Woodside begins production from Greater Enfield Project offshore Australia

first_img Image: Woodside draws first oil from Greater Enfield Project. Photo: courtesy of D Thory/Pixabay. Woodside Energy and its partner Mitsui E&P have commenced production from the Greater Enfield Project offshore Western Australia using the Ngujima-Yin floating production storage and offloading vessel (Ngujima-Yin FPSO).Under the Greater Enfield Project, the partners have developed the Laverda Canyon, Norton over Laverda, and Cimatti oil accumulations with an investment of $1.9bn (£1.55bn). The offshore oil project is said to have been brought into production on schedule and under its budgeted cost.Estimated production of Greater Enfield ProjectThe Greater Enfield Project is estimated to produce gross 2P reserves of 69 million barrels of oil equivalent (MMboe) from the three oil reserves.Woodside is the operator of the project with a stake of 60% with Mitsui E&P Australia holding the remaining 40% stake.The partners sanctioned Greater Enfield in June 2016 with a plan to develop the oil reserves by means of a 31km long subsea tie-back to the Ngujima-Yin FPSO. The FPSO is moored at the Vincent field, which is located 50km offshore Exmouth, and in production since 2008.In July 2016, Technip was awarded a subsea contract for the project by Woodside.As part of the Greater Enfield Project, Woodside got a major refit of the FPSO done at the Keppel Tuas Shipyard in Singapore. The FPSO was brought back to waters off the North West Cape in May 2019, and in July it recommenced production from the Vincent wells.Woodside said that installation of subsea infrastructure at the Greater Enfield Project has been wrapped up with drilling of all the six subsea production wells and six water injection wells also completed.Woodside CEO Peter Coleman said: “The delivery of Greater Enfield is further demonstration of Woodside’s capacity to execute the major projects that will underpin our next phase of growth.“The technical and project leadership capabilities applied on the Greater Enfield Project will be carried forward as we progress our plans to develop the Scarborough and Browse offshore gas resources through the proposed Burrup Hub.” The Greater Enfield Project, is made up of three oil reserves, which have been developed as a subsea tie-back to the Ngujima-Yin FPSO at the Vincent fieldlast_img read more

Talen Energy completes sale of IEC pipeline for $155m

first_imgThe transaction amount also includes $10m received by Talen Energy following the announcement of the deal in October 2017 The IEC pipeline comprises of an 84 mile (135km) pipeline between Marcus Hook and Martins Creek, Pennsylvania. (Credit: Pixabay/Adam Radosavljevic) Talen Energy has announced the completion of the sale of its indirect, wholly owned subsidiary Interstate Energy Company (IEC) for $155m.IEC, an indirect, a wholly owned subsidiary of Talen Energy, has been sold to Adelphia Gateway (Adelphia), a subsidiary of New Jersey Resources.The transaction amount also includes $10m received by the company following the announcement of the deal in October 2017.The IEC pipeline comprises of an 84 mile (135km) pipeline between Marcus Hook and Martins Creek, Pennsylvania.Talen Energy to use sale proceeds to trim debtTalen Energy is expected to utilise the proceeds from the sale for recourse debt reduction.Talen Energy subsidiaries have entered into contracts with Adelphia for supply of natural gas from the northern portion of the pipeline to Talen Energy’s Martins Creek and Lower Mount Bethel generating stations.Adelphia will repurpose the southern 80km portion of the IEC pipeline to flow natural gas to the greater Philadelphia region.Talen Energy chairman and chief executive officer Ralph Alexander said: “The sale of IEC marks the last in a series of planned sales of non-core assets which were announced shortly following Talen Energy’s take-private transaction in December 2016. These sales allowed the Company to monetize underutilized assets to generate incremental cash flow, and drive greater efficiencies.“We appreciate the efforts of those on both sides of this transaction and look forward to working with Adelphia to ensure a smooth transition for all involved.”Talen Energy is one of the largest power generation companies in North America, owing nearly 15GW of generating capacity.The company’s power generation capacity is located in well-developed, structured wholesale power markets, principally in the Northeast, Mid-Atlantic and Southwest regions of the US.In June, Talen Montana, the operator of the 2,094MW Colstrip Steam Electric Station (Colstrip), announced the retirement of the units 1 and 2 of the power plant, while continuing the operations of the remaining two. Talen Montana shared the ownership of Colstrip units 1 and 2 with Puget Sound Energy.last_img read more

Sempra Energy takes FID for Energia Costa Azul LNG project in Mexico

first_img Energía Costa Azul regasification terminal in Baja California, Mexico. (Credit: Sempra LNG) Sempra Energy’s subsidiary ECA Liquefaction (ECA) LNG has taken a final investment decision (FID) for the Energia Costa Azul (ECA) liquefied natural gas (LNG) export facility in Mexico.ECA LNG is a joint venture (JV) between Sempra LNG and Infraestructura Energética Nova (IEnova).The decision was taken for the development, construction and operation of the first phase of the ECA LNG project in Baja California, Mexico.Planned to be developed in two phases, the project involves conversion of existing regasification terminal in Baja California into a gas liquefaction and export facility.Sempra Energy said that the Phase 1 natural gas liquefaction-export project, which is expected to improve the trade balances of the US and Mexico, is claimed to be the only LNG export project in the world to reach FID in this year.IEnova CEO Tania Ortiz Mena said: “As one of the largest private investments in the history of Baja California, ECA LNG’s liquefaction-export project is expected to help support the Mexican economy through investment, tax revenue and jobs.“The project is also expected to positively impact the local community through social investment programs as well as help position Mexico as a key player in the global trade of natural gas.”Sempra LNG and IEnova to build the LNG export projectTo be built and operated by Sempra LNG and IEnova as a single-train liquefaction facility, the phase one will have a nameplate capacity of 3.25 million tonnes per annum (Mtpa) of LNG and an initial offtake capacity of nearly 2.5 Mtpa of LNG.The ECA LNG Phase 1 is estimated to cost nearly $2bn and Sempra expects to finance the project using a combination of equity contributions and debt.Slated to produce first LNG in late 2024, the ECA LNG Phase 1 is estimated to create over 10,000 direct and indirect jobs during the construction phase.Furthermore, TechnipFMC has also been given a notice to proceed for the engineering, procurement, and construction (EPC) contract for the ECA LNG project.In May, Sempra Energy and its partners started production from the first liquefaction train of the $10bn phase 1 of the Cameron LNG project in Louisiana. Construction of the first phase of LNG export project is estimated to cost nearly $2bnlast_img read more

CADE approves Petrobras’ sale of Liquigás

first_img Petrobras headquarters in Rio de Janeiro. (Credit: Eric and Christian/Wikipedia.org) Petrobras, following up on the release disclosed on November 19, 2019, informs that the Administrative Council for Economic Defense (CADE), in a Court session held on this date, approved the sale of Liquigás Distribuidora S.A. (“Liquigás”), a wholly-owned subsidiary of Petrobras, to the acquiring group composed of Itaúsa S.A. (Itaúsa), Copagaz – Distribuidora de Gás S.A. (Copagaz) and Nacional Gás Butano Distribuidora Ltda. (Nacional Gás), by signing an agreement (Agreement on Concentration Control – ACC).The agreement was proposed by Itaúsa, Copagaz and Nacional Gás and aims to meet the competitive concerns identified by CADE.The decision will be published in the Federal Official Gazette according to CADE’s regulatory term.In addition to this approval, the conclusion of the transaction is still subject to compliance with other usual precedent conditions. The amount of R$ 3.7 billion, subject to adjustments, will be paid to Petrobras on the transaction closing date. Source: Company Press Release The agreement was proposed by Itaúsa, Copagaz and Nacional Gás and aims to meet the competitive concerns identified by CADElast_img read more

OTM growth ‘concerns’ Zoopla, says Ian Springett

first_imgHome » News » OTM growth ‘concerns’ Zoopla, says Ian Springett previous nextProducts & ServicesOTM growth ‘concerns’ Zoopla, says Ian SpringettThe head of OTM remains confident his firm’s website will become the number two portal by January 2016 as the website passes the 5,000 offices milestone.PROPERTYdrum31st March 20150539 Views OnTheMarket (OTM) Chief Executive Ian Springett (left) insists that web traffic to the OTM website has proved “buoyant” in March, despite accusations to the contrary, thanks largely to a multi-million pound advertising campaign that has provided “outstanding results.”Responding to claims by competitor portal Zoopla that web traffic to OTM last week, based on Hitwise data, fell by 25 per cent compared to the previous week, Springett insisted that the data is “inaccurate” and that OTM “stand by every figure we have previously quoted.”“Zoopla’s concerns about the growth of OTM at their expense are apparently increasing,” he said. “On March 6th and 7th, we passed the two million mark of unique users. Contrary to Zoopla’s claims, the traffic levels have remained buoyant throughout March. The results of our multi-million pound marketing campaign are continuing to emerge and the property-seeking public are appreciating the faster, cleaner, fresher search experience which OTM offers.”Lawrence Hall of Zoopla (right) insists that over the past couple of weeks “things have gone from bad to worse for OTM” with traffic falling “notably from an already low base and very low engagement levels per visit”, but Springett remains confident OTM will become the UK’s number two property portal by the start of next year.He continued, “Ultimately, the property-seeking public and the agents themselves will decide over time which portals deliver the most value. We remain confident in becoming the number two portal by January 2016.”Meanwhile, OTM, which was launched on 26 January, announced this week that its membership has now grown to more than 5,000 contracted estate and letting agent offices, with some agents opting to advertise their new-to-market properties exclusively on OTM at least 48 hours in advance of displaying them on any other property portal.Mr Springett added, “Our membership base is continuing to grow along with our momentum as agents realise that OTM is the best place to market their clients’ properties with its slick and fast search and results pages which are free from intrusive third party advertising and unhelpful data. What’s more, agents recognise the benefits of a mutual organisation which is working to reduce portal fees for its members over time.“We are producing quality leads for estate and letting agents and we have also been told by many members that having removed their properties from their less effective portal, it has become obvious just how many leads were previously duplicated and leaving Zoopla has had no impact on their business.”portal OnTheMarket web traffic Zoopla March 31, 2015The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 Letting agent fined £11,500 over unlicensed rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021last_img read more

Countrywide paints a (slightly) gloomy property picture

first_imgCountrywide believes that the Brexit vote has unsettled the UK economy, with  uncertainty surrounding the arrangements for leaving the EU and the effect it will have on trade and future economic growth.They expect a weaker economy and for this to affect house prices and transactions through consumer confidence, household incomes and the labour market.This is not the only factor affecting the path of house prices. Higher stamp duty continues to take its toll on the top end markets and after several years of double-digit price growth, expectations of future capital gain have weakened in many areas leading to reduced demand.Fionnuala Earley (left), Countrywide’s Chief Economist, said, “Forecasts in the current environment are trickier than ever as the vote to leave the EU has thrown up many risks. Our central view is that the economy will avoid a hard landing, which is good news for housing markets. However, the weaker prospects for confidence, household incomes and the labour market mean that we do expect some modest falls in house prices before they return to positive growth towards the end of 2017 and into 2018.“Not all of the corrections are due to the vote to leave the EU. Stamp duty and weaker house price growth expectations, particularly in London’s prime markets, have a part to play. There are supports to prices on the supply side from the continuing mismatch of supply. On the demand side, ultra-low interest rates and the significant discounts available to overseas buyers resulting from the fall in Sterling will help to support prices too.”UK house price growth expected to slow to 2.5% in 2016 and to -1% in 2017, recovering to 2% in 2018.House price growth forecast to slow across all regions of the UK over 2016 and 2017.London likely to see price growth slow to 3.5% in 2016 before a fall of 1.25% in 2017 and a recovery to 2% in 2018. Prime Central London (PCL) is expected to be the hardest hit with prices forecast to fall by 6% in 2016, rising to 0% in 2017 and 4.0% in 2018.Across the South and East of England price growth is also expected to slow in 2016 followed by small price falls in 2017 before returning to positive price growth in 2018. Prices in the South East are expected to ease to 3.5% in 2016 (9.6% in 2015) and -1% in 2017. We expect a similar path for house prices in the East and South West as prices adjust to weaker economic conditions and previous strong growth.Weaker economic conditions are also expected to hit prices in the North, the Midlands and Wales. The North East is expected to see price growth fall to 0.5% in 2016 and to -0.25% in 2017. Price growth in the North West, Yorkshire and Humberside, Wales and the Midlands is also expected to slow in 2016.propery prices forecast Brexit vote Countrywide economic research UK economy future economic growth September 3, 2016The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Housing Market » Countrywide paints a (slightly) gloomy property picture previous nextHousing MarketCountrywide paints a (slightly) gloomy property pictureEconomic risks and uncertainty point to house prices falling by 1% in 2017.The Negotiator3rd September 20160578 Viewslast_img read more

New Garden Town to be built in Kent

first_imgHousing Minister Gavin Barwell today announced that Kent is to get a new garden town in addition to similar projects already planned in Bicester, Didcot, Basingstoke, Essex and Northamptonshire.Outline plans revealed in May this year by Shepway District Council and Folkestone Racecourse, which owns the land to the west of Folkestone, are to get official backing. The new town will include seven primary schools and three secondary schools as well as several doctor’s surgeries.The site, called Otterpool Park, will create some 12,000 homes for approximately 29,000 people although local agents will be waiting a long time to get in on the act. The town is not scheduled for completion until 2046 and may face several hurdles including a well-organised and vociferous local campaign against the project, which will swallow up three villages.The new town is part of a three-pronged policy announced today to achieve the government’s aim to build an additional million homes by 2020. It includes an £18 million fund to help councils tackle planning logjams on behalf of builders, and the creation of six new Housing Zones to encourage 10,000 new properties on brownfield sites.These are to be in Sheffield in South Yorkshire, Grimsby and Cleethorpes in Lincolnshire, Barnsley in South Yorkshire, Sandwell in the West Midlands, Blackburn and Burnley in Lancashire, and the Wirral in Merseyside.Last month Chancellor Philip Hammond announced a £3 billion fund to help smaller developers and a further £2 billion to build new homes on surplus public sector land.Garden Town Otterpool Park November 11, 2016Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Land & New Homes » New Garden Town to be built in Kent previous nextLand & New HomesNew Garden Town to be built in KentRural land and villages around former racecourse to become 12,000-home town by 2046Nigel Lewis11th November 20160617 Viewslast_img read more

SDL launches in the North West

first_imgHome » News » Agencies & People » SDL launches in the North West previous nextAgencies & PeopleSDL launches in the North WestThe Negotiator22nd March 20170541 Views SDL Auctions, one of the UK’s largest auction networks, is to hold auctions at Bolton’s Macron Stadium with the first date set as Thursday 30th March.The new SDL Auctions North West date will be added to the network’s already 30-strong UK-wide auction calendar which also includes venues in Chester, Derby, Birmingham, Nottingham, Leicester, Coventry and Stoke.Rory Daly, auctioneer and CEO at SDL Auctions, said, “It’s a very exciting period of expansion for our auction network. We recently held our first auctions in Chester and Stoke and now we’re adding Bolton to our calendar as part of our strategy for the North West.“To launch our new auction we have established a strategic auction partnership with leading independent estate agency Miller Metcalfe who will be offering sales by auction in our auction room as an additional service to their customers throughout their 10 offices in the North West.”John Fletcher, MD at Miller Metcalfe, said, “We have held auctions covering Lancashire and Greater Manchester for many years and with much success, however this exciting new partnership allows us to significantly grow our auction presence. In addition, as SDL Auctions is one of the biggest commercial property auction houses in the UK we’ll now also be able to offer better quality and higher value commercial properties for sale by auction.“By combining the national reach and expertise of SDL Auctions with the regional knowledge and reputation of Miller Metcalfe in the North West we aim to create a highly successful auction proposition.”SDL Auctions is also in discussions to partner with several other estate agents across the North West in order to allow more agents to offer sales by auction alongside traditional private treaty sales.SDL Auctions North West SDL Auctions auction March 22, 2017The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Want to stop gazumping, Sajid Javid?

first_imgWhen Communities Secretary Sajid Javid earlier this week asked the industry for evidence on how to stop gazumping, reduce time wasting and increase commitment, little did he realise there is already a proptech start-up that says it is the answer.Gazeal, a platform that binds both vendor and buyer together when they are ready to agree a deal, prevents either side “walking away or moving the goalposts”, it says.Gazeal says it believes the fall-through for UK property sales is even higher than the government research published by Sajid Javid on Sunday, which pointed to between a quarter and a third of all sales falling through.Stop gazumpingThe government research said nearly 40% of buyers who withdraw do so for personal reasons, while 13% do so because they have been gazumped, 10% becaues the vendor withdrew without explanation and 9% because the chain collapsed elsewhere.But sellers have a different view. The government research revealed that they said of sales that do collapse, 35% did so after the buyer withdrew for personal reasons, while 28% fell apart because the buyer didn’t have sufficient funds lined up.Duncan Samuel, Managing Director of Gazeal (pictured, below), says that gazumping is on the rise in the UK and that his platform’s service would put a stop to it.“Gazeal Seal enables the parties to enter into a legally binding agreement to sell on the terms agreed that neither party can walk away from, subject only to Lenders Valuation and confirmation of Good Title, so giving both parties certainty with appropriate protections,” he says.“We regularly have transactions reach a legally binding position within three days of an offer being made and accepted.”Gazeal also offers an fast-track service for agents that enables them to list properties with a pre-prepared ‘contract pack’ including personal searches and an online property questionnaire which, the company claims, can save “weeks and even months,” says Duncan.Gazeal Sajid Javid chains and gazumping Duncan Samuel October 25, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Want to stop gazumping, Sajid Javid? previous nextWant to stop gazumping, Sajid Javid?Proptech startup says it has the digital platform ready to solve all the problems with house sale transactions.The Negotiator25th October 201701,565 Viewslast_img read more

Conveyancing Data Services Ltd joins tmgroup

first_imgHome » News » Conveyancing Data Services Ltd joins tmgroup previous nextProptechConveyancing Data Services Ltd joins tmgroupThe Negotiator7th June 20180726 Views The Board of Conveyancing Data Services Ltd (CDS) announced that a majority shareholding in their company has been acquired by property technology firm tmgroup, for an undisclosed sum. CDS and tmgroup are committed to saving time and cost savings for property professionals.Paul Albone, Chief Operating Officer for tmgroup and incoming CDS Chairman said,“I have known the CDS principals for many years and been impressed with the brand and proposition they have created. This investment is a natural extension of the close working relationship we have developed and I look forward to enabling further collaboration and business growth of both brands.”Since 1999, tmgroup has worked with legal firms of all sizes, estate agents, lenders and developers, they help address business challenges, create more efficient processes and make the day-to-day tasks easier.CDS, a conveyancing search provider, supplies all the necessary information required for a property transaction. Matthew Joy, Sales and Marketing Director for CDS said, “The countless synergies made this acquisition as uncomplicated as any deal in our industry.Our strengths complement each other and this new partnership strengthens CDS and tmgroup’s positions.”Joe Pepper, CEO, tmgroup added, “tmgroup will support the existing CDS management team to grow the business even further,”www.tmgroup.co.uk CDS Conveyancing Data Services Ltd tech sale tmgroup June 7, 2018The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more