million dead weight tons and received new orders totaling 68 million dead weight tons this year, with total shipbuilding orders reaching 200 million deal weight tons.
In the first eleven months of this year, the output value of shipbuilding enterprises above designated size surged 25% year on year to RMB 611.5 billion. The growth rate was 4.2 percentage points lower than that in the same period of last year. Their export volume increased 17.2% year on year to RMB 264.4 billion, according to CANSI.
China's 83 key shipbuilding enterprises saw their output value surge 16% year on year to RMB 363.89 billion in the period from January to November and gross profit amount RMB 27.31 billion, 21.2% more than in the same period of last year. Revenue from core businesses was RMB 270.78 billion, up 16.4% from a year earlier.
Source: China Knowledge
China's shipbuilders completed shipbuilding orders for 61 million dead weight tons and received new orders totaling 68 million dead weight tons this year, with total shipbuilding orders reaching 200 million deal weight tons.
In the first eleven months of this year, the output value of shipbuilding enterprises above designated size surged 25% year on year to RMB 611.5 billion. The growth rate was 4.2 percentage points lower than that in the same period of last year. Their export volume increased 17.2% year on year to RMB 264.4 billion, according to CANSI.
China's 83 key shipbuilding enterprises saw their output value surge 16% year on year to RMB 363.89 billion in the period from January to November and gross profit amount RMB 27.31 billion, 21.2% more than in the same period of last year. Revenue from core businesses was RMB 270.78 billion, up 16.4% from a year earlier.
Source: China Knowledge
Welsh retailers expect brisk sales before VAT increase
The post-Christmas sales season began saw queues from 0230 GMT in Wrexham and about 150,000 visitors to St David's shopping centre in Cardiff.
Value Added Tax (VAT) will go up from 17.5% to 20% on 4 January, adding some £10 to items already priced at £500.
Retailers hope for strong sales after bad weather before Christmas.
Retailers said they hoped the extra VAT would prompt those who were planning to buy larger items to make the purchase in the next few days.
David Hughes-Lewis, chairman of Cardiff Retail Partnership, who runs an independent jewellery store, said: "Anyone thinking of buying an expensive piece of merchandise should try and buy it this week.
"I'm hoping that anyone shopping for a big ticket item will buy in the next few days."
Steven Madeley, director of the St David's shopping centre in Cardiff, said: "If people weren't thinking about the VAT rise before Christmas, they definitely are now and we are seeing more high value items being bought before the rise comes into effect."
The centre said 150,000 people passed through its doors when sales began on Boxing Day, making it as busy as one of its busier weekdays before Christmas.
Retailers reported sales had picked up directly before Christmas after bad weather had previously deterred some shoppers.
Cath Letton, marketing manager at the McArthurGlen Designer Outlet at Bridgend, said takings in the week before Christmas were 3% up on last year and footfall was up 4% on last year, with nearly 79,000 visitors.
Both Ms Letton and Mr Madeley said they expected trading to be busy on Tuesday, the second Christmas bank holiday.
McArthurGlen is opening until 2000 GMT, two hours later than its usual bank holiday opening time.
Sales that began on Boxing Day had to be held within Sunday trading hours, limiting stores to opening for no more than six hours.
Some 500 people queued from 0230 GMT on Bank Holiday Monday outside the Next store at Eagles Meadow shopping centre, Wrexham.
SOURCE: BBC
American Eagle and Saks opening at Tanger Outlets in Charleston
Saks Fifth Avenue might have left downtown Charleston, but the upscale merchant is not leaving the metro market completely.
The Off Fifth shop, which will become Saks' 59th such store, offers discount designer clothing and accessories for outlet shoppers at 40 percent to 70 percent off original and comparable prices.
Also coming to Tanger Outlet Center is American Eagle Outfitters. The trendy casual clothing shop plans to be in place by May, Benton said.
Speculation was that American Eagle would take over the large corner space Liz Claiborne is vacating at year's end, but Benton said the locations for American Eagle and Saks' Off Fifth store have not been determined and that stores could be moved around to accommodate them.
Saks' spokeswoman Julia Bentley declined to comment.
Timberland plans to double stores in China
Chinese demand for outdoor gear is enticing global brands to add local staff and open thousands of shops on the mainland. Timberland Co. of the U.S. has 110 stores in China, and President Jeffrey Swartz sees enough potential there to more than double that number in the next three years.
"The role of outdoors in Chinese culture … it screams at you," says Mr. Swartz. "They're not going to go climb a mountain. What they are going to do is hang out in the park on Saturday or Sunday and have a picnic. That's outdoors and outdoor adventure."
The competition among sports and outdoor clothing manufacturers for a share of the Chinese wallet is intense. Adidas AG of Germany recently announced plans to add 2,500 stores in the country by 2015, from 112 as of November. Wolverine World Wide, maker of Merrell boots, also sells its boots through shops in Asia. North Face, Berghaus and other international brands have also opened stores in China recently, and several big brands sponsor outdoor adventure athletes and races to increase visibility among consumers. Some have announced plans to increase online offerings through local-language websites and Web retail shops.
Mr. Swartz says one way his company can connect with Chinese consumers is by highlighting its environmental credentials. Timberland's quarterly statement notes its carbon-neutral goals and its target for total hours of community service employees should be doing by 2015 (87,784 hours). His entries on the company's blog appear under the heading, "rantings of a responsible CEO."
Still, persuading Chinese consumers to buy Timberland over the raft of other products available is going to be a tough proposition.
Excerpts from a recent interview:
WSJ: How does the Chinese consumer's approach to corporate social responsibility differ from what you've seen in other countries?
Mr. Swartz: There's a nationalism to the Chinese consumer that reads different to me than it does in other developed consumer markets. Our reforestation efforts in Haiti are well received in California, [but they] are not valuable to the Chinese consumer. Our reforestation investments in [northern China's] Horqin Desert are considered surprising in China. We actually get more credit for environmental thoughtfulness in China than we get for environmental thoughtfulness in places where we've been doing it at least as long. It will be a very interesting test as our social-media strategy starts to work in China. We're going to focus it on outdoors through the lens of Chinese experience and sustainability—through the lens of the data that we've seen.
WSJ: How do you make sense of spending on corporate social responsibility that isn't directly helping your bottom line?
Mr. Swartz: It's hard to incentivize the CEO to take risks when the system of metrics doesn't exist to allow you to say we've measured success. We can assert the metric of how many trees we've planted. If you're in the activist world, they say that's a good thing, assuming you planted the right kind, etc. We thought that the goal was to convince the activists. We've now re-imagined that conversation because the person you need to convince is the consumer.
If you didn't do the right thing, [consumers] hold that against you. The fact that you don't exploit people—they don't give you credit for. I was pig-headed about that. People asked why we don't focus on what employees do in the 40 hours of paid volunteerism per year. That's not volunteerism. Volunteerism has to be inside you.
WSJ: How do you decide which causes to support?
Mr. Swartz: We tilt it in the direction of consumer-facing stuff. Cleaning up urban environments where our consumers and employees live. We're doing a better job of focusing it.
WSJ: What kind of manager are you?
Mr. Swartz: Our industry is based on two models: the creative tyrant or the consumer packaged-goods model. There's the data-driven, everybody-wants-growth model, where you've got guys in suits with square jaws. That's a good model. Then you have the Ralph Lauren, Mickey Drexler [chief executive of J. Crew Group] merchant geniuses that sit in the back and give thumbs-up or thumbs-down. I want to be who I am. I can examine both of the dialectic poles and think, which one's me? I don't wear the suit. I don't want the role of creative tyrant. We have a mission we're pursuing of commerce and justice. That's how we get [American-born actor and singer-songwriter] Wang Leehom to hang out with us in Beijing (http://blogs.wsj.com/scene/2010/11/17/wang-leehom-rocks-carbon-neutral/).
WSJ: When you are wrong about something, do you find it difficult to realize and change direction?
Mr. Swartz: That's one of the things I am proud of. My wife says "nobody is quicker to abandon his failed point of view than you. You have your eye on the prize." But when I realize I'm wrong, 10 seconds later I am following you. I want to achieve this commerce-justice outcome so badly, if you have a better idea, I'm listening. There's a guy who used to work on trucks, named George. George is a crusty old guy. When we're on the roof of the YMCA replacing rafters, I'm the CEO and he's now the mailroom guy, but you'd be out of your mind to listen to me. George knows what he's doing. We get this vivid optic of non-position-based authority. We get a vivid optic of moral leadership. This ownership mentality isn't based on shares. There won't be solution to anything if it's based on shares. It has to be based on shared values. That's what I'd want Timberland people to say about me: He owns the place, that he's the CEO, all that other crap, but if you have a better idea, I'll follow.
WSJ: What do you tell nonprofit leaders about leadership and problem solving?
Mr. Swartz: I have at age 50 sort of invented the externality of leadership. It's a community-based model. We get in a circle and we say here's what we're willing to fight for, here's what we're willing to die for. Once we're locked on whether we're really in, let's talk about how. If you have a better idea and you don't share it, it's not an opportunity missed, it's a moral failure because you want it the same as me.
The majority of nonprofits are well-intended and poorly run. I think every CEO has an opportunity to really share a strength in that regard. Sit at the table and say, "Can I see your three-year plan?" That's a great question. You'll never make payroll if you don't have a three-year plan.
When the nonprofit CityYear (which Timberland supports) started it was all about hugs. Now it's up to a $40 million or $50 million year budget. Now they have a strategic plan, operating systems, a budget. It's sustainable, it's cool. That's impact.
WSJ: What's the utilization rate for Timberland's 40 hours of paid community service?
Mr. Swartz: Everybody volunteers but not everybody uses 40 hours. The 40-hours crowd fits in a big room.
WSJ: Were you aiming for Timberland construction boots to become a fashion icon?
Mr. Swartz: If a fireman sees our boots and says "Hey, that's interesting," you should be humble enough to ask why he is interested in that product, not ask where the guy I was looking for is. In times in our history as a brand, we've said that's not what I was looking for. What I think we needed to do and we now do a better job of being really narrow in thinking about who we seek to serve and then watching what happens. What's powerful about good ideas is they attract. When you watch who comes to the watering hole in the jungle, what do you learn from that?
Hess Completes Acquisition of Additional Bakken Acreage
Hess Corporation announced today that is has completed the acquisition of 167,000 net acres in the Bakken oil shale play in North Dakota from TRZ Energy, LLC for $1,050 million in cash. The acquired properties are located near Hess’ existing acreage and have current net production of approximately 4,400 boe/d.Source: Press release
Black Dragon Begins Drilling in Desoto Parish, Louisiana
According to Tom Neely, President," This field is known to be very prolific for the recovery of oil and gas. We plan on beginning to drill immediately. We expect this to be the first of many strategic partnerships between Black Dragon Resource Companies Inc. and Black Dragon Resource Ltd."
Source: Press release
Signs of growth trend in Russia’s shipbuilding, up 5% in 2011-2013
The rate of growth in shipbuilding industry of Russia in 2010 is projected at 103.2%, and in the period 2011-2013 the development of shipbuilding is expected at not less than 104-105%, the Russian Ministry of Industry & Trade year-end data said. This growth is believed to be achieved through the completion of large newbuildings orders at the country's leading shipbuilding companies.[Read More]
Source: Seanews Turkey
Chinese eye wind farm installation ships
Chinese shipyards are negotiating with Beluga Hochtief Offshore to build a pair of wind turbine installation vessels costing around $300m in total.[Read More]
Source: Asiasis
ALE has completed a brace of jobs in the last few days.
In Mexico, the company's subsidiary skidded, lifted and positioned switches inside the Laguna Verde Nuclear Power Station.The switches are six metres long and weigh more than 15 tonnes.
[Read More]
Source: Heavy Lift
178 million tonnes for Antwerp but conventional cargoes still well down
Based on provisional figures, by the end of this year the port of Antwerp expects to have handled 178 million tonnes of freight, up 13 percent from the recession year of 2009 with the increase mainly due to container freight, which has once more passed the 100 million-tonne mark and set a new record.
[Read More]
Source: Heavy Lift
[Read More]
Source: Heavy Lift
Ice formation in Baltic
Intensive ice formation is expected in the northern region of the Baltic Sea until at least the end of this week.[Read More]
Source: portworld
ABS debuts Offshore Wind Turbine installation guide
Houston: Classification society ABS has released a Guide to address design considerations for the bottom founded support structure of an offshore wind turbine situated in tropical storm prone areas on the US Outer Continental Shelf (OCS) such as the Gulf of Mexico and East Coast. Titled “A Guide for Building and Classing Offshore Wind Turbine Installations”, the guide is said to be the first to specifically consider the conditions these structures may encounter in tropical storm prone waters.[Read More]
Source: Seatrade Asia
German ship hijacked in pirate attack off Oman coast
A German cargo ship travelling from the UAE to Greece has been hijacked by Somalian pirates off the coast of Oman, the latest in a string of attacks in the region.The MV EMS River, an Antigua/Barbuda flagged ship, was seized around 175 nautical miles northeast of the port of Salalah, Oman, the European naval force said.
[Read More]
Source: Arabian Business
Bolivia state energy company to pay more for oil
Bolivia's state energy company said on Wednesday it will pay more for crude oil produced by foreign firms operating in the country as part of government measures aimed at boosting energy output.
Bolivia has South America's second-biggest natural gas reserves and exports the fuel to Brazil and Argentina, but crude production is a marginal business for energy companies, including Repsol, Petrobras and Total.
[Read more]
Source: Reuters
Bolivia has South America's second-biggest natural gas reserves and exports the fuel to Brazil and Argentina, but crude production is a marginal business for energy companies, including Repsol, Petrobras and Total.
[Read more]
Source: Reuters
Icy Weather Challenges Project Shipment
Steder Group, based in the Netherlands, handled a 245-metric-ton shipment of dredging equipment from Trapani, Italy, to Zeebrugge, Belgium despite freezing temperatures, heavy snowfall and ice just days before Christmas.[Read More]
Source: Break Bulk
Deeper canals help boost Brazil’s commodities throughput
[Read More]
Source: Dredging Today
IMO records 27 ship robbery in West African region
Reports from International Maritime Organisation (IMO) has indicated that a total of 27 incidents, involving piracy and armed robbery against ships engaged in international shipping, occurred within the first to third quarters of this year in West Africa.The hint was dropped at a five-day workshop held by the Ghana Maritime Authority (GMA), in collaboration with the International Maritime Organisation (IMO) and Maritime Organisation for West and Central Africa (MOWCA) to develop strategies to protect marine environment in West and Central Africa.
[Read More]
Source: Compass Newspaper
Shipping businesses concerned over rising incidents of piracy
As incidents of ships hijacking by Somali pirates for ransom have increased with the third ship hijacked within 20 days in the Indian Ocean the shipping circles here are facing insecurity, heavy financial demurrage and shortage of crew in operating the oceangoing ships.
[Read More]
Source: PRIYO
[Read More]
Source: PRIYO
China's shipping company taps into Turkish market
China Ocean Shipping (Group) Company (COSCO), China’s largest shipping group, has been strengthening its foothold in Turkey since entering the market in 1996.COSCO, which owns and controls over 800 modern merchant vessels with an annual carrying capacity of 400 million tons, offers container liner services in major Turkish ports, including Istanbul, Izmir and Mersin, and provides ship agency for bulk cargo carriers at all Turkish ports.
[Read More]
Source: People's Daily
Magnum Hunter Resources Common Shares Approved for Listing on The New York Stock Exchange
Magnum Hunter Resources Corporation announced today that shares of its Common Stock have been approved for listing on The New York Stock Exchange ("NYSE"). The Common Stock will continue to trade under the ticker symbol "MHR". The Company's shares will begin trading on the NYSE sometime during the first ten trading days of January 2011.Mr. Gary C. Evans, Chairman and Chief Executive Officer of Magnum Hunter Resources Corporation, commented, "As part of our business plan to improve the liquidity and exposure of our shares to the investment community here in the United States and worldwide, which includes both institutional and retail investors, we are pleased to announce this new milestone achievement by our Company. As the world's largest equity market, The New York Stock Exchange listing achieves that goal."
Source: Press release
FX Energy Starts Production From KSK Production Project
FX Energy, Inc. announced the start of production from its KSK production project in Poland. The KSK production project serves three wells: Sroda-4, Kromolice-1 and Kromolice-2. The Sroda-4 well is providing the initial production, and is expected to produce approximately 4 million cubic feet of gas per day (mmcfg/d) gross during an initial plateau production phase of several years. Production from the two Kromolice wells is scheduled to begin in approximately 60 days at a rate of approximately 10 mmcfg/d gross. FX Energy owns 49% interest in all three KSK wells; the Polish Oil and Gas Company (PGNiG) operates and owns 51%.
"It is gratifying to see the start of production from our KSK project. This is a terrific event for us as a company and for our expanding exploration and development program. We expect our 49% share of the estimated 14 mmcfg/d gross production from these three wells will boost our company-wide production by more than 60%. We also expect these production rates will be sustained over a several year plateau phase. This will provide important and sustainable support for our exploration and development program over the next several years," said David Pierce, president of FX Energy.
FX Energy also reported that the Company's Lisewo well in western Poland is currently drilling at a depth of 3,708 meters. Total depth of the well is planned for 3,950 meters. FX Energy owns a 49% interest in the well; PGNiG operates and owns 51%
Source: Press release
"It is gratifying to see the start of production from our KSK project. This is a terrific event for us as a company and for our expanding exploration and development program. We expect our 49% share of the estimated 14 mmcfg/d gross production from these three wells will boost our company-wide production by more than 60%. We also expect these production rates will be sustained over a several year plateau phase. This will provide important and sustainable support for our exploration and development program over the next several years," said David Pierce, president of FX Energy.
FX Energy also reported that the Company's Lisewo well in western Poland is currently drilling at a depth of 3,708 meters. Total depth of the well is planned for 3,950 meters. FX Energy owns a 49% interest in the well; PGNiG operates and owns 51%
Source: Press release
Record VLCS deliveries in 2010
Some 61 V/ULCS units have been delivered in 2010, matching the previous record of 61 units delivered in 2006. However, 29 units delivered this year are above 10,000 teu compared to only two units in 2006. The total capacity of V/ULCS delivered reached 657,000 teu, or 48% of the 1.38 Mteu that were delivered in 2010.
[Read More]
Source: Motorship
China CNOOC to buy half of China coalseam gas firm
China National Offshore Oil Corp (CNOOC) will acquire half of one of the country's leading coalseam gas companies for 1.2 billion yuan ($181.2 million), as the country's third-largest oil and gas company expands further in the unconventional gas business.
[Read more]
Source: Reuters
[Read more]
Source: Reuters
Middle East Supertanker Surplus Unchanged as Ship Demand Slows
[Read More]
Source: Bloomberg
Gulf Keystone says it will vigorously challenge Excalibur claim
Gulf Keystone Petroleum (LONGKP) said today it will vigorously challenge an attempt by Excalibur Ventures to claim a 30 per cent share in its blocks in Kurdistan.Proceedings have been launched against Iraq-focused GKP and two of its subsidiaries in London and New York.
[Read more]
Source: Proactive Investors
Dry bulk market stays subdued at the end of 2010
The dy bulk market failed to cheer ship owners across the board as the year draws to an end, thus bringing mixed feelings ahead of 2011. On one hand, the market’s retreat to well under 2,000-point levels can be seen as a good sign since the new year will begin on a low end, leaving enough room for growth during the following months. On the other hand, one can’t ignore the fact that a flurry of newbuildings have been “choking” the market in recent months, not letting freight rates increase despite healthy demand, apart from seasonal situations.
[Read More]
Source: Hellenic Shipping News
[Read More]
Source: Hellenic Shipping News
German shipyard output slumps in 2010
[Read More]
Source: Motorship
Orders pour in at Pipavav Shipyard
Pipavav Shipyard, India'slargest shipyard and rated as the world’s sixth largest shipping facility, is flush with orders and the number is growing dramatically. However, Pipavav has yet to make a debut on the delivery side though there is no definite day fixed for its first delivery.[Read More]
Source: Maritime Professional
Meyer news brightens German scene
Monday’s news about declining German yard deliveries in 2010 has been brightened by word now from leading cruise ship builder Meyer, writes Tom Todd.[Read More]
Source: Motorship
Bergen Oilfield reports North Sea 3D acquisition award
Bergen Oilfield Services AS (BOS) has signed a contract with LOTOS Exploration and Production Norge AS, acting as Operator on behalf of the License Group in PL 503, of a 1563 sqkm acquisition program of 3D Seismic Data in the area of PL 503 in the southern part of the North Sea.
Source: Scandinavian Oil
China Navigation orders eight MPVs
The China Navigation Company Pte (CNCo), the deep sea shipping arm of the Swire group, has ordered eight multipurpose vessels each of 31,000 dwt and valued at a total of USD300 million, to be bulit at Zhejiang Ouhua Shipbuilding Co Ltd (Ouhua), on Zhoushan Island in Mainland China.
[Read More]
Source: Heavy Lift
[Read More]
Source: Heavy Lift
Noble Energy confirms massive natural gas find at Leviathan offshore Israel
Leviathan-1, located in approximately 5,400 feet (1,645 meters) of water, is about 80 miles (130 kilometers) offshore of Haifa and 29 miles (47 kilometers) southwest of the Tamar discovery. The results from the well confirm the pre-drill estimated resource range, with a gross mean for Leviathan of 16 trillion cubic feet (450 billion cubic meters). The Leviathan field is estimated to cover approximately 125 square miles (325 square kilometers) and, as a result of its size, will require two or more appraisal wells to further define total gas resources.
Charles D. Davidson, Noble Energy's Chairman and CEO, said, "Leviathan is the latest major discovery for Noble Energy and is easily the largest exploration discovery in our history. In the past two years, we and our partners have made three significant natural gas discoveries in the Levantine basin. Total gross mean resources discovered are estimated to be approximately 25 trillion cubic feet (700 billion cubic meters), with nearly 8.5 trillion cubic feet (240 billion cubic meters) net to Noble Energy's interest. The Leviathan discovery has further confirmed our geologic models and interpretation of this basin and validates that it contains significant natural gas resources."
David L. Stover, the Company's President and COO, added, "Our exploration program continues to deliver outstanding results. This discovery has the potential to position Israel as a natural gas exporting nation. For nearly a year now, we have had a team evaluating market possibilities, which includes various pipeline and LNG options. It's our belief that the natural gas resources at Leviathan are sufficient to support one or more of the options being studied. We are excited to be leading the exploration and development in this new basin and look forward to determining the best development option."
Drilling at Leviathan-1 will continue to a planned total depth of 23,600 feet (7,200 meters) to evaluate two additional intervals. Current well depth is 16,960 feet (5,170 meters). Results from the deeper tests, which have a low chance of success, are expected over the next couple of months. The Company's second contracted rig will arrive in the Eastern Mediterranean in early 2011 to spud a Leviathan appraisal well located 8 miles (13 kilometers) northeast of the discovery well.
Noble Energy operates Leviathan, offshore Israel, with a 39.66 percent working interest. Other interest owners are Delek Drilling and Avner Oil Exploration with 22.67 percent each and Ratio Oil Exploration with the remaining 15 percent. The Company also operates Tamar in the Matan license and Dalit in the Michal licenses with 36 percent working interests.
Source: Press release
Vinashin gets loans to cover payroll
HA NOI - The Government has extended zero-interest loans to the troubled Viet Nam Shipbuilding Industry (Vinashin) Group and the Viet Nam National Shipping Lines (Vinalines) in order to meet company payrolls.
[Read More]
Source: Viet Nam News
[Read More]
Source: Viet Nam News
Petrobras Tupi, Iracema Oil Fields Hold 8.3 Billion Barrels, Top Estimates
Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, said that two deepwater oil fields hold 8.3 billion barrels of recoverable crude, exceeding previous estimates.[Read more]
Source: Bloomberg
STEP Offshore wins equipment contract with STX Offshore & Shipbuilding
STEP Offshore, a wholly-owned subsidiary of Aker Solutions, has won a contract from South Korea’s STX Offshore & Shipbuilding Co. LTD to supply equipment for a new, dynamically positioned ultra-deepwater Globetrotter-class drillship. The owner of the ship is Houston-based Noble Corp.
[Read More]
Source: PennEnergy
[Read More]
Source: PennEnergy
Singapore yard secures conversion and shipbuilding contracts
Keppel Offshore & Marine's wholly-owned subsidiaries Keppel Shipyard and Keppel Singmarine have clinched a number of new contracts, worth in total some S$240 million ($185 million).[Read More]
Source: Motorship
STEP Offshore wins equipment contract with STX Offshore & Shipbuilding
STEP Offshore will supply equipment for mud mixing, circulation and transfer, bulk storage and transport, as well as an advanced control system, to ensure high performance and industry leading HSE standards. The contract value is undisclosed.
"We are very proud to be awarded this contract by STX,” says Pål Eriksen, President of STEP Offshore. “We look forward to working with STX on this second project. This once again proves we are the preferred partner for critical drilling fluid management applications."
The ship will be built by STX at their state-of-the-art facility in Dalian, China, and then the unit will be transferred to the Netherlands for the installation and commissioning of the topside equipment.
STEP Offshore’s equipment will be delivered in the second half of 2011.
Source: Press release
Petrobras provides production in November 2010
Petrobras provides its November 2010 production and the average production of 2010.In November 2010, the average total oil, NGL and natural gas production, including international production was 2,620.3 thousand barrels of oil equivalent per day (boed), compared with 2,534.2 thousand boed in the previous month.
[Read more]
Source: Scandinavian Oil
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