Month: May 2021 Page 1 of 6

i3 Energy operations update

first_img Image: The Borgland Dolphin will shortly be mobilised to drill the Serenity SA-01 well. Photo: Courtesy of MustangJoe from Pixabay. i3 Energy plc, an independent oil and gas company with assets and operations in the UK, announces the following operational update. The 13/23c-9 pilot well on i3 Energy’s 100% owned Liberator Field has now been plugged and abandoned as planned following completion of the vertical seismic profile (“VSP”) survey and shear wave sonic logging.The Borgland Dolphin will shortly be mobilised to drill the Serenity SA-01 well as the second well in the current drilling programme. Permitting for the SA-01 well is underway and mobilisation operations will commence as soon as the consent to locate permit is obtained from the regulatory authorities. The rig has been down-manned to minimise standby costs. Once drilling begins, the well is expected to take approximately four weeks.The Company has purchased a recently processed 3D seismic data set that will be integrated into its modelling ahead of drilling the LA-03 appraisal well at Liberator. This newly processed seismic has the characteristics necessary to allow an inversion process to be applied, enabling additional interpretation of the channel sand architecture. The processing and interpretation of this new seismic data will be undertaken while i3 is drilling the Serenity SA-01 well and will be integrated with i3’s existing mapping to confirm that the planned LA-03 well, situated in the western part of the Liberator structure, remains at an optimal location.Majid Shafiq, CEO of i3 Energy, commented: “Serenity is a high value exploration target and an exciting opportunity for i3 Energy and its shareholders. The structure itself is entirely separate from Liberator and will add significantly to the Company’s resources in a success case.“Drilling the Serenity well ahead of LA-03 will provide the necessary opportunity to process our findings from well 13/23c-9. We look forward to updating shareholders on further progress in due course once the permitting for the Serenity well has been completed.” Source: Company Press Release The Company has purchased a recently processed 3D seismic data set that will be integrated into its modelling ahead of drilling the LA-03 appraisal well at Liberatorlast_img read more

Eagle Spirit contracts with Legacy and True Innovations for Eagle Spirit Energy Corridor

first_imgEagle Spirit will use the LPL technology to track distribution and monitoring for the entire length of the 1,600 km pipeline corridor Image: Eagle Spirit enters into agreement with Legacy and True Innovations for the Eagle Spirit Energy Corridor. Photo: courtesy of rawpixel/Pixabay. Eagle Spirit Energy Holdings Ltd. (“Eagle Spirit”) has entered into a contract with Legacy Financial Systems Inc. (“Legacy”), and True Innovations Inc. (“True Innovations”), for the use of their Legacy Proton Ledger (“LPL”) technology for the Eagle Spirit Energy Corridor.Eagle Spirit will use the LPL technology to track distribution and monitoring for the entire length of the 1,600 km pipeline corridor.  The pipeline corridor will contain four 48-inch pipelines, two upgraded bitumen pipelines (2M bpd each), and two LNG-NGL pipelines (5.8 bcfd each).Vlad Fadeyeff, president of Legacy Financial Systems Inc. said of the contract: “Legacy will ensure Eagle Spirit is equipped with the most advanced technology in the world for tracking and distributing critical data to protect the environment as well as maintain the safety of the pipelines.” Source: Company Press Releaselast_img read more

Eni begins gas and condensate production from Obiafu 41 discovery in Nigeria

first_img Image: Eni begins gas and condensates production in Nigeria. Photo: courtesy of C Morrison from Pixabay. Italian oil and gas firm Eni has commenced gas and condensate production from the Obiafu 41 discovery in Nigeria’s Niger Delta.The gas from the discovery will be processed at the Eni-operated Ob-Ob plant and then be sent to the Eni-operated Okpai Power Plant in Nigeria for the supply to the domestic market to feed the power sector.According to the company’s estimates, the discovery holds approximately 28 billion cubic metres of gas and 60 million barrels of condensate.Said to be Nigeria’s first independent power plant, the 500MW Okpai plant is one of the most efficient of its kinds in the country. The power plant is currently being upgraded to double its capacity to 1GW.Eni said in a statement: “Once the upgrade is completed, Eni will generate 20% of the entire national electricity production, establishing itself as the leading electricity producer in the country.”Gas from Obiafu 41 discovery will largely be served to Nigeria’s power sectorThe field is expected to have a full production capacity of about three million cubic metres of gas and 3,000 barrels of condensate per day.The company supplies about 30% of its gas production to the domestic market in Nigeria.Through multi-pronged flaring down strategy, the firm plans to achieve zeroing flared gas from all its operations by 2025.In August this year, Eni and its partners in the Nigerian Agip Oil Company (NAOC) joint venture (JV) have made a gas and condensate discovery after drilling the Obiafu-41 Deep well.Following drilling, the Obiafu-41 Deep well intersected a gas and condensate accumulation within the deltaic sequence of Oligocene age.Eni serves as the operator of the NAOC JV with 20% stake while other partners include Nigerian National Petroleum Corporation (NNPC) with 60% stake, and Oando Energy Resources holding the remaining 20% stake.Operating in Nigeria since 1962, Eni had an equity hydrocarbon production of 100,000boe/day in 2018. The company’s operated and non-operated production, development and exploration activities are spread over a total of 30,049km² in the onshore and offshore areas of the Niger Delta. The Obiafu 41 discovery is estimated to hold approximately 28 billion cubic metres of gas and 60 million barrels of condensatelast_img read more

Energean’s Karish FPSO hull departs COSCO yard in China

first_imgThe completed FPSO will be towed to the Karish field for installation and hook-up The FPSO hull will be towed to the Sembcorp Marine Admiralty Yard in Singapore. (Credit: Energean Oil and Gas plc) UK-based Energean Oil and Gas announced that its floating production storage and offloading (FPSO) hull has departed the COSCO yard in China.The FPSO hull, which will be towed to the Sembcorp Marine Admiralty Yard in Singapore, will be integrated with the topsides. The completed FPSO will be towed to the Karish field for installation and hook-up.Energean said in a statement: “The sailaway of the hull from China represents the achievement of a key milestone in the Karish project timetable. First gas on the Karish project is on track for H1 2021.”Energean Israel owns the $1.5bn Karish-Tanin gas development projectEnergean Israel, which is a 50/50 joint venture between Energean Oil and Gas and Kerogen Capital, owns the $1.5bn Karish-Tanin gas development project located in the Levant Basin of the Mediterranean Sea, offshore Israel.The project involves the development of the two fields, Karish and Tanin, using FPSO unit. The FPSO will have an oil storage capacity of 800,000 barrels and gas production capacity eight billion cubic metres of gas per annum.Recently, Energean has issued a warning of potential delays to deliver first gas from its Karish gas field, due to the coronavirus pandemic.Energean, however, said it is working with contractor TechnipFMC to avoid or mitigate any delay for the project.According to estimates, the fields have 2.7 trillion cubic feet of natural gas and 41 million barrels of oil equivalent (mmboe) of light hydrocarbon liquids, totalling 531 mmboe of 2C resources.The FPSO, which is planned to be installed approximately 90km from shore, will enable the recovery of hydrocarbons with minimal impact on the environment.last_img read more

Murphy Oil relocates corporate headquarters to Texas

first_img Murphy Oil facing unprecedented industry oil price collapse. (Credit: C Morrison from Pixabay) In recognition of the extraordinary drop in crude oil prices, independent oil and natural gas exploration and production company, Murphy Oil Corporation, is closing its legacy headquarters office in El Dorado, Arkansas, home to approximately 80 employees, as well as its longstanding office in Calgary, Alberta, Canada, home to approximately 110 employees. Consequently, it will be consolidating all worldwide staff activities to its existing office location in Houston, Texas as the new corporate headquarters.“Over the past several months, we have taken several actions to significantly reduce costs, including cutting this year’s capital expenditures by approximately 50 percent, or $700 million, lowering the company’s dividend by 50 percent, or $76.5 million on an annualized basis, and lowering executive officers’ salaries on average 22 percent, with the chief executive officer’s reduced by 35 percent. We realize, reluctantly, that we need to consolidate our offices to capture additional cost savings to remain competitive in this unprecedented industry environment. We simply do not have a choice and came to this decision only after exhausting all other cost saving measures,” stated Claiborne P. Deming, Chairman of the Board. Deming added, “The El Dorado office closure is particularly painful and difficult, because the company was founded here by C. H. Murphy, Jr. and has been an integral and important part of the community for many years.”“This decision is one we take with sadness, but with the understanding that our only path forward is to consolidate into one office in Houston. The company recognizes the hardship this decision causes to many in El Dorado and Calgary, and we are committed to treating all those impacted consistent with past practices and plan to offer appropriate severance arrangements,” according to Roger W. Jenkins, President and Chief Executive Officer. “These actions will not impact our field operations in the US and Canada, and we anticipate these office closures to be completed early in the third quarter 2020.”Importantly, the company intends to continue funding the El Dorado Promise. Founded in 2007, the program pays the college tuition, up to the highest amount charged by an Arkansas public university, of every college-bound graduate of the El Dorado Public School District.In a separate press release issued today, the company announced its first quarter 2020 financial and operating results. The company will provide further insight regarding its consolidation efforts and cost savings initiatives on the first quarter 2020 conference call. Source: Company Press Release Murphy Oil is closing its legacy headquarters office in El Dorado, Arkansaslast_img read more

Housebuilding stalls in March – PMI

first_imgHome » News » Land & New Homes » Housebuilding stalls in March – PMI previous nextLand & New HomesHousebuilding stalls in March – PMIThe Negotiator13th May 20160614 Views Growth in construction of new homes in Britain fell to its lowest level in three years in March, the latest figures show.While the pace of growth picked up in commercial property and civil engineering, the Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) gauge of housing construction activity plunged to its lowest level since January 2013.Greater uncertainty about the business outlook appears to have weighed on overall construction demand so far in 2016, with survey respondents citing cautious client spending patterns and a reduced willingness to commit to new projects.“Residential building has seen the greatest loss of momentum through the first quarter of 2016, which is a surprising reversal of fortunes given strong market fundamentals and its clear outperformance over the past three years,” Tim Moore, Senior Economist at Markit, said.housebuilding new homes commercial properties construction May 13, 2016The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

NALS Fair Fees Forum meets to head off a ban

first_imgThe Fair Fees Forum set up last month by the National Approved Letting Scheme (NALS) met yesterday for the first time to consider the contentious issue of excessive fees charged to tenants by agents. Many in the industry are hoping the consensus it will built can head off an outright ban on tenant fees by replacing it with a fees cap.It was quite a meeting of minds. Every interest group was invited including those from the lettings industry, two of the redress schemes and the Department for Communities and Local Government.Representatives from trading standards and tenant groups such as Crisis and Shelter were also at the ‘first of its kind’ gathering, which NALS hopes will lead to consensus among the different groups on a ‘fair fees charter’.Agents represented at the meeting included Belvoir, Chestertons, Foxtons, Hunters, Leaders, Northwood, Portico, Savills, Spicerhaart and Winkworth, all of whom made up an ‘agent group’ at the day’s proceedings. The Residential Landlords Association also had representatives at the meeting.The agent group agreed unanimously on the need for ‘fair, justifiable and transparent fees’ and that excessive fees should be curbed.But they also made it clear that agents should be able to charge fees for services such as preparing the tenancy agreement and providing a rental relationship for the tenant.The agents also agreed that while an outright ban would ‘negatively’ affect the market it would also have unintended consequences including alternative fees, a drop in standards and agent closures.A wider debate then followed between all the interest groups during which NALS says there was a ‘robust’ exchange of views on both an outright ban, a fees cap and the lack of enforcement of existing fee structure regulations.A working group is now set to meet within 28 days to consider the key issues raised during the forum.National Approved Letting Scheme NALS RLA fair fees forum November 16, 2016Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » NALS Fair Fees Forum meets to head off a ban previous nextRegulation & LawNALS Fair Fees Forum meets to head off a banExtraordinary meeting of industry, government, regulatory and tenant minds in London yesterdayNigel Lewis16th November 20160731 Viewslast_img read more

Hybrid estate agents – if you can’t beat ’em, might as well join ’em?

first_imgHome » News » Hybrid estate agents – if you can’t beat ’em, might as well join ’em? previous nextProducts & ServicesHybrid estate agents – if you can’t beat ’em, might as well join ’em?New deal between software giant Reapit and OneDome opens door to ‘plug and play’ hybrid service for estate agents.Nigel Lewis27th April 201802,201 Views For the first time since the tech revolution began traditional estate agents can take on Purplebricks, YOPA and the other hybrid estate agents with a ‘plug and play’ service available through the UK’s largest property software suite.Agents who use Reapit can effectively become hybrid agents after the London-based software firm signed a deal with digital tools developer OneDome.OneDome’s services, including those for creating online valuations, property viewings and a hybrid sales and lettings management platform, are now plugged into Reapit’s portal RPS Digital.This deal enables traditional agents to offer a Purplebricks-style fixed-fee hybrid estate agent service into their existing model via their Reapit subscription.“We have always sought to focus our integration efforts on tools that will help drive growth and deliver operational savings to our clients,” says Reapit’s CEO Gary Barker (pictured, left), whose company won a technology Gold awards at last year’s Negotiator Awards.“Our own digital offering has been hugely popular since its launch and the OneDome tools offer a great synergy that will enhance what our mutual clients will be able to offer their own customers via their websites.”OneDome claims the deal has other benefits. This includes eliminating the need for data entry because client information is gathered by OneDome via agent website or portal enquiries and inputted automatically into Reapit, a process that is already GDPR-compliant.The deal between the two tech firms also marks another step towards the digitisation of the sales and lettings process, the two companies claim.“We offer agents technology, to win, qualify and nurture new business,” says OneDome CEO Babek Ismayil (pictured, left).“This partnership ensures that our consumer-facing tools work efficiently with the agents’ in-house systems and, with less administration, they can provide even better customer service.”gary barker hybrid agents OneDome Purplebricks hybrid estate agents online agents property software Reapit Babek Ismayil YOPA April 27, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Portico expands short-term lettings

first_imgHome » News » Agencies & People » Portico expands short-term lettings previous nextAgencies & PeoplePortico expands short-term lettingsThe Negotiator26th March 20190514 Views London agency, Portico, has expanded into the North West of England, launching its short term letting service, Portico Host, in Manchester and Liverpool.Its first venture outside the Capital, Portico Host has tied up with local coffee shops to bring short term letting services to landlords and property management to Airbnb hosts in a more relaxed setting.In Manchester, Portico has partnered with Pot Kettle Black in Barton Arcade. In Liverpool, the Portico team will be based remotely, planning to tie up with a coffee retailer.In 2018, Portico became one of only four UK letting agents to be appointed to Airbnb’s professional co-host programme, which will share with Portico best practices, provide support and enable further technical integration.New Business Director Fiona Patterson said, “The lettings industry is evolving, we intend to change with it. After the success of Portico Host in London and our appointment to the Airbnb professional co-host programme, it’s natural to bring our award-winning service to the best place for landlords to invest in the UK.“The venture is led by Rachel Dickman, Regional Manager, North West who has experience at YOPA and Countrywide.london agency Portico short-term lettings March 26, 2019The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

The Landlord’s Friend – the ‘help to rent’ book

first_imgWith more than 170 pieces of landlord legislation to navigate, the lettings market is complex, but help is at hand. Paul Shamplina and Kate Faulkner, have joined forces to co-write a new version of their book ‘The Landlord’s Friend’.  It aims to help novices and seasoned landlords navigate their way through the changing Private Rented Sector with an A-Z of legal advice and practical tips.Paul ShamplinaPaul, a landlord and eviction specialist famed for his appearances on Channel 5’s ‘Bad Tenants, Rogue Landlords’, is the Founder of Landlord Action. Kate, who has written property books for Which? and taken part in The Negotiator Conferences is one of the UK’s leading Buy to Let experts and appears regularly in the media (including a monthly report in The Negotiator magazine) discussing the market and issues affecting investors.Kate FaulknerThey have pooled their extensive experience to help investors successfully navigate the business of Buy to Let, from those just considering an investment through to experienced landlords.The book has 50 chapters in three sections: 1. Preparing for successful letting: 2. Letting your property: 3. Running your portfolio the right way.“The Buy-to-Let landscape has changed vastly, particularly with the constant changes to tax and now Section 21, meaning small landlords are seriously having to think whether they want to stay in the sector. However, demand is still extremely strong, with the PRS making up 21% of our total housing sector and predicted to rise to 24% by 2021. All these people need somewhere to live… there is still very much a place for landlords who take their legal and moral responsibilities seriously, so we want to help landlords stay profitable while ensuring they do it the right way” says Paul.Kate added, “Landlords are going through a tough time, hit by increased taxes, the changes in legislation to the Private Rented Sector are coming in thick and fast, with Local Authorities able to find landlords who make mistakes up to £30,000 for each breach. ‘The Landlord’s Friend’ helps to equip both new and existing landlords with the information they need to invest and run a buy to let property successfully.”The 2019 Edition of ‘The Landlord’s Friend’ is available to buy on Amazon now. https://www.amazon.co.uk/s?k=9781784566388&ref=nb_sb_nossLandlord Action legal advice Paul Shamplina PRS kate faulkner private rented sector rogue landlords buy-to-let The Landlord’s Friend May 10, 2019The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » The Landlord’s Friend – the ‘help to rent’ book previous nextRegulation & LawThe Landlord’s Friend – the ‘help to rent’ bookAs the buy-to-let market becomes ever more complex, help is at hand in a handbook written by experts Paul Shamplina and Kate Faulkner.Sheila Manchester10th May 201902,256 Viewslast_img read more

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