Thursday, 30 April 2015

OptaSense and Weatherford Partner to Deliver Integrated Well Surveillance Solutions - 30/04/2015

OptaSense and Weatherford Partner to Deliver Integrated Well Surveillance Solutions

OptaSense, a QinetiQ company, and Weatherford International plc have partnered in a strategic alliance to deliver integrated optical sensing solutions designed to optimize well planning, construction and production across the asset lifecycle.

The partnership combines OmniWell™ in-well optical production and reservoir monitoring systems from Weatherford with optical Distributed Acoustic Sensing (DAS) technology from OptaSense, including DAS-VSP™ vertical seismic profiling (VSP), DAS-HFP™ hydraulic fracture monitoring and DAS-Flow™ production flow monitoring.  These capabilities will provide customers with robust and actionable information that improves reservoir management and ultimate recovery.

Weatherford’s sensing technology includes pressure and temperature gauges, distributed temperature sensing, array temperature sensing, flow measurement, and seismic sensors.

Magnus McEwen-King, Managing Director of OptaSense, said: “When Weatherford sensing technology is combined with DAS technology from OptaSense, the solution will deliver enhanced data acquisition and monitoring of seismic activity, well construction, completion and fracture operations, and production flow. In addition to acquiring accurate data in real time, OptaSense DAS technology can also reduce data acquisition costs by eliminating the need for well intervention.”

OptaSense’s innovative DAS technology offering complements Weatherford’s proven high reliability in-well technology. Together, these technologies provide a more complete, integrated, well surveillance solution. It will include multi-point and distributed VSP acquisition, production flow monitoring and hydraulic fracture monitoring, enhanced with microseismic imaging—which are critical in optimizing well performance.  The solution will also add value to customers with existing optical systems who are interested in DAS acoustic monitoring.

Weatherford and OptaSense have established a leading position in providing optical reservoir monitoring systems around the globe, installing and/or monitoring optical sensing solutions for more than 1,000 wells.

Both companies will continue to offer their respective products and services independently but together they will bring forward an integrated solution that delivers long term value to the customer.

Statoil: 2015 first quarter results - 30/04/2015

Statoil: 2015 first quarter results

Despite challenging oil and gas prices in the quarter, Statoil (OSE:STL, NYSE:STO) delivered Adjusted earnings of NOK 22.9 billion and NOK 7.0 billion after tax. Statoil reports a negative IFRS Net income of NOK 35.4 billion due to impairments.

“Statoil’s first quarter reported figures are significantly impacted by impairment charges. Our adjusted earnings and cash flows were affected by the reduced price levels. We continue to deliver strong underlying operational performance and solid results from marketing and trading. The free cash flows after dividend were positive in the first quarter”, says president and CEO of Statoil ASA, Eldar Sætre.

Adjusted earnings for the first quarter of 2015 were NOK 22.9 billion compared to NOK 46.0 billion in the first quarter of 2014. The reduction was mainly a result of the significant drop in the liquids prices, lower European gas prices and increased depreciation and operating costs. The increase in depreciation and operating cost was largely a result of starting and ramping up production, and was impacted by the strong USD/NOK exchange rate. Adjusted earnings after tax were NOK 7.0 billion, compared to NOK 15.8 billion in the same period last year.

Statoil’s net operating income in the first quarter of 2015 was negatively impacted by significant accounting charges related to asset impairments of NOK 46.1 billion, most of which are related to the US onshore unconventional assets. The impairments were a result of a revision of Statoil’s long term economic planning assumptions.

“We take a more cautious view due to the uncertainty in the commodity markets. It is important to maintain a solid foundation for our decisions. The underlying quality of the assets and the operational performance remains unchanged”, says Sætre.

Statoil’s equity production in the first quarter was 2,056 mboe per day, compared to 1,978 mboe per day in the same period in 2014. The production increase was a result of start-up and ramp-up of production on various fields as well as higher gas sales from the Norwegian continental shelf (NCS) compared to the first quarter of 2014. The equity production outside of Norway was 759 mboe per day.

“We continue to see progress from our cost and capital efficiency programmes and our systematic effort to improve safety continues. I am pleased to see reduced field and modification costs on the NCS, reduced international operating expenses per barrel measured in dollar, in addition to improved drilling and well performance. Our financial position remains robust. The board of directors has decided to pay NOK 1.80 per share in dividend for the quarter,” says Sætre.

In the first three months of 2015 Statoil reported cash flows from operations of NOK 29.1 billion compared to NOK 55.0 billion in the first quarter of 2014. The decrease was a result of falling prices, partially offset by lower taxes paid in the first quarter of 2015. The free cash flows, after investments, proceeds from transactions and dividend payments were positive in the first quarter of 2015. At the end of the quarter, Statoil’s adjusted net debt to capital employed increased to 24 % impacted by impairments as well as currency changes.

Statoil’s success on exploration activities continues to perform in the first quarter of 2015, and has resulted in four discoveries. Discoveries in Tanzania, the Gulf of Mexico as well as in Norway underline Statoil’s position as a global top explorer. The adjusted exploration expenses amounted to NOK 2.7 billion, down from NOK 3.3 billion in the first quarter of 2014 as a higher portion of current exploration expenditures was capitalised in the first quarter this year.

The serious incident frequency (SIF) was 0.7 in the first quarter of 2015 compared to 0.6 in the first quarter of 2014. The Statoil share will trade ex-dividend on Oslo Stock Exchange (Norway) 14 August 2015.

Key events since fourth quarter 2014:

  • Progressing Johan Sverdrup: Plan for Development and Operation (PDO) was submitted to the authorities in February, and contracts for more than NOK 16 billion were awarded in the quarter.


  • New projects on stream: The Valemon field came on stream and production commenced from Oseberg Delta 2 in the North Sea.


  • Developing new projects: Statoil together with its partner submitted development plan for the Peregrino Phase II.


  • Optimising projects: The partners in the Johan Castberg and Snorre 2040 licences decided to spend more time to mature the projects.


  • Top tier exploration results: A small oil discovery and a gas discovery on the NCS and the eighth discovery in Block 2 offshore Tanzania. In April Statoil announced an oil discovery in the Yeti prospect in the Gulf of Mexico (GoM).


  • Debt capital market transactions: EUR 3.75 billion secured in February.


  • Changes to the board of directors: Grace Reksten Skaugen and Catherine Hughes have resigned from the board of directors, and Rebekka Glasser Herlofsen was elected as new shareholder representative.

Exxon Mobil Corporation Declares Second Quarter Dividend - 30/04/2015

Exxon Mobil Corporation Declares Second Quarter Dividend

The Board of Directors of Exxon Mobil Corporation (NYSE:XOM) today declared a cash dividend of 73 cents per share on the Common Stock, payable on June 10, 2015 to shareholders of record of Common Stock at the close of business on May 13, 2015.

This second quarter dividend compares with 69 cents per share paid in the first quarter of 2015.

Through its dividends, the corporation has shared its success with its shareholders for more than 100 years and has increased its annual dividend payment to shareholders for 33 consecutive years.

Wednesday, 29 April 2015

Introducing ‘Inside Oil & Gas and You’ - 29/04/2015



Introducing ‘Inside Oil & Gas and You’  

Do you want to get to know Inside Oil & Gas a little bit better and you have a few minutes to spare? 

You do? Great!

Well, just for you, we have put together a short video about Inside Oil & Gas which includes information about the magazine, such as the sectors we cover, our target readership and global outreach. The video also affords you a little insight into the inner workings of the company. 

So grab you crackers and cut yourself a slice of corporate Inside Oil & Gas cheese! Sit back, indulge (not too much!), take it in, and hopefully when it’s finished, you’ll want to know more. Our contact details are below. Please get in touch with us; whether it’s to get your company featured in an upcoming edition, to request a media pack, or to sign up to a subscription (digital subscription is free!). 

Our helpful and friendly staff will listen to your marketing requirements and create packages that best suit your needs; be it articles, advertisements, industry news or social media. 
Find out for yourself how Inside Oil & Gas can help your company connect, be it Upstream or Downstream with one voice!

KONGSBERG ENTERS INTO COOPERATION AGREEMENT WITH KBC ADVANCED TECHNOLOGIES PLC - 29/04/2015

KONGSBERG ENTERS INTO COOPERATION AGREEMENT WITH KBC ADVANCED TECHNOLOGIES PLC

Kongsberg Oil & Gas Technologies AS, a wholly owned subsidiary of Kongsberg Gruppen ASA (KONGSBERG), is pleased to announce a non-exclusive cooperation agreement with KBC Advanced Technologies plc  (“KBC”) to develop stronger simulation software integration and more effective engineering and operation workflows.  The objective is to enable the oil and gas marketplace to respond to the demand for significantly better production economics while substantially reducing the cost of design and production over field life.

The cooperation agreement defines joint technology integration activities, joint consulting and services offerings, and coordinated sales and marketing activities.  Both companies have signed mutual license agreements to immediately enable cross selling of integrated software solutions. 

KBC CEO, Andy Howell, said: “The market is demanding that oil and gas technology companies and suppliers develop innovative ways to create increased value in upstream field development planning, design and operations. With our combined technology suites and the depth in consulting capability of both our strong brands; KBC and Kongsberg Oil & Gas together are uniquely positioned to deliver value and to support new ways to realise margin over field life.” 

Pål Helsing, President of Kongsberg Oil & Gas, added: “We are very excited at the potential benefits our combined software and consulting capability can bring to the current industry situation, and with the very clear synergy between our organisations. This approach provides short and long term benefits for our industry to address new, low levels of economic hurdle rates, and to mitigate the uncertainty and risk of future oil prices. The industry needs a novel approach to efficient production and here it is."

Lifecycle management shake-up expected at Well Integrity Conference in Houston - 29/04/2015

Lifecycle management shake-up expected at Well Integrity Conference in Houston

Industry experts at the 2nd Annual Well Integrity and Lifecycle Management Conference in Houston, Texas, USA on June 16 and 17 will provide invaluable insights into the critical challenges facing well integrity management.

“This gathering of diverse industry leaders could not be more opportune, as the industry seeks to mitigate integrity risks and achieve greater value for money. Well Integrity is without doubt the most important process for effective operations in the 21st century; since 2009 it has cost operators over $75 billion, “explains Kerr Jeferies, Senior Well Integrity Market Analyst from Upstream Intelligence.

On top of this, over half of the industry’s engineers believe current legislation fails to meet industry demands; over a quarter of oil and gas wells across the globe have, at some stage, leaked; and of the 15,500 producing, shut in and temporarily abandoned wells in the OCS of the Gulf of Mexico, over 40 per cent have sustained casing pressure on at least one casing annulus.

“Whether addressing safety concerns, production efficiency or life-time longevity, well integrity professionals are now receiving well deserved attention, appreciation and investment.

“Speakers will present more than 25 business critical presentations over two days and attendees will also get learn through case studies from the biggest operators North America and regional case studies from Europe, Latin America and Asia-Pacific,” explained Kerr.
Attendees will hear how digital infrastructures - essential for well integrity governance, enhanced production and on-going compliance in the coming months - are being developed.

They will also get the opportunity to scrutinise in more detail than ever before, the latest case studies from industry leaders, Shell, Hess and Equion, by attending a series of brand new intensive workshops which will connect them directly to the specialists and fresh solutions.

Delegates will be able to critically assess the revolutionary processes being sought by managers at BP, Exxon Mobil, Marathon and Addax to maximise the value of well monitoring systems and ensure the stability of producing assets.
And through exclusive insights, including material assessments from Senior Research Fellow, Mike Cowan (University of Texas) and Well Integrity Domain Champion, Pavel Shaposhnikov (Schlumberger), they will be able to get to grips with what the cement specification operators need to support the integrity of HTHP wells.

The conference, which will give attendees the opportunity to move their organizations forward and refine production and operations, is supported by two new Silver Sponsors, Metrol and PTC.


Their support signals the industry’s resilience despite the depressed oil price and underlines the need for more innovative solutions to secure the integrity, reliability and stability of producing assets across the Gulf of Mexico.

Premium networking opportunities - including an online networking tool, evening drinks and round table sessions – will be available with leading names from across the oil industry, who have already confirmed their attendance.

According to Joel Wittenbraker, CEO of Mactech Offshore: “The exhibition draws together the highest calibre of talent and expertise in the industry in a concentrated, easy to meet manner.”

  • Make sure you don’t miss out on all the exclusive updates from our pioneering program by downloading the e-brochure here: http://bit.ly/wells-lifecycle 

Tuesday, 28 April 2015

OptaSense and Weatherford Partner to Deliver Integrated Well Surveillance Solutions - 28/04/2015

OptaSense and Weatherford Partner to Deliver Integrated Well Surveillance Solutions

OptaSense, a QinetiQ company, and Weatherford International plc have partnered in a strategic alliance to deliver integrated optical sensing solutions designed to optimize well planning, construction and production across the asset lifecycle.

The partnership combines OmniWell™ in-well optical production and reservoir monitoring systems from Weatherford with optical Distributed Acoustic Sensing (DAS) technology from OptaSense, including DAS-VSP™ vertical seismic profiling (VSP), DAS-HFP™ hydraulic fracture monitoring and DAS-Flow™ production flow monitoring.  These capabilities will provide customers with robust and actionable information that improves reservoir management and ultimate recovery.

Weatherford’s sensing technology includes pressure and temperature gauges, distributed temperature sensing, array temperature sensing, flow measurement, and seismic sensors.

Magnus McEwen-King, Managing Director of OptaSense, said: “When Weatherford sensing technology is combined with DAS technology from OptaSense, the solution will deliver enhanced data acquisition and monitoring of seismic activity, well construction, completion and fracture operations, and production flow. In addition to acquiring accurate data in real time, OptaSense DAS technology can also reduce data acquisition costs by eliminating the need for well intervention.”

OptaSense’s innovative DAS technology offering complements Weatherford’s proven high reliability in-well technology. Together, these technologies provide a more complete, integrated, well surveillance solution. It will include multi-point and distributed VSP acquisition, production flow monitoring and hydraulic fracture monitoring, enhanced with microseismic imaging—which are critical in optimizing well performance.  The solution will also add value to customers with existing optical systems who are interested in DAS acoustic monitoring.

Weatherford and OptaSense have established a leading position in providing optical reservoir monitoring systems around the globe, installing and/or monitoring optical sensing solutions for more than 1,000 wells.

Both companies will continue to offer their respective products and services independently but together they will bring forward an integrated solution that delivers long term value to the customer.

Drilling permit for well 35/12-5 S in production licence 378 - 28/04/2015

Drilling permit for well 35/12-5 S in production licence 378

The Norwegian Petroleum Directorate has granted Wintershall Norge AS a drilling permit for well 35/12-5 S, cf. Section 8 of the Resource Management Regulations.

Well 35/12-5 S will be drilled from the Trancocean Arctic drilling facility at position 61°13`01.65" north and 03°49`39.29" east, after completing the drilling of wildcat well 6406/2-8 for Wintershall Norge AS in production licence 589.

The drilling programme for well 35/12-5 S relates to the drilling of a wildcat well in production licence 378. Wintershall Norge AS is the operator with an ownership interest of 45 per cent. The other licensees are Capricorn Norge AS (20 per cent), Explora Petroleum AS (17.5 per cent) and Talisman Energy Norge AS (17.5 per cent). The area in this licence is composed of parts of block 35/12. The well will be drilled about 80 kilometres southwest of Florø.

Production licence 378 was awarded on 6 January 2006 (APA 2005). This is the fifth well to be drilled in the licence.

The permit is contingent upon the operator securing all other permits and consents required by other authorities prior to commencing drilling activities.

Minor oil discovery near the Kristin field in the Norwegian Sea – 28/04/2015

Minor oil discovery near the Kristin field in the Norwegian Sea – 6406/2-8

Wintershall Norge AS, operator of production licence 589, is about to complete drilling of wildcat well 6406/2-8. The well proved oil.
The well was drilled about 20 kilometres south of the Kristin field in the Norwegian Sea and 190 kilometres northwest of Kristiansund.

The objective of the well was to prove petroleum in Lower to Middle Jurassic reservoir rocks (Båt and Fangst groups).

The well encountered two oil columns over an approx. 130-metre interval in the Båt and Fangst groups in sandstone of generally poor reservoir quality. Preliminary estimation of the size of the discovery is between one and eight million standard cubic metres (Sm3) of recoverable oil equivalents.

The licensees will assess the discovery with regard to further follow-up. The well was not formation tested, but extensive data acquisition and sampling have taken place.

This is the first exploration well in production licence 589, which was awarded in APA 2010. The well was drilled to a vertical depth of 4655 metres below the sea surface, and was terminated in red sandstone layers in the Middle to Upper Triassic (“Red beds”). Water depth is 262 metres. The well will now be permanently plugged and abandoned.

Well 6406/2-8 was drilled by the Transocean Arctic drilling facility, which will now drill wildcat well 35/12-5 S in production licence 378 in the North Sea, where Wintershall Norge AS is the operator.

Monday, 27 April 2015

APPLUS RTD TO PROVIDE TESTING TO ULTRA-DEEP WATER KAOMBO DEVELOPMENT - 27/04/2015

APPLUS RTD TO PROVIDE TESTING TO ULTRA-DEEP WATER KAOMBO DEVELOPMENT

Applus RTD, the global leader in the provision of integrity technology services, has been awarded a contract from Heerema Marine Contractors as part of the Kaombo development offshore Angola.

As part of the largest ultra-deep water SURF (subsea, umbilicals, risers, flowlines) development, Applus RTD will provide non-destructive testing for offshore flowlines and risers, as well as testing onshore multi jointing tie-ins using its RTD Rotoscan AUT (automated ultrasonic testing) Phased Array System.

The project is due to commence for Applus RTD in Q1 2015 and will start with an extensive AUT qualification program according to the Total specification.

Iain Light, CEO Applus RTD: “To be aligned to such a technically advanced project such as the Kaombo development is a massive opportunity for Applus RTD. Our technology and expertise has been selected due to our high success rate and the Rotoscan Phased System is qualified by both DNV and Total. This new project will only allow us to further enhance our non-destructive testing offering, and in particular, our subsea capability.” 

The Applus RTD divisions involved in the project are Applus RTD The Netherlands and Applus RTD USA - Houston and Applus+ Velosi. The project will take place both on- and offshore in Angola.

On World Malaria Day, ExxonMobil Marks 15 Years Fighting Malaria - 27/04/2015

On World Malaria Day, ExxonMobil Marks 15 Years Fighting Malaria

ExxonMobil will have invested more than $140 million in malaria control and prevention since 2000

  • New grants support research, treatment, prevention and capacity-building to combat malaria
  • ExxonMobil partners have trained nearly half a million health workers and distributed more than 13 million bed nets, 2 million rapid diagnostic tests and 2 million doses of antimalarial treatments

ExxonMobil today announced $10 million in new grants to mark World Malaria Day, continuing the company’s 15-year commitment to fighting a disease that is preventable and treatable, yet still kills more than half a million people annually.

This year’s grants from ExxonMobil and the ExxonMobil Foundation support a range of research, education, advocacy and treatment programs to reduce the human and economic toll of malaria. Several grants focus on developing leadership and health workforce capacity in countries and communities that lack adequate health systems to combat malaria and other health challenges.

“For 15 years, ExxonMobil has been a proud partner in the effort to create a future free of malaria,” said Suzanne McCarron, general manager of public and government affairs, ExxonMobil, and president of the ExxonMobil Foundation. “We are committed to investing in the tools, knowledge and human capacity that will allow us to combat and eventually eliminate the disease. Now more than ever, it is clear that strengthening health systems is essential to achieving that goal.”

Efforts to lessen malaria’s burden are making an impact. Since 2000, malaria mortality rates have dropped by nearly half worldwide, and cases in Africa are down by more than a third. However, emerging antimalarial drug resistance and insecticide resistance threaten global progress, making continued investment in innovative tools and approaches more important than ever.

ExxonMobil’s support for the fight against malaria includes investments in people who tackle the disease from all angles. In addition to delivering millions of bed nets, diagnostics and drugs, ExxonMobil and its partners have trained nearly 500,000 health workers to keep at-risk communities vigilant against the disease. ExxonMobil also funds organizations engaged in research to address the growing challenge of antimalarial drug and insecticide resistance and accelerate the development of new treatments. To cultivate the next generation of leaders to take on malaria, ExxonMobil supports education and training opportunities for young people with a passion for global health.

“Malaria is a complex challenge, and a strong multidisciplinary approach is key to driving progress against the disease,” said Professor Andrew Hamilton, Vice-Chancellor of Oxford University. “Since 2011, ExxonMobil has supported Oxford scholarships that prepare bright young minds from around the world to tackle pressing global health challenges, including malaria. This commitment to fostering tomorrow’s leaders is invaluable.”

ExxonMobil’s 2015 malaria grantees working to strengthen health capacity to address malaria include:
  • Worldwide Antimalarial Resistance Network, to further research on the emergence of antimalarial drug resistance and facilitate global collaboration among scientists tracking its spread.
  • Africare, to train and support community volunteers and health care workers to conduct house-to-house visits to discuss malaria prevention.
  • Oxford University, to provide scholarships for promising young health leaders to pursue a Master of Science in International Health and Tropical Medicine.
  • Jhpiego, to strengthen the ability of health providers and community volunteers to prevent and treat malaria, particularly among pregnant women.
  • Grassroot Soccer, to use the convening power of soccer to engage and educate young people about malaria and other health issues.
  • Seed Global Health, to place medical volunteers in underserved settings to help train the next generation of health professionals.
Other 2015 grant recipients include Accordia Global Health Foundation; Cameroon Business Coalition against Malaria, Tuberculosis and AIDS; Global Health Corps; Harvard School of Public Health; Medicines for Malaria Venture; Malaria No More; The Mentor Initiative; PATH Malaria Vaccine Initiative; Population Services International; and the President’s Malaria Initiative.

To mark World Malaria Day, ExxonMobil is working with partners in countries including Angola, Cameroon, Chad and Nigeria to raise public awareness of the disease and fight its spread in communities most at risk. Planned activities and events include education and testing workshops, health fairs, rallies and mass-media campaigns about how to prevent and treat malaria.

With more than $140 million in investments since 2000, ExxonMobil is the largest private-sector grant-maker in the fight against malaria. The company leverages its business expertise and network to strengthen global health initiatives, and programs funded by ExxonMobil have reached nearly 125 million people. Its Workforce Malaria Control Program offers prevention tools, early diagnosis and treatment to company employees and surrounding communities, and is a model for other malaria control initiatives.

Energy Delta Institute to adopt experience of Asian energy companies - 27/04/2015

Energy Delta Institute to adopt experience of Asian energy companies

Sochi hosted today the 14th meeting of the International Supervisory Board (ISB) of the Energy Delta Institute (EDI) as well as an international meeting of the Institute’s partners under the topic of ‘Future of the European Power Industry’.

Taking part in the meetings were Sergey Khomyakov, Deputy Chairman of the Gazprom Management Committee, Han Fennema, CEO and Chairman of the Executive Board of Nederlandse Gasunie, Gertjan Lankhorst, CEO of GasTerra, Pieter Dekker, Vice President JV Governance of Shell Netherlands, Eric Dam, President of EDI, Sibrand Poppema, President of the University of Groningen and Jean-Francois Cirelli, Special Advisor to the Presidency of GDF Suez (Gas Supplies).

The ISB Members addressed the EDI performance in 2014. It was noted that over the said period EDI had successfully delivered various international educational projects focused on such energy issues as Petroleum Corporation Management in the Global Environment, Finance & Control for Energy Industry, Professional Energy Community, Gas Business Management, European Energy Market. 55 employees of Gazprom attended these programs, and two of them received MBA degrees.

Addressing the ISB Members, Sergey Khomyakov dwelled on the main areas of Gazprom’s activities. Special attention was given to consolidating the Company’s positions in traditional markets as well as entering new promising markets. In particular, Mr. Khomyakov mentioned the implementation of new gas transmission projects as well as strengthening the Company’s LNG and NGV segments.

It was noted that amid major changes in the energy sector and emergence of the Eurasian megamarket, the portfolio of EDI’s educational programs had to be extended and the experience of both European and Asian energy companies had to be adopted more fully.

During the meetings an Agreement of Intent on Partnership and Cooperation was signed between Higher Economic School of St. Petersburg State University of Economics and EDI to deliver educational programs and share knowledge in the energy sector.

In addition, Eric Dam, President of EDI was awarded the title of the Honorary Fellow of the Academic Board for outstanding contribution to the EDI development.

Friday, 24 April 2015

APPLUS RTD TO PROVIDE TESTING TO ULTRA-DEEP WATER KAOMBO DEVELOPMENT - 24/04/2015

APPLUS RTD TO PROVIDE TESTING TO ULTRA-DEEP WATER KAOMBO DEVELOPMENT

Applus RTD, the global leader in the provision of integrity technology services, has been awarded a contract from Heerema Marine Contractors as part of the Kaombo development offshore Angola.

As part of the largest ultra-deep water SURF (subsea, umbilicals, risers, flowlines) development, Applus RTD will provide non-destructive testing for offshore flowlines and risers, as well as testing onshore multi jointing tie-ins using its RTD Rotoscan AUT (automated ultrasonic testing) Phased Array System.

The project is due to commence for Applus RTD in Q1 2015 and will start with an extensive AUT qualification program according to the Total specification.

Iain Light, CEO Applus RTD: “To be aligned to such a technically advanced project such as the Kaombo development is a massive opportunity for Applus RTD. Our technology and expertise has been selected due to our high success rate and the Rotoscan Phased System is qualified by both DNV and Total. This new project will only allow us to further enhance our non-destructive testing offering, and in particular, our subsea capability.” 

The Applus RTD divisions involved in the project are Applus RTD The Netherlands and Applus RTD USA - Houston and Applus+ Velosi. The project will take place both on- and offshore in Angola.

Cameron Announces Results for First Quarter of 2015 - 24/04/2015

Cameron Announces Results for First Quarter of 2015

- $0.91 fully diluted earnings per share excluding income from discontinued operations, asset impairment charges and other costs
- Strong execution and cost control drive quarterly results
- Subsea orders up compared to year-ago quarter and compared to Q4 of 2014

Cameron (NYSE: CAM) today reported fully diluted earnings per share, excluding income from discontinued operations, asset impairment charges and other costs, of  $0.91 for the first quarter of 2015, compared to $0.70 for the same period of 2014.  

Results for the first quarter of 2015 included income from discontinued operations of $429 million, or $2.22 per share, primarily associated with a gain on the previously announced sale of the Company's Centrifugal Compression business; $538 million, or $2.79 per share, of asset impairment charges, primarily related to the impairment of goodwill in the Company's Process Systems business; and $18 million, or $0.09 per share, of other costs for restructuring costs and mark-to-market impact on currency derivatives.  On a GAAP basis, the Company's fully diluted earnings per share were $0.25 for the first quarter of 2015, as compared to $0.51 for the first quarter of 2014.

Commenting on the Company's performance in the first quarter of 2015 relative to the year-ago period, Chairman and Chief Executive Officer Jack B. Moore, said, "Excluding the impact of the items cited above, Cameron delivered strong earnings, driven by sharp increases in operating income in our Subsea and Drilling segments as those businesses continued to successfully execute on their backlogs.

Also contributing to the improvement in the Company's results was the ongoing fundamental change in our cost structure, which resulted in a significant decline in SG&A expense.  Operating income in our Surface segment remained relatively unchanged as cost reduction efforts and excellent execution mitigated the decline in orders for the segment's shorter-cycle business. Operating income in our Valves and Measurement segment was down considerably, reflecting the impact of weak orders in 2014 and the de-stocking of distributor inventories."

The company's effective tax rate for the quarter was 23.5%, excluding the impact of the gain and the asset impairment charges.

Orders and Backlog
Cameron's new orders and backlog for the first quarter of 2015 declined sequentially and as compared to the year-ago period, reflecting reduced activity levels across the industry.   "Nevertheless," said Moore, "orders in our Subsea segment were 30% above the year-ago quarter and 8% above the fourth quarter of 2014 due in part to the booking of a sizable subsea systems order for a BP development offshore Egypt."

Cash Flow from Operations and Capital Program
Despite the customary increase in working capital during the first quarter, the Company ended the quarter with cash and short-term investments totaling $1.7 billion and a net debt to total capital ratio of 14%.  

Cameron's capital expenditures totaled $89 million in the first quarter of 2015, as compared to $105 million in the first quarter of 2014. 

Share Repurchase Activity Continued
The Company acquired almost 4 million shares during the first quarter of 2015. Fully diluted shares outstanding at the end of the first quarter amounted to approximately 192 million.  As of the end of the first quarter of 2015, $298 million remained available under the Company's existing share purchase authorization.

2015 Outlook
Moore said, "Cameron executed well over the first three months of the year, and that helped to offset the seasonal first-quarter weakness that we had expected.  Additionally, we saw accelerated benefits from our efforts to lower our fundamental cost structure and improve operational efficiency.  Even so, for the balance of the year, the cyclical downturn represents an increasing headwind relative to that experienced in the first quarter."

Cameron (NYSE: CAM) is a leading provider of flow equipment products, systems and services to worldwide oil and gas industries.

Gazprom and YPF sign Memorandum of Cooperation - 24/04/2015

Gazprom and YPF sign Memorandum of Cooperation

Alexey Miller, Chairman of the Gazprom Management Committee and Miguel Galuccio, Chief Executive Officer of Argentine National Petroleum Company YPF signed a Memorandum of Cooperation in Moscow today.

The ceremony was held in the presence of Vladimir Putin, President of the Russian Federation and Cristina Fernandez de Kirchner, President of the Republic of Argentina.

The document stipulates the main areas of the future bilateral cooperation, including exploration, production and transmission of hydrocarbons in Argentina and third countries.

Thursday, 23 April 2015

Statoil keynote at CERAWeek 2015 - 23/04/2015

Statoil keynote at CERAWeek 2015 

Statoil CEO Eldar Sætre delivered a keynote at this year's CERAWeek in Houston, addressing the need for lower costs and lower carbon emissions.

“Solving our industry’s challenge to lower costs and lower carbon is not something that one company can solve alone. It calls for more engagement as an industry. That engagement requires transparency about our performance and how we conduct business, ongoing dialogue with our stakeholders, and holding ourselves responsible for setting the standards to effectively influence our operating environment,” said CEO Eldar Sætre.

See full speech here 

Statoil’s CERAWeek presence

2015 marks Statoil’s third year in a strategic partnership with IHS to support the core CERAWeek mission – knowledge sharing, insight generation, and professional community.

In addition to Sætre’s presentation, this year the company had three additional executives in public speaking slots in the CERAWeek program: EVP DPNA Bill Maloney, EVP Exploration Tim Dodson and EVP GSB John Knight.

In conjunction with the conference, over 20 interviews with key reporters and trade media were conducted with various internal executives.

Following day two of the conference, an intimate, private reception was hosted by Statoil to network with key external stakeholders and distinguished influencers.

Statement of OAO “Gazprom” with respect to the adoption of “statement of objections” by the European Commission under the antitrust investigation - 23/04/2015

Statement of OAO “Gazprom” with respect to the adoption of “statement of objections” by the European Commission under the antitrust investigation

On April 22, 2015 the European Commission published a press release on its official website, according to which the European Commission adopted a “statement of objections” in the course of ongoing antitrust investigation of OAO “Gazprom” activity in the European Union (EU).

OAO “Gazprom” considers the claims brought by the European Commission to be unsubstantiated. In the meantime, the adoption of the “statement of objections” by the European Commission is just one of the stages of the antitrust investigation and does not imply holding OAO “Gazprom” liable for any violation of the EU antitrust legislation.

OAO “Gazprom” strictly adheres to all the rules of international law and legislation in the countries where Gazprom Group operates. Operation of Gazprom Group on the EU market, including applicable principles of gas pricing, meets the standards that are used by other producers and exporters of gas.

We expect that within the framework of the investigation our rights and interests arising from both EU law and international law will be adequately observed, and special attention will be paid to the fact that OAO “Gazprom”, being established outside of the jurisdiction of the EU, is a company which in accordance with the Russian legislation performs functions of public interest and has a status of strategic state-controlled entity.

OAO “Gazprom” expects the situation to be resolved in accordance with the agreement reached earlier between the Government of the Russian Federation and the European Commission on finding on the intergovernmental level of mutually acceptable solution on the issue of antitrust investigation.

APPLUS RTD TO PROVIDE TESTING TO ULTRA-DEEP WATER KAOMBO DEVELOPMENT - 23/04/2015

APPLUS RTD TO PROVIDE TESTING TO ULTRA-DEEP WATER KAOMBO DEVELOPMENT

Applus RTD, the global leader in the provision of integrity technology services, has been awarded a contract from Heerema Marine Contractors as part of the Kaombo development offshore Angola.

As part of the largest ultra-deep water SURF (subsea, umbilicals, risers, flowlines) development, Applus RTD will provide non-destructive testing for offshore flowlines and risers, as well as testing onshore multi jointing tie-ins using its RTD Rotoscan AUT (automated ultrasonic testing) Phased Array System.

The project is due to commence for Applus RTD in Q1 2015 and will start with an extensive AUT qualification program according to the Total specification.

Iain Light, CEO Applus RTD: “To be aligned to such a technically advanced project such as the Kaombo development is a massive opportunity for Applus RTD. Our technology and expertise has been selected due to our high success rate and the Rotoscan Phased System is qualified by both DNV and Total. This new project will only allow us to further enhance our non-destructive testing offering, and in particular, our subsea capability.” 

The Applus RTD divisions involved in the project are Applus RTD The Netherlands and Applus RTD USA - Houston and Applus+ Velosi. The project will take place both on- and offshore in Angola.

Wednesday, 22 April 2015

Gazprom saves over RUB 7 billion in 2014 on lower gas, heat and power consumption - 22/04/2015

Gazprom saves over RUB 7 billion in 2014 on lower gas, heat and power consumption

A meeting of the Gazprom Coordinating Committee for Environmental Protection and Energy Efficiency took place at the Gazprom headquarters under the chairmanship of Vitaly Markelov, Deputy Chairman of the Company's Management Committee – Head of the Coordinating Committee. Taking part in the meeting were heads of the Company’s structural units and subsidiaries.

The meeting summed up Gazprom’s environmental activities in 2014. It was stressed that Gazprom proceeded with its consistent efforts aimed at mitigating the environmental impact. It resulted, inter alia, in 9.1 per cent reduction of air emissions and 9 per cent greenhouse emissions versus 2013.

Like in previous years, the Company was gradually cutting down the use of energy resources for its own needs. The bulk of energy savings was achieved due to updating gas production and transmission capacities as well as introducing energy saving technologies. As a result, 2.51 million tons of fuel equivalent was saved in 2014, including over 2 billion cubic meters of natural gas, 254.6 million kWh of electricity; 237.2 thousand Gcal of heat. The total cost of saved resources at 2014 values equaled RUB 7.14 billion.

It was pointed out that promoting wider use of natural gas as a vehicle fuel was a crucial part of Gazprom’s activity. In 2014 the Company was actively preparing new NGV facilities for construction: FEED operations were completed for 21 CNG filling stations in 13 Russian regions.The Company continued converting its own vehicle fleet to natural gas: in 2014 Gazprom’s subsidiaries purchased 1,674 units of NGV equipment. As a result, the total number of gas-powered vehicles in the Group’s vehicle fleet increased to 6,522.

The meeting noted that in 2014 Gazprom’s Environmental Management System had passed recertification for compliance with the ISO 14001:2004 international standard.
The meeting participants summed up the results of the Year of Environmental Awareness held by Gazprom in 2014. The Company arranged over 20 thousand events in 3.5 thousand urban and rural areas across Russia and Belarus, in which 362.7 thousand people took part, including employees of Gazprom and its subsidiary companies as well as students and schoolchildren. About 62 thousand of them attended environmental courses and seminars. 

Within the Year of Environmental Awareness the Company cleared 11.6 thousand hectares of parks, public gardens and protected areas; planted over 172 thousand trees and bushes; rehabilitated more than 480 water reservoirs.

At the meeting Gazprom’s certificates of honor and letters of acknowledgement were awarded to the employees of subsidiaries which took the most active part in the Year of Environmental Awareness: Gazprom Dobycha Urengoy, Gazprom Transgaz Belarus, Gazprom Transgaz Yekaterinburg, Gazprom Transgaz Kazan, Gazprom Transgaz Krasnodar, Gazprom Transgaz Moscow, Gazprom Transgaz Stavropol, Gazprom Transgaz Tomsk, Gazprom Transgaz Tchaikovsky, Gazprom Transgaz Yugorsk.

OptaSense enters into major framework supply agreement - 22/04/2015

OptaSense enters into major framework supply agreement

OptaSense, part of the QinetiQ Group, has entered into a two year framework agreement in the Middle East to deliver enhanced security, using its Distributed Acoustic Sensing (DAS) systems, on up to 8,000km of assets.

The framework agreement will see a major programme to install up to 200 OptaSense systems to protect oil & gas pipelines, refineries, airports and other critical national infrastructure sites. The contract follows the successful completion of previous work in the region to protect similar facilities.

OptaSense’s Managing Director, Magnus McEwen-King said: “The protection of critical national infrastructure, in particular oil & gas pipelines, is vital to assure revenue generation, especially in the Middle East. We are particularly pleased to be chosen to protect an entire regional asset base through a structured two year implementation programme. This framework agreement is an endorsement of OptaSense’s proven capability in delivering large scale projects reliably.”

“We know our customers rely on our systems to keep their assets safe and productive and often OptaSense is the first line of defence against theft & terrorism. As such, our customers not only rely on an excellent technical solution but also in having the depth of resources to deliver in field performance reliably over many thousands of kilometres of critical national infrastructure.”

Upon completion of this programme OptaSense will be protecting approximately 23,000km of assets globally in 50 countries.

Tuesday, 21 April 2015

Awards in predefined areas 2015 (APA 2015) - announcement - 21/04/2015

Awards in predefined areas 2015 (APA 2015) - announcement

The Ministry of Petroleum and Energy has 21 April 2015 announced the APA 2015, comprising the predefined areas with blocks in the North Sea, the Norwegian Sea and the Barents Sea.

Application deadline
The application deadline for APA 2015 is 12:00 a.m. on Wednesday 2 September 2015. The awards will be announced during the first quarter of 2016.

Application Area
The predefined areas (APA boxes) have been extended with more blocks since APA 2014. The new areas include 35 blocks in the Norwegian Sea and 11 blocks in the Barent Sea. Applications can be submitted for any blocks or parts of blocks within the predefined areas that are not already included in a licence three months before the closing date for application. This entails that acreage which is relinquished in the application period is regarded as announced at the time of governmental approved relinquishment. The acreage will be included consecutively in the predefined areas on NPD's interactive fact maps until 2 June 2015, three months before the closing date for application, see links below.

Map showing available acreage within predefined areas at the time of announcement:

How to apply for APA 2015 

Each company applying for APA 2015 shall submit the following to the authorities:
  1. Application letter from the company, including information about the company
  2. Application(s)

1. Application letter and information about company

A formal application letter, listing all applications the company participates in, individually or as part of a group, shall be sent or delivered together with the company information in one copy to the Ministry of Petroleum and Energy and one copy to the Norwegian Petroleum Directorate by the application deadline. Company information must be enclosed electronically on a memory stick.
See Guide to Application letter from Company APA2015 for content of application letter and Guide to Company Information APA2015 regarding content of company information.

Application fee

An application fee of NOK 119.000 is due upon submission of each APA 2015 application, including applications for additional acreage. Payment shall be made to the Norwegian Petroleum Directorate, account no.: 7694.05.00326 and marked ”APA2015_(block no.)”. Copy of receipt must be included in the company application letter.

2. Application(s)

Applications for APA 2015 shall be sent or delivered with one copy electronically on memory stick to the Ministry of Petroleum and Energy and two identical copies to the Norwegian Petroleum Directorate. Applications to the Norwegian Petroleum Directorate must be submitted both electronically on memory stick and as a paper copy.
See Guide to application for Production Licence APA2015 regarding application content.

MagneGas Corporation Provides Letter to Shareholders - 21/04/2015

MagneGas Corporation Provides Letter to Shareholders

MagneGas Corporation (NASDAQ: MNGA) (the "Company"), today provides a letter to shareholders to address the recent accident at its Tarpon Springs facility.

Dear Fellow Shareholders,

As previously announced, we unfortunately experienced a tragic accident at our Tarpon Springs facility on Thursday, April 16, in which one employee died and another was injured. Our deepest sympathy and heartfelt condolences go out to the families and friends who lost a loved one and to everyone else affected by this accident. Our top priority has always been and continues to be the health and safety of all our employees, who are of great importance to us and highly valued members of our MagneGas family.

We take this matter very seriously and are dedicating all of the necessary corporate resources to assist in the investigation of this incident. We have been working closely with the appropriate authorities to determine the cause and circumstances surrounding this accident. At this time, we can report that the accident occurred during the tank filling process. In addition to conducting our own thorough investigation, we will continue to work in full cooperation with the Tarpon Springs Fire Department and the Occupational Safety and Health Administration (OSHA) to determine what caused this accident.

Until we complete this investigation we have temporarily suspended production of certain products.  We plan to resume production of these products once we have isolated and fully addressed the cause of this accident. We also plan to take whatever steps are needed to help prevent another accident from occurring in the future. In the meantime, we have a reserve supply of MagneGas® on hand and plan to continue supplying our customers. In other instances, we can supply our customers with alternative gases for their near-term needs through our wholly owned subsidiary, Equipment Sales and Services, Inc. (ESSI), which is open for business as usual.

We have spoken with most of our MagneGas® metal cutting customers and partners and they have expressed their sympathies regarding the accident. They have assured us that they understand the situation and plan to continue working with MagneGas ®.

We believe that the strong support of our customers reflects our dedication to safety and the fact that we have independently demonstrated that MagneGas® is a stable gas. Unlike acetylene, which pools to the ground and could present a serious ignition hazard risk, MagneGas® is lighter than air and rises quickly in the event of a leak.

In terms of our financial strength, we believe that we are well-positioned to move forward in the wake of this tragedy. As of December 31, 2014, we had more than $5 million of cash on hand. We also have comprehensive coverage under our insurance policies. We will continue operating our other business lines, which comprise the majority of our revenues at the present time. These business lines include the sale of sterilization equipment and the sale of a variety of gases through ESSI.

We will also be hosting our first quarter 2015 conference call in the coming weeks. During that call we will provide our shareholders the opportunity to ask questions in a public forum. We look forward to sharing with you recent developments and the progress that we have made towards achieving our strategic objectives as respectfully as possible given the circumstances. We are committed to full transparency while fulfilling our mission of bringing MagneGas® to the global commercial market. 

Following this tragic accident we held a team meeting, which was attended by the Chaplain of the Tarpon Spring Fire Department. He provided great comfort to us and led a prayer for our departed and injured, and discussed taking time to grieve.

These have been extremely difficult circumstances for us given our tight-knit culture. We have reflected on the contributions of these team members and the lives affected by this incident. We are so very fortunate to have such a tremendous and harmonious team at MagneGas. We have been there for each other and will continue to be there for each other as we heal and try to move forward.  This is a very emotional time for us, but we owe it to everyone, including our departed and injured, to forge ahead with our company's vision so that their contributions are not in vain. At our team meeting I assured our team that we have an obligation to ourselves, our customers, and our shareholders to grieve and then respectfully raise our eyes once again to the horizon to continue on our path of development and success.

We have a great appreciation for and would like to say a special thanks to the State and local fire, rescue and police service for their support and assistance in this time of great need. Their professionalism and diligence in these tragic circumstances has provided us with an environment where the accident can be properly addressed while providing us with the space to grieve and find comfort in each other. Finally, in response to this tragedy we have given our employees a paid week to grieve.  We have also immediately begun providing crisis counseling with the cooperation of the Tarpon Springs Florida Fire Department Chaplain.

We deeply appreciate the outpouring of support from our shareholders, our customers, and our community in the wake of this tragedy. This heartfelt support has made a huge difference for us as we reflect on our losses and aim to move forward. We plan to keep our stakeholders apprised of material developments as the investigation progresses and our company takes the steps necessary to achieve its goals and vision.

Sincerely,

Ermanno P. Santilli

Chief Executive Officer

Monday, 20 April 2015

ExxonMobil and Employees Donate $10 million to Texas Colleges and Universities - 20/04/2015

ExxonMobil and Employees Donate $10 million to Texas Colleges and Universities

77 institutions of higher learning in Texas receive funds from 3:1 Educational Matching Gift Program

ExxonMobil and its employees are donating $10 million to higher education institutions across Texas as part of the ExxonMobil Foundation’s 2014 Educational Matching Gift Program.

In 2014, ExxonMobil employees, retirees, directors and surviving spouses contributed $2.9 million to 77 Texas colleges and universities, which was matched with $7.1 million unrestricted grants from the ExxonMobil Foundation. Although grants are unrestricted, colleges and universities are encouraged to designate a portion to math and science programs supporting student engagement.

The program matches donor pledges 3:1 up to $7,500 to qualified colleges and universities in the United States, along with the American Indian College Fund, Hispanic Scholarship Fund and the United Negro College Fund. Since the Educational Matching Gift Program began in 1962, more than $568 million have been donated to American institutions of higher learning.

“ExxonMobil employees care about education and make it an investment priority year after year,” said Suzanne McCarron, president of the ExxonMobil Foundation. “We are proud that the ExxonMobil Foundation has such a long and solid record in working to support education in the United States. Commitment to excellent education is not only important to our business but also ensuring the next generation is prepared to excel in the future.”

Nationwide, close to 900 institutions received $47 million through the 2014 Educational Matching Gift Program, an increase of $3 million over the prior year.

In addition to the Educational Matching Gift Program, ExxonMobil and the ExxonMobil Foundation support and develop programs that encourage students, particularly women and minorities, toward careers in science, technology, engineering and math, as well as teacher training initiatives.

Statoil committed to end routine flaring by 2030 - 20/04/2015

Statoil committed to end routine flaring by 2030

Statoil and several other oil companies and nations joined together today to commit, for the first time, to end the practice of routine gas flaring at oil production sites by 2030.

CEO Eldar Sætre represented Statoil at the signing at the World Bank in Washington together with Norwegian foreign minister Børge Brende.

“Meeting the target of zero routine flaring by 2030 is a highly important contribution our industry can make towards mitigating climate change,” Sætre said in his speech in Washington today.

“In our operations in Norway we do not carry out any routine flaring. This leading performance was made possible by a government determined to avoid waste and maximise value from its natural resources,” Sætre continued.  

In 1971 Norway banned routine flaring. Coupled with a price on carbon equivalent of USD 65/ton CO2 today, these measures provided the necessary incentives for both the government and the industry to invest in production and export of gas.

But globally every year, around 140 billion cubic metres of associated natural gas is wastefully burned or “flared” at thousands of oil fields.

This results in more than 300 million tons of CO2 being emitted to the atmosphere - equivalent to emissions from approximately 77 million cars.

Together with Statoil and Norway, eight other oil companies and eight other countries have endorsed the initiative recognising that routine gas flaring is unsustainable from a resource management and environmental perspective.

They have all agreed to cooperate to eliminate ongoing routine flaring as soon as possible and no later than 2030.

Friday, 17 April 2015

MagneGas Statement on Accident at Tarpon Springs Facility - 17/04/2015

MagneGas Statement on Accident at Tarpon Springs Facility

MagneGas Corporation (NASDAQ: MNGA) today provided the following statement regarding an accident at the Company's Tarpon Springs, Florida facility:

"The company today experienced an accident at its Tarpon Springs facility.  Tragically, a member of our employee family was killed.   Our deep sympathy goes out to the immediate family and our thoughts and prayers are with the family and all friends.  Another member of our employee family was taken to a local hospital. Our thoughts and prayers are with him and his family as well.  All of our other employees are safe and accounted for. We humbly request the media to respect the privacy of our employees and their families. Our top priority is the health and safety of these people who as we said are considered family.

We are grateful for the efforts and immediate actions of the emergency responders.

We are working closely with responders and local officials to determine the cause and circumstances surrounding the accident.

We have strived to create a culture of safe, compliant operations.  We take this matter very seriously and are dedicating all the necessary corporate resources to assist in the investigation."

Thursday, 16 April 2015

AEG Power Solutions announces new office in Houston and appointment of Kevin Dunn as Sales Manager Oil & Gas for the USA - 16/04/2015

AEG Power Solutions announces new office in Houston and appointment of Kevin Dunn as Sales Manager Oil & Gas for the USA

-                   Objective is to develop the business in the Oil & Gas market

-                   Proximity is key to AEG PS’ customer approach

AEG Power Solutions, a global provider of power electronic systems and solutions for industrial power supplies and renewable energy applications, today announces the opening of a new office in Houston, Texas, and the appointment of Kevin Dunn, as new Sales Manager – Oil Gas & Petrochemical for the USA.

This translates into action the company's strategy of developing its business in the Oil & Gas industry, one of its core industrial markets. “Houston is one of the major decision hubs of the industry", explains John Ferriman, VP Sales, Oil & Gas for AEG Power Solutions. Our presence here is key to our future activity development in this vertical market, but it will also open the door to other industrial markets in the USA”.

Native Texan, Kevin Dunn has a sound experience in working with EPCs in the region that he has acquired through former positions at ABB.

“Kevin will make a significant contribution to represent AEG PS interests. We need to be close to the customers we serve. As the Oil & Gas & Petrochemical market serves projects worldwide, representation in Houston is fundamental”, comments Jeffrey Casper, CEO AEG Power Solutions.

Kevin Dunn:
Former to this appointment, Kevin Dunn was at ABB where he spent 7 years and was in his last position of National Account Manager, dealing with major oil & gas customers covering all aspects of the business including upstream, downstream, and mid-stream projects and operations. Prior to this, Kevin worked for Texas Electric Equipment Company where he was responsible for the sales of a diverse portfolio including medium voltage drives and motors. He started his career at Ansaldo Ross Hill Inc., which produced drives and motors for the industry, where he spent 11 years in varying roles including project engineer, test department manager, and project manager. He has a Bachelor of Science in Electrical Engineering from Texas A & M University

EMAS AMC clinches several global projects totalling US$55 million - 16/04/2015

EMAS AMC clinches several global projects totalling US$55 million

 The contract awards come from a variety of oil majors, national oil companies and independent oil operators
 Maintains a healthy backlog of US$1.0 billion, with majority of contracts to be executed over the next 24 months

EMAS AMC, the subsea division of EMAS, a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, today announced that it has won multiple new awards from various oil and energy companies worth approximately US$55 million.

Scope of work includes project support, inspection, maintenance and repair (IMR), subsea removal work of pipelines and structures, installation of buoys and lifting of structures and mattresses, as well as a pre-FEED study.

Work has commenced for several projects, with the others slated for offshore execution from Q3FY2015 onwards.

“Amidst the volatile oil price environment and current headwinds faced by the oil and gas industry, we continue to show resilience with contract wins across the globe. The spectrum of work also builds our global track record and demonstrates our subsea expertise and the capabilities of our project enabling assets,” said Mr Lionel Lee, EMAS Group CEO and Managing Director.

EMAS AMC has secured a healthy backlog of approximately US$1.0 billion, with a majority of the contracts expected to be executed over the next 24 months.

Gazprom to keep its leadership in global energy sector regardless of any possible changes in world gas market - 16/04/2015

Gazprom to keep its leadership in global energy sector regardless of any possible changes in world gas market

The Gazprom Board of Directors took notice of the information about new trends in the global energy sector and their possible impact on the world gas market structure.

In order to evaluate the influence of such phenomena on the global gas market, the relevant stress-scenarios envisaging the conservation and development of the outlined mid-term and long-term trends, were formed and reviewed.

The meeting emphasized that the considered trends did not have a serious negative impact on Gazprom’s positions. Vast gas reserves, well-developed process and transport infrastructure owned by the Company, long-term contracts as the basis of business activity as well as the strategy of further diversification of export routes will allow Gazprom not only retaining the leading role in the global energy sector, but also increasing its market share.

“The Board of Directors fully supports the position of the Management Committee on furthering the Company’s activities abroad, as was declared by the Management Committee Chairman Alexey Miller at the Berlin conference a few days ago,” said Viktor Zubkov, Chairman of the Gazprom Board of Directors.

Gazprom will continue monitoring and analyzing the possible changes in the world gas market.

Board of Directors reviews Gazprom’s activities aimed at gaining new stock markets for Company’s shares - 16/04/2015

Board of Directors reviews Gazprom’s activities aimed at gaining new stock markets for Company’s shares

The Board of Directors took note of the information about Gazprom’s activities aimed at gaining new stock markets for the Company’s shares.

At present, Gazprom’s shares are listed on the Moscow and Saint Petersburg Exchanges as well as Russia’s over-the-counter market. The Global Depositary Receipts (GDRs) against the Company’s shares are traded on the London, Berlin and Frankfurt Stock Exchanges, the Moscow Exchange as well as the over-the-counter markets in the USA and Singapore.

Gazprom continues its work to expand the pool of international investors, including in the Asia-Pacific region. In June 2014 the Company successfully passed the listing procedure on the Singapore Exchange (SGX). Currently, Gazprom is studying the possibility to broaden its presence on the key exchange markets in Asia-Pacific, including to increase the listing level of its GDRs on SGX and to be admitted to listing on the Hong Kong Stock Exchange (HKEx).

HKEx is becoming a leading international stock market and has a trading link with the Shanghai Stock Exchange. The admission of Gazprom’s securities to the HKEx trading will give the Company a number of advantages. Particularly, this will extend the potential for raising finance in the region and will contribute to higher investment attractiveness of the Company in general.

Issues related to broadening Gazprom’s presence in Asia-Pacific and Asian capital markets are discussed by the Company’s top executives with stock market representatives and investors. For instance, in February Gazprom for the first time conducted its annual Investor Day in Hong Kong and Singapore. Special attention was paid by the event participants to Gazprom’s long-term financial strategy on the back of the changed geopolitical environment, the work done to enhance the quality of corporate governance and raise the Company’s stock liquidity.

The Board of Directors entrusted the Management Committee with continuing the work targeted at gaining new stock markets for Gazprom’s shares.