Technip Scores Subsea Tieback Work for South White Rose

Technip was awarded by Husky Oil Operations two contracts, with a combined substantial value, for the planned subsea tieback of the South White Rose Extension field. The field is an extension of the White Rose field, located in the Jeanne d'Arc Basin, approximately 217 miles (350 kilometers) southeast of St. John's, Newfoundland and Labrador, Canada.

The first contract will be executed in 2013 and will include the supply and installation of gas injection flowlines, umbilicals and subsea structures.

The second contract will take place in 2014 and will cover the supply and installation of flowlines and subsea structures to support oil production and water injection.

Technip's operating center in St. John's will perform the management and engineering of both projects, with various materials and equipment being supplied from within the Group and local supply chain.

Knut Boe, Senior Vice President of Technip's North Sea-Canada Region, commented: “These two awards reinforce Technip's continuous involvement in Atlantic Canada's offshore oil and gas projects. They also mark a new step in the relationship between Technip and Husky Oil Operations, for whom we successfully completed the subsea production system contract for the White Rose field development in 2005.”

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Denver area can expect a White Christmas, with about 3 inches of snow

Font ResizeBusinessBy John Mossman
The Denver Postdenverpost.comPosted: 12/22/2012 08:54:27 PM MSTDecember 23, 2012 3:59 AM GMTUpdated: 12/22/2012 08:59:42 PM MST
Colorado Weather

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Denver police seek white SUV after fatal hit-and-run at Sheridan and Yale

Font ResizeThe Denver Postdenverpost.comPosted: 12/16/2012 08:36:41 PM MSTDecember 17, 2012 3:51 AM GMTUpdated: 12/16/2012 08:51:11 PM MST

 Denver police are looking for a white mini-van that sped away after striking and killing a pedestrian at South Sheridan Boulevard near West Yale Avenue Sunday evening.

Police spokeswoman Raquel Lopez said the woman who was struck and killed was standing in a turn lane and was not in a crosswalk when she was struck at about 5:30 p.m.

"If the person had stopped, it appears the pedestrian was at fault," Lopez said.

She said the mini-van sustained damage, likely on its driver's side.

Anyone with information can call Crime Stoppers at 720-913-7867, send a text message to CRIMES (274637) with the title DMCS, or send an e-mail to metro-denvercrimestoppers.com.

Earlier this year Gov. John Hickenlooper signed into law tougher penalties for hit-and-run drivers, who could face up to six years in jail for leaving the scene of a fatality, equivalent to drunk drivers who cause traffic deaths.

Joey Bunch: 303-954-1174, jbunch

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Death Star Petition Meets White House Goal

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Tweet Posted on Dec 13, 2012 Flickr/Matt Grommes

May the Force be with them. A petition on The White House’s “We the People” site calling to secure funding and resources for the creation of a Death Star has gotten the 25,000 signatures it needs to elicit a response from the Obama administration.

As BuzzFeed noted, “The White House petition is now quite operational.”

Here’s what the official petition calls for:

Those who sign here petition the United States government to secure funding and resources, and begin construction on a Death Star by 2016.

By focusing our defense resources into a space-superiority platform and weapon system such as a Death Star, the government can spur job creation in the fields of construction, engineering, space exploration, and more, and strengthen our national defense.

The petitioner makes a solid case for the building of Death Star: job creation; defense; American superiority in outer space. Sounds pretty good, right?

However, at an estimated cost of $852 quadrillion—roughly 13,000 times the gross domestic product of the entire world—a Death Star may be out of reach financially for the budget-strapped U.S. government.

So clearly Admiral Ackbar would say it’s a fiscal cliff trap.

—Posted by Tracy Bloom.

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Continuing the Dialogue with the White House

Takeaways from White House energy and climate adviser Heather Zichal’s appearance at Monday’s hydraulic fracturing workshop in Washington, D.C., hosted by API:

Outreach – The oil and natural gas industry agrees with the Zichal and the administration that constructive dialog on energy issues is, well, constructive. Zichal:

“I give [API President and CEO] Jack [Gerard] and API and a lot of their member companies credit for this. We have worked over the last few months to try to set a better dialogue and create a better working relationship, because what the industry is doing is important from a job-creation perspective.”

Certainly, a fact-based energy discussion has wide benefits. One of the first facts to acknowledge is the role oil and natural gas play in our current energy mix (more than 62 percent of the energy we use) and the role they will play in the future (near 60 percent in 2035, according to the Energy Information Administration). Developing other energy sources and technologies is important, but any credible energy approach must include strategies to support and enhance oil and natural gas – our No. 1 and No. 2 energy sources for today and tomorrow.

Standards – Zichal acknowledged the importance of industry-developed standards:

“We know that natural gas can safely be developed, and to the credit of the industry there are many companies that are leaning into this challenge and promoting best practices for safer and more efficient production. That’s not always widely noticed or appreciated, but it’s a fact. For example, a group of major producers in the Appalachian Basin just last week announced new recommended standards and practices to promote safe and environmentally responsible energy development in that region. This kind of leadership and the underlying commitment by industry to continuously improve and adopt effective practices as technology evolves is something our administration applauds.”

We welcome this recognition on behalf of the administration by Zichal, who’s chairing the White House interagency working group that is coordinating the ongoing federal hydraulic fracturing review. For some time industry has been committed to developing standards and guidelines for hydraulic fracturing, which form the basis for many companies’ operations and upon which a number of states have crafted their regulatory regimes. Perhaps Zichal’s acknowledgement will help lessen the chance the federal government will unnecessarily duplicate what the states already are doing.

States – Related to standards, Zichal said that the administration recognizes the states are the No. 1 or lead regulator of hydraulic fracturing. Gerard, during a conference call with reporters last week:

“The states are regulating hydraulic fracturing effectively and are fully capable of handling it on a larger scale as shale development expands. … They understand the risks and challenges.  They understand the local geology and hydrology.  They have the experience.”

Exports – “As a general rule of thumb, we [the administration] are not opposed to [liquid natural gas] exports,” Zichal said. While there’s some elasticity here, perhaps the general acknowledgement that abundant U.S. natural gas may be exported – benefiting our trade balance while supporting U.S. jobs – will tamp down talk in Congress of restrictive natural gas legislation.

Of course, the true test is what the administration does. Will its actions on domestic oil and natural gas match its words? Will it help increase access to these resources and others in federal areas onshore and offshore – reversing the downward trend in natural gas production on federal lands? Will Zichal’s task force prevent the overregulation of hydraulic fracturing that could check the energy-from-shale revolution in its infancy?

Good questions. Stay tuned.

View the original article here

White House Fracking Group: Positive Step Forward

Credit where credit’s due: The White House issued an executive order Friday creating an interagency working group to coordinate the administration’s review of hydraulic fracturing. It’s a welcome step considering what was developing – a regulatory mishmash wrought by the 10 separate federal agencies that were looking at fracking rules and policies. API President and CEO Jack Gerard:

“We’re pleased that the White House recognizes the need to coordinate the efforts of the 10 federal agencies that are reviewing, studying or proposing new regulations on natural gas development and hydraulic fracturing. We have called on the White House to rein in these uncoordinated activities to avoid unnecessary and overlapping federal regulatory efforts and are pleased to see forward progress.”

The United States is enjoying an energy revolution thanks in large part to hydraulic fracturing – producing record amounts of oil from North Dakota and ample supplies of affordable natural gas from a handful of other states. Energy, energy-related jobs and associated economic growth are the result – as well as boosts to other sectors including manufacturing and the chemical industry.

Yet, the possibility loomed that fracking and its benefits could be smothered by a regulatory jungle from Washington, with needless delays and unnecessary costs discouraging investment and innovation. If the new working group prevents this, it will be a good thing.

We recognize the new group is less than 24 hours old, but some key points it should consider:

Hydraulic fracturing is the chief reason the U.S. is having an energy revolution. Without fracking, there’s no revolution.The states already have sound regulatory regimes in place, assisted by initiatives like STRONGER, which are tailored to the different geographies, geologies and other specific factors where fracking is under way.Industry has led the way in terms of technological innovation and the development of operating standards, as well as efforts to provide information and create transparency in fracking operations.

Gerard:

“We have one of the largest known reserves of natural gas in the world, and we need public policies based on sound science in order to develop this affordable source of energy.”

The new working group is a step in that direction.

View the original article here

White House Jobs Plan – The Chart

According to the Pew Research Center the top two public priorities for 2012, by large margins, are the economy and job creation.  So surely the White House has a plan, and they do.  And with a slight modification of the chart posted by TPM the other day, here it is:

More on higher energy taxes here and here, and why that growth line should be higher here.

View the original article here

Recalculating the White House

Monday the White House had a blog post up saying:

“While profits soar, oil companies are receiving about $7,610 a minute in tax breaks.  That’s $4 billion a year of your money.”

During the latest economic downturn, when industries were shedding jobs and limiting spending, the U.S. oil and gas industry was doing the exact opposite.  Over the past few years we supported around 9.2 million U.S. jobs and, when given the opportunity, invested hundreds of billions of dollars into the United States to find new resources and generate the energy that American’s need.  So despite doing everything the Administration looks for in an industry – create jobs, invest in the United States, innovate – it does not appear to be enough.  The false argument now being made is that the industry is somehow not paying its fair share.

First, let’s put profit in perspective.  The oil and gas business generates revenue from its worldwide activities – however, it costs a huge amount of money to be successful.  That is why the real analysis for profits should be profit margin – how much profit does the industry earn on its sales.  In that light, during the most recent quarter the profit margin for “Major Integrated Oil and Gas” was 6.2%, which ranked 114th out of 215 industries.  So, I guess if profitability targets an industry, look out “Publishing – Periodicals” at 51.7%!

Second, let’s look at the claim that the industry is getting “tax breaks”.  These “breaks” are essentially deductions that the industry, along with many other industries, are eligible to claim.  They are not tax credits (which reduce taxes dollar for dollar) or grants from the government.  They are tax deductions for business investments that will generate tax revenues in the future.  Unlike the case of credits or grants, the government will still be paid the full amount of tax owed on our operations.

To illustrate let’s take a look at one of the deductions the president proposes to change, that for Intangible Drilling Costs (IDC). Currently large integrated oil companies can currently deduct 70% of their IDC costs over the first year and the rest over the next four years, under the president’s plan companies would have to spread the deduction over time – let’s say seven years. So for a well costing $5,000,000 the deduction schedules look like this:

Under both plans the amount being deducted will be the same, which means the taxes ultimately being generated would be the same.  The industry however uses the cash flow from the deduction to invest in equipment and jobs as they continue to drill and develop energy here in the United States.

Finally, let’s put the $7,610/minute point into perspective.  The oil and gas industry pays substantial amounts to the federal government in rents, royalties, bonus payments and, oh yes, taxes.  In total, these payments have been around $86M/day or $59,000 a minute!  An over 700% return on their “investment”.  So, at the end of the day, it is not the government supporting the industry, but the industry supporting the government.

Additional taxes or royalties may raise this amount in the short term, but it will eventually drive away investment.  This shouldn’t be surprising, by being able to reasonably recover costs, companies are able to drill more, and drilling more produces more American energy and more revenue for the government, not to mention more jobs.  The president’s plan will actually produce less, less, and fewer.

So while the White House tries to shape the numbers on the industry, the real numbers are as follows:

View the original article here

Recalculating the White House

Monday the White House had a blog post up saying:

“While profits soar, oil companies are receiving about $7,610 a minute in tax breaks.  That’s $4 billion a year of your money.”

During the latest economic downturn, when industries were shedding jobs and limiting spending, the U.S. oil and gas industry was doing the exact opposite.  Over the past few years we supported around 9.2 million U.S. jobs and, when given the opportunity, invested hundreds of billions of dollars into the United States to find new resources and generate the energy that American’s need.  So despite doing everything the Administration looks for in an industry – create jobs, invest in the United States, innovate – it does not appear to be enough.  The false argument now being made is that the industry is somehow not paying its fair share.

First, let’s put profit in perspective.  The oil and gas business generates revenue from its worldwide activities – however, it costs a huge amount of money to be successful.  That is why the real analysis for profits should be profit margin – how much profit does the industry earn on its sales.  In that light, during the most recent quarter the profit margin for “Major Integrated Oil and Gas” was 6.2%, which ranked 114th out of 215 industries.  So, I guess if profitability targets an industry, look out “Publishing – Periodicals” at 51.7%!

Second, let’s look at the claim that the industry is getting “tax breaks”.  These “breaks” are essentially deductions that the industry, along with many other industries, are eligible to claim.  They are not tax credits (which reduce taxes dollar for dollar) or grants from the government.  They are tax deductions for business investments that will generate tax revenues in the future.  Unlike the case of credits or grants, the government will still be paid the full amount of tax owed on our operations.

To illustrate let’s take a look at one of the deductions the president proposes to change, that for Intangible Drilling Costs (IDC). Currently large integrated oil companies can currently deduct 70% of their IDC costs over the first year and the rest over the next four years, under the president’s plan companies would have to spread the deduction over time – let’s say seven years. So for a well costing $5,000,000 the deduction schedules look like this:

Under both plans the amount being deducted will be the same, which means the taxes ultimately being generated would be the same.  The industry however uses the cash flow from the deduction to invest in equipment and jobs as they continue to drill and develop energy here in the United States.

Finally, let’s put the $7,610/minute point into perspective.  The oil and gas industry pays substantial amounts to the federal government in rents, royalties, bonus payments and, oh yes, taxes.  In total, these payments have been around $86M/day or $59,000 a minute!  An over 700% return on their “investment”.  So, at the end of the day, it is not the government supporting the industry, but the industry supporting the government.

Additional taxes or royalties may raise this amount in the short term, but it will eventually drive away investment.  This shouldn’t be surprising, by being able to reasonably recover costs, companies are able to drill more, and drilling more produces more American energy and more revenue for the government, not to mention more jobs.  The president’s plan will actually produce less, less, and fewer.

So while the White House tries to shape the numbers on the industry, the real numbers are as follows:

View the original article here

Recalculating the White House

 

Monday the White House had a blog post up saying:

“While profits soar, oil companies are receiving about $7,610 a minute in tax breaks.  That’s $4 billion a year of your money.”

During the latest economic downturn, when industries were shedding jobs and limiting spending, the U.S. oil and gas industry was doing the exact opposite.  Over the past few years we supported around 9.2 million U.S. jobs and, when given the opportunity, invested hundreds of billions of dollars into the United States to find new resources and generate the energy that American’s need.  So despite doing everything the Administration looks for in an industry – create jobs, invest in the United States, innovate – it does not appear to be enough.  The false argument now being made is that the industry is somehow not paying its fair share.

First, let’s put profit in perspective.  The oil and gas business generates revenue from its worldwide activities – however, it costs a huge amount of money to be successful.  That is why the real analysis for profits should be profit margin – how much profit does the industry earn on its sales.  In that light, during the most recent quarter the profit margin for “Major Integrated Oil and Gas” was 6.2%, which ranked 114th out of 215 industries.  So, I guess if profitability targets an industry, look out “Publishing – Periodicals” at 51.7%!

Second, let’s look at the claim that the industry is getting “tax breaks”.  These “breaks” are essentially deductions that the industry, along with many other industries, are eligible to claim.  They are not tax credits (which reduce taxes dollar for dollar) or grants from the government.  They are tax deductions for business investments that will generate tax revenues in the future.  Unlike the case of credits or grants, the government will still be paid the full amount of tax owed on our operations.

To illustrate let’s take a look at one of the deductions the president proposes to change, that for Intangible Drilling Costs (IDC). Currently large integrated oil companies can currently deduct 70% of their IDC costs over the first year and the rest over the next four years, under the president’s plan companies would have to spread the deduction over time – let’s say seven years. So for a well costing $5,000,000 the deduction schedules look like this:

Under both plans the amount being deducted will be the same, which means the taxes ultimately being generated would be the same.  The industry however uses the cash flow from the deduction to invest in equipment and jobs as they continue to drill and develop energy here in the United States.

Finally, let’s put the $7,610/minute point into perspective.  The oil and gas industry pays substantial amounts to the federal government in rents, royalties, bonus payments and, oh yes, taxes.  In total, these payments have been around $86M/day or $59,000 a minute!  An over 700% return on their “investment”.  So, at the end of the day, it is not the government supporting the industry, but the industry supporting the government.

Additional taxes or royalties may raise this amount in the short term, but it will eventually drive away investment.  This shouldn’t be surprising, by being able to reasonably recover costs, companies are able to drill more, and drilling more produces more American energy and more revenue for the government, not to mention more jobs.  The president’s plan will actually produce less, less, and fewer.

So while the White House tries to shape the numbers on the industry, the real numbers are as follows:

View the original article here