Ministry decides on Johan Sverdrup ownership shares (Norway)

first_imgBelow is Det Norske’s stance on the distribution (in Norwegian with English subtitles) :Johan Sverdrup is one of the five largest fields ever developed on the Norwegian Continental Shelf and is estimated to produce between 550,000 and 650,000 boepd and will ultimately recover reserves between 1.7 and 3.0 billion boe. At plateau, the field will contribute over 40 percent of total Norwegian oil production.Offshore Energy Today Staff Ownership dispute Det norske alleges that the western part, in which it owns a share is more valuable than the eastern part, with more resources, and easier to recover oil, making the investment less expensive, that should eventually lead to Det norske owning a larger share in the unitized field.In a presentation supporting its case Det norske said that allocating the interest based solely on volume, would be like trading a house located in a rural area for a house located in the very best parts of western Oslo, swapping one square meter for one square meter regardless of the amount of money spent on improving the house or its future value.Commenting on today’s allocation of ownership by the energy ministry, and a reduction of the proposed ownership interest to Det norske, the company’s CEO Karl Johnny Hersvik said: “We will now study the decision thoroughly before we decide how to proceed”. To avoid delays of one of the largest oil and gas developments in Norway in recent times – the Johan Sverdrup field in the North Sea – the country’s ministry of petroleum has decided to allocate ownership shares to the partners involved.As the companies themselves couldn’t reach the agreement, the ministry of petroleum has proposed the distribution of ownership in the following manner:  Statoil (operator) 40.0267%, Lundin Norway 22.6%, Petoro 17.36%, Det norske oljeselskap 11.5733% and Maersk Oil 8.44%.To remind, while submitting the development plan for the Johan Sverdrup in February this year, the majority of partners, excluding Det norske, asked the ministry to determine the final allocation of resources in Johan Sverdrup, based on the following proposal: Statoil 40.0267%, Lundin Norway 22.12%, Petoro 17.84%, Det norske oljeselskap 11.8933% and Maersk Oil 8.12%.The companies have until August 15 to sign the revised ownership split. When all five companies have signed the agreement, the Ministry will approve the plan for development and operation for the Johan Sverdrup field. The ministry’s decision may be challenged by an appeal to King in Council and/or in the Civil Court system.center_img The partnership, consisting of Statoil, Lundin Norway, Petoro, Det norske oljeselskap and Maersk Oil, has recommended Statoil as the Operator for all phases of the field development and operation.However, Det norske disagreed with the proposed ownership split. The Johan Sverdrup field consists of two areas to be unitized into one field development. More precisely, the field covers three production licences: PL 501/501B; PL 265 and PL 502: Partners:Production licence 501/501B: Lundin Norway (operator, 40%), Statoil (40%), Maersk Oil (20%)Production licence 265: Statoil (operator, 40%), Petoro (30%), Det norske oljeselskap (20%), Lundin Norway (10%)Production licence 502: Statoil (operator, 44,44%), Petoro (33,33%), Det norske oljeselskap (22,22%)last_img read more

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Serious Fraud Office to ask parliament to grant it new powers

first_imgThe Serious Fraud Office is to ask parliament to enhance its powers to fight fraudulent companies and corrupt directors, the Gazette has learned. The investigation and prosecution agency has begun consulting privately with senior lawyers and officials before it approaches parliament later in the year. Sources close to the discussions said the SFO wants powers to fine fraudulent companies and impose deferred prosecutions, as well as ­legislation requiring companies to report frauds as soon as they are discovered. The sources also said that a new power to subpoena company directors to appear before it is under consideration. The SFO declined to comment. If granted, the new powers would represent the biggest expansion of the SFO’s authority since its creation in 1988. A legal duty on companies to report frauds would go much further than the current voluntary reporting arrangement. The power to levy fines would go further than the use of civil recovery orders, to which the SFO is currently restricted. In June last year, a critical report by Jessica de Grazia, a former New York prosecutor, suggested that the SFO align itself more closely with the US fraud prosecuting system. Introducing a power to subpoena directors, although cited by sources as a ‘remote possibility’, would mark a shift towards US practice. Andrew Cuomo, attorney general for New York, used subpoenas to haul Merrill Lynch executives into his office at the start of March. SFO director Richard Alderman (pictured) has not publicly stated that he would like the SFO’s powers to be enhanced. However, at a recent fraud conference, he called attention to the ‘very considerable differences between the powers available to my counterparts in the US to those available to me here’ and said: ‘It is for parliament to consider whether the powers of the SFO are sufficient here or whether more is needed.’last_img read more

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Cutting corners

first_imgSubscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community Get your free guest access  SIGN UP TODAY To continue enjoying Building.co.uk, sign up for free guest accessExisting subscriber? LOGIN Subscribe now for unlimited access Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to building.co.ukBreaking industry news as it happensBreaking, daily and weekly e-newsletterslast_img read more

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The real home truth is that the government can and should do more to boost house building

first_imgStay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to building.co.ukBreaking industry news as it happensBreaking, daily and weekly e-newsletters To continue enjoying Building.co.uk, sign up for free guest accessExisting subscriber? LOGIN Get your free guest access  SIGN UP TODAY Subscribe now for unlimited access Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our communitylast_img read more

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Legal: Time to take the pledge

first_imgGet your free guest access  SIGN UP TODAY Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to building.co.ukBreaking industry news as it happensBreaking, daily and weekly e-newsletters To continue enjoying Building.co.uk, sign up for free guest accessExisting subscriber? LOGIN Subscribe now for unlimited accesslast_img read more

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Crowley adds service between Dominican Republic; Puerto Rico and St. Thomas

first_imgThe fixed weekly schedule will benefit customers shipping cargo between the islands, as well as shippers sending cargo to the Caribbean from Crowley’s Pennsauken and Jacksonville terminals.Crowley’s Tony Otero, vice president, Dominican Republic/Haiti and Cuba liner services said: “Crowley has been serving these markets for many years and is committed to continually providing the best solutions for the region’s transportation needs. The Caribbean market continues to be an integral part of growing our company.””This innovative service provides full connectivity between the Dominican Republic and Puerto Rico as well as a wide variety of locations up the U.S. East Coast and into the rest of the Caribbean,” said Crowley’s Matt Jackson, vice president, Caribbean services. “Additionally, as a ro-ro service, we will be able to handle project cargo, including heavy and oversized shipments, in addition to our standard and refrigerated container shipments.”last_img read more

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Reindeer collisions avoided with satellite technology

first_imgNORWAY: Satellite technology has been developed to try to reduce collisions between trains and reindeer in remote areas of Norway. Because reindeer are free-roaming herd animals, a single incident can injure as many as 50 animals.Developed by animal tracking technology company FindMy as a result of hackathon organised by mapping authority Kartverket, SaveMyReindeer combines real-time train location information with open data from Kartverket to create a moving geofence of 40 to 50 km around a train. This is then compared with data from FindMy GPS tracking collars already being worn by reindeer. Train drivers are alerted when they are approaching the herds of animals so they can accelerate to get out of the herd’s way, slow down or stop the train. The reindeer owner also receives a smart phone alert warning them that their animals may be in danger, giving them the opportunity to move the herd. In the event of a collision, the precise GPS location is available to the authorities.The collars use Globalstar’s STX3 chipset and satellite data network. ‘When designing SaveMyReindeer, we knew that only satellite would give us the reach we needed in remote regions’, said FindMy founder Halvor Mjoen. ‘Other requirements were low power consumption and minimal maintenance since reindeer live outdoors year-round. Low cost was also a key requirement to drive higher volumes of collars’.last_img read more

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Arrow Video FrightFest 2019: Rodman Flender chats about his zom-com Eat Brains Love

first_imgRodman Flender is a genre legend whose 1999 film Idle Hands went on to be a cult classic.At the weekend he was at Arrow Video FrightFest for the World Premiere of his new film Eat Brains Love, based on the novel of the same name by Jeff Hart. Starring Jake Cannavale, Angelique Rivera and Sarah Yarkin, the film is hilarious, gory and absolutely joyful.Read our review of Eat Brains Love.I spoke with Rodman on the red carpet at the festival to find out more about the film and share my love of it with him.Watch the full interview below:<span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span>For more information about Arrow Video FrightFest, please head over to http://www.frightfest.co.uk.last_img read more

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Survey on Dominican youth worries government

first_img Share LocalNews Survey on Dominican youth worries government by: – September 2, 2013 Health Minister, Julius TimothyThe findings of a survey which revealed that non-communicable disease (NCD) related behaviors are on the rise in Dominica has been described as a cause of extreme concern.Statistics from that survey indicates that smoking among students is more than twice that among adults (10.2% adults, 25% students). The use of alcohol is also higher among students than adults (adults 51%, students 53%). The report further indicates that students have poor eating habits, a low physical activity level among females; one in ten students are obese. It also revealed unsafe sexual behavior to include multiple sexual partners (28% and unprotected sex (36%). That report was revealed by Health Minister Julius Timothy at the media launch of Caribbean Wellness Day 2013 on Monday, 2nd September. The time frame of the survey was not disclosed.Mr Timothy said his government it is taking the protection of health of Dominican youth “very seriously” and continues to address the risk factors of chronic non-communicable diseases (CNCD) development through a multi-sectorial and multi-stakeholder approach. He stated that more emphasis will be placed on the youth during this year’s observance of Caribbean Wellness Month which runs from 1st September to 5th October and that policies and protocols are being developed in that regard. “The utilization of Health and Family Life Education program and policy, a school health and nutrition policy aimed to address risk factors to NCD is presently being produced by the Ministries of Education and Health, and a National Adolescent Health Policy and Program which the Ministry of Health is currently spearheading”. Mr Timothy warned that the epidemic of CNCD’s could have implications on the health delivery services and the economic standing of Dominica. The Minister pledged his government’s commitment to providing supportive environment necessary for further prevention of CNCD’s among the youth, to include creation of legislation and regulations to reduce the incidences. “These include reduction in alcohol consumption, protection from tobacco smoke, restriction on importation of high fat, salt and sugary foods, and the creation of adolescent’s friendly health care services and the involvement of a strengthened mental health component,” he said. Meanwhile, permanent secretary in the Ministry of Health, Helen Royer said the Health Ministry will continue to work with the Ministry of Education and schools to reduce the prevalence of health risk behaviors among young people. “To combat CNCD and its negative impact, there is also need to work and to strengthen the family life education component of the school curriculum to now include chronic non communicable diseases and we can report that the Health Promotion Unit has commenced this activity,” she said. Mrs. Royer warned that the burden of CNCD is a challenge to the government and called on citizens to address unhealthy lifestyles at an early age. “Since we all know that patterns of behavior acquired during childhood and adolescence are more likely to be maintained throughout the lifespan, thus sedentary behavior, poor eating habits adopted at a young age is likely to be persist. We need to act now,” she said.Dominica Vibes News Tweet Sharing is caring!center_img 59 Views   one comment Share Sharelast_img read more

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San Miguel Beer wallops Phoenix, 117-100 in PBA

first_imgFuel Masters rallied back at the onset of third canto and took the lead at 66-64 but the Beermen answered with another run from Standhardinger, Murphy and Arwind Santos for a 92-77 advantage.The Fuel Masters had its last run in the final quarter at 72-80. The Beermen, however, pulled away for good with conversions from Lassiter, Murphy and Alex Cabagnot for its largest lead at 108-88.For the Fuel Masters, Eugene Phelps had 37 points, 26 rebounds and six assists, while Rafael Joey Jazul and Calvin Abueva added 16 and 13 points, respectively.In the first game, Rashad Woods came alive offensively in the second half as the NorthPort Batang Pier cruised to its second straight victory by taking down Meralco Bolts, 99-94.Limited to just three points in the first half, Woods came alive in the third quarter with consecutive jumpers from inside to build its largest lead of 82-69 early in the final period.Bolts countered with a run and was able to come to as close as 91-95 with under a minute left but the Batang Pier sealed the victory with a triple by Sean Anthony with 17 seconds left.Woods finished the match with 20 points, while Anthony and Stanley Pringle led the way with 26 and 24 points, respectively, for the Batang Pier (2-6).Allen Durham led the way with 37 points, 19 rebounds and seven assists for the Bolts (1-6).BOX SCORESAN MIGUEL 117 – Standhardinger 29, Murphy 26, Lassiter 26, Cabagnot 12, Santos 10, Ross 8, Nabong 6, Ganuelas-Rosser 0.PHOENIX 100 – Phelps 37, Jazul 16, Abueva 13, Wright 11, Perkins 10, Intal 7, Chua 6, Revilla 0, Kramer 0, Wilson 0, Mendoza 0.Quarterscores: 25-31, 56-45, 82-75, 117-100./PN San Miguel Beermen’s Kevin Murphy clotheslines Phoenix Fuel Masters’ Calvin Abueva during their 2018 PBA Governors’ Cup game last night at the SM Mall of Asia Arena in Pasay City. The Beermen got back on the winning track with a 117-100 victory over Phoenix Fuel Masters. ABS CBN SPORTS PHOTO MANILA – San Miguel Beermen got back on the winning track in the 2018 PBA Governors’ Cup with a 117-100 victory over Phoenix Fuel Masters last night at the SM Mall of Asia Arena in Pasay City.Christian Standhardinger led the way with double-double 29 points and 14 rebounds while Kevin Murphy and Marcio Lassiter added 26 markers apiece.With its win, the Beermen snapped its three-game slide to improve to a 3-4 slate.From a seesaw battle early in the first half, the Beermen suddenly got its shooting going with triples from Marcio Lassiter and Chris Ross and inside hits from Standhardinger for a 56-45 halftime lead.last_img read more

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