The JV will be responsible for EPC of one complete train and one liquification unit with a total capacity of approximately 8mtpa Image: SCD JV consortium selected to build the seventh train at the Nigeria LNG plant in the African country. Photo: courtesy of Carlo San/Freeimages.com. Nigeria LNG has signed a letter of intent with SCD JV consortium for the engineering, procurement, and construction (EPC) contract to build a seventh train at the Bonny LNG plant located in Nigeria, as part of $12bn (£9.7bn) project expansion plan.The joint venture, which comprises Saipem, Daewoo E&C and Chiyoda, has been selected as its preferred bidder for the EPC contract.Saipem said in a statement: “The intended award of the EPC contract is conditional upon the approval of Nigeria LNG Limited’s board of directors and shareholders, the approval of any governmental or regulatory authorities, the achievement of any conditions precedent to a final investment decision by Nigeria LNG Limited and the execution of a legally binding EPC contract by the parties.”With the signing of the letter of intent, Nigeria LNG and the SCD JV committed to finalising the EPC Contract based upon the SCD JV’s proposals submitted on an exclusive basis.The SCD JV’s scope of work of the proposals includes implementation of the engineering, procurement and construction of one complete train and one liquification unit with a total capacity of approximately 8 million tonnes per annum (mtpa), plus other associated utilities and infrastructure.Nigeria LNG expansion project detailsThe addition of seventh train will increase the Nigeria LNG facility’s total production capacity from 22mtpa to 30mtpa.The project is owned and operated by Nigeria LNG, a joint venture between Nigerian National Petroleum Corporation (NNPC) with 49% stake, Shell Gas with 25.6% interest, Total with 15% stake and Eni with 10.4% interest.The train seven at the Bonny Island LNG facility is scheduled for commissioning in 2024. It will include a new liquefaction unit, an 84,200m³ storage tank, a 36,000m³ condensate tank and three gas turbine generators.The LNG produced at the Bonny Island facility is sold to 11 customers including Enel, Gas Natural, Botas, GDF Suez, GALP Gas Natural, BG LNG, Endesa, ENI, Iberdrola, Shell Western LNG, and Total Gas and Power, under separate long-term LNG sales purchase agreements.In March 2019, Nigeria LNG has signed the Nigerian Content Plan (NCP) with the Nigerian Content Development and Monitoring Board (NCDMB) for the Nigeria LNG Train 7 project.
Confirmed date for Saudi Aramco IPO has been highly-anticipated throughout the yearA partial public listing for the world’s most profitable company has been touted for much of the year, but a drone attack on its oilfields in September, and investor doubts over the targeted $2tn valuation, have complicated the process.It is expected that up to 3% of the business will be made public during the offer, in a venture that is viewed as central to Crown Prince Mohammad bin Salman’s plans to overhaul the country’s economy and curtail its reliance on crude oil.There have been concerns the desired valuation is too high given the declining support for fossil fuel industries, but the state-owned organisation has been working hard to convince investors to take part in the listing.Earlier this month it revealed plans for a $75bn dividend to be paid to shareholders in 2020, as well as a “progressive growing dividend on a sustainable basis at board discretion”.Saudi Aramco added in a statement: “For the years 2020 to 2024, if annual dividends declared would have been less than $75bn, dividends to non-government shareholders are intended to be prioritised so that they receive their pro-rata share of a $75bn equivalent dividend.”Many of the world’s biggest financial institutions are expected to be involved in facilitating the IPO, with around $450m in transaction fees expected to be up for grabs for the likes of JP Morgan and Goldman Sachs.Drone attacks on key Saudi Aramco facilities in September – which have since been blamed on Iran – hit the oil manufacturer’s operations hard, but production has since been restored to pre-strike levels of around 9.9 million barrels of oil per day. Saudi-run television network reports the long-awaited IPO will be confirmed on 3 November, with a timetable for the process suggesting public shares will begin trading in early December Tullow Oil is heavily dependent on its Ghana assets A launch date for the much-anticipated Saudi Aramco initial public offering (IPO) has been set for 3 November, according to reports on a Saudi-backed television network.The date was first announced by the Al Arabiya broadcaster, while the Financial Times cites sources “familiar with the matter” as saying the expected timetable will set the share price range on 17 November, ahead of trading on Saudi Arabia’s Tadawul stock exchange beginning on 11 December.Separately, Bloomberg has reported undisclosed sources as claiming the state-owned Saudi oil giant earned $68bn in the first nine months of the year, ahead of the publication of its third quarter results.A statement from Saudi Aramco said: “The company continues to engage with the shareholders on IPO readiness activities.“The company is ready, and timing will depend on market conditions and be at a time of the shareholder’s choosing.”Earlier this year it was revealed Saudi Aramco generated $111bn in net income during 2018 – putting it well ahead of closest rival Apple in terms of annual earnings.
The operator has set a drilling date for late December 2019, pending rig availability Image: Houston American Energy has announced plans for drilling the Frost #2-H well. Photo: courtesy of David Mark/Pixabay. Houston American Energy Corp. (NYSE American: HUSA) today announced plans for drilling the Frost #2-H well, the company’s second San Andres well in Yoakum County. The operator has set a drilling date for late December 2019, pending rig availability. The well’s planned total depth is approximately 5500 feet with a 5,000-foot horizontal leg. Houston American Energy holds a 12.5% working interest in the subject 650 gross acre prospect.The initial Yoakum County well, Frost #1-H, is commercially productive.Additionally, the company announced that drilling activities on the Daisy-1 and Venus-1 wells in Colombia are on track with both wells anticipated to be drilled and completed in 2019. Source: Company Press Release
Premier is aiming to conclude the acquisition by the end of September after raising the funds through an equity raise Premier Oil signs SPAs to acquire BP’s North Sea assets. (Credit: Michal Jarmoluk from Pixabay.) UK-based oil and gas company Premier Oil has signed sale and purchase agreements (SPAs) with BP to acquire its interests in the Andrew Area and its Shearwater assets.The agreement follows the revised terms reached for the deal last month. Under the revised terms, Premier will pay BP $210m on completion of the deal.Premier is aiming to conclude the acquisition by the end of September after raising the funds through an equity raise that is expected to include a pre-emptive component.Premier Oil CEO Tony Durrant said: “The signing of the SPAs with BP is another important milestone in completing the value-accretive BP Acquisitions which consolidates the group’s position in the UK North Sea, one of our core areas while, at the same time, accelerates the deleveraging of our balance sheet.”Premier Oil to add low cost, producing assetsThe acquisition are expected to strengthen Premier’s business through the addition of operated, low cost, producing assets.The Andrew Area and Shearwater assets are also anticipated to accelerate the use of Premier’s $4.1bn of UK tax losses.BP will retain 100% of Shearwater abandonment costs and 50% of the existing Andrew Area abandonment costs that will leave Premier with an estimated $240m of abandonment obligations.The acquisitions include BP’s operating interests in the Andrew area and a non-operating 27.5% stake in the Shell-operated Shearwater.The Andrew assets are the Andrew platform, five fields, and associated subsea infrastructure. The five fields in the Andrew Area, which are involved in the deal are Andrew, Arundel, Cyrus, Farragon, and Kinnoull, which produce via the Andrew platform, located about 225km north-east of Aberdeen.
Located on Barrow Island off the northwest coast of Western Australia, the Gorgon LNG project has a total of three trains with a combined capacity of 15.6 million tons per year The Chevron Australia-operated Gorgon LNG Project in Australia. (Credit: Chevron Corporation) Chevron’s Australian subsidiary said that the restart date for LNG Train 2 of the $54bn Gorgon LNG project has been pushed back by another month to October 2020.The company said that it needs more time to complete repair work on the propane heat exchangers on the second liquefaction unit of the LNG project located offshore Australia.Chevron Australia had placed Train 2 under planned maintenance in May 2020 and a restart which was scheduled for July was postponed as a routine inspection detected weld quality issues at the heat exchangers.The company said that it wants to further refine its approach following an ongoing technical work which calls for additional work to be carried out on some welds in targeted areas.Located on Barrow Island off the northwest coast of Western Australia, the Gorgon LNG project has a total of three trains with a combined capacity of 15.6 million tons per year.Chevron Australia stated: “We continue to provide natural gas to the Western Australian domestic market and LNG to customers under our contractual commitments.“We have discussed our plans with the regulator and will maintain alignment on its requirements for inspections and repairs on the Gorgon heat exchangers and the sequencing of work on Gorgon Trains 1 and 3.“Insights gained from the Train 2 repairs will contribute to more efficient inspections and potential repairs on Trains 1 and 3.”Last month, Chevron was allowed by the Western Australian industrial regulator to shut the Train 1 and Train 3 for inspection and carry out repairs in stages, reported Reuters. Accordingly, Train 1 is scheduled to be shut next month, while Train 3 will be shut in January 2021.Stakeholders of the Gorgon LNG projectThe Gorgon LNG Project is operated by Chevron Australia, which holds a stake of 47.3%. The other partners are the respective Australian subsidiaries of ExxonMobil (25%), Royal Dutch Shell (25%), Osaka Gas (1.25%), Tokyo Gas (1%) and JERA (0.417%).The first cargo from the Australian LNG project was shipped in March 2016 and domestic gas supply to the Western Australian market began in December 2016.
Home » News » Zac Goldsmith targets ‘rogue agents’ previous nextRegulation & LawZac Goldsmith targets ‘rogue agents’London Mayor hopeful has vowed to address “rogue landlords and lack of housing” in the Capital.The Negotiator11th March 20160562 Views Zac Goldsmith has pledged to tackle the mounting housing crisis in the Capital in order to curb soaring house prices and rental values, as well as clampdown on high letting fees.Figures released by Goldsmith’s opponent, Labour’s Sadiq Khan, show that the average letting fee in the Capital has surged by 48 per cent since the last London Mayoral Election in 2012, reflecting a sharp rise in rents.The Tory mayoral candidate said the problem has been compounded by letting agents asking for a deposit equivalent to six weeks of rent, or at least one month’s rent in advance.While accepting that tenancy deposits are a necessity to protect landlords, the Richmond Park MP questions whether the fees being charged by letting agents are justifiable.“The agency fees are still very high – on average across London I think it’s around £330 and I don’t think people get £330-worth from their agents – it’s almost like a scam,” he said. “There are a lot of new businesses emerging where apps are being developed which I think very soon will effectively render the agents redundant.”London’s PRS has grown significantly over recent years. A decade ago private renting was 17 per cent of London’s housing stock. Today, over 26 per cent of London’s homes are rented privately.Despite the huge growth in the PRS, the regulations that govern it have remained largely unchanged since the 1980s, and Goldsmith wants to address the issue.He added, “We’ve got two million renters in Greater London as a whole, a lot of them get a bad deal, insecure tenancies, and paying too much and the conditions aren’t ideal and there’s a lot of rogue landlords as well.“I think the Housing Bill going through parliament takes us a big step forward (when) dealing with rogue landlords.”To help address the supply-demand imbalance in the capital, Goldsmith has pledged to build 50,000 homes – double the amount being built in London at the moment.Goldsmith continued, “I think it’s a mistake not to have any target in terms of the numbers of homes that we build, seriously.“It’s a big challenge but we can do it.”rogue agents housing crisis in Capital clampdown on high letting fees Zac Goldsmith March 11, 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 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 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
Home » News » Agencies & People » CENTURY 21 opens in Norwich previous nextAgencies & PeopleCENTURY 21 opens in NorwichThe Negotiator16th May 201601,739 Views The agency franchise continues its expansion across the UK with the opening of its latest office, CENTURY 21 Norwich, located in Norwich City centre.The owner of CENTURY 21 Norwich, Alex Okolidoh, has launched the sales side of his agency, identifying an opportunity to expand his existing letting business having built a successful lettings proposition in Norwich over the last 10 years.It will be managed by Sue Clark (MARLA) who has significant experience in property lettings and sales.Rob Clifford, Chief Executive of CENTURY 21 UK and Group Commercial Director of the SDL Group, said, “We welcome Alex and his team to the CENTURY 21 UK Group and, given his experience and local knowledge built up over the past 10 years in the city’s lettings market, we are confident he’ll be able to transfer this into sales. Alex has clearly recognised the importance of having a known brand when it comes to developing a sales proposition, and we have no doubts he will be extremely successful.”Alex said, “When we were looking to branch out into sales we considered a number of options but it soon became clear that we needed to hit the ground running, we needed a recognisable brand in order to do this, and we wanted to tap into a high-level support structure that would help us get to where we wanted to be much more quickly.”Norwich branch agency franchise Century 21 CENTURY 21 Norwich May 16, 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 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 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
The time gap between people moving home has increased from nine to 23 years since the late 1980s as high house prices have made moving up the property ladder more expensive, research by market analyst Hometrack has revealed.This may explain why property transactions have not recovered their pre-financial crisis crash. Before the global banking meltdown approximately 120,000 properties were sold each month, a figure which is currently running at just under half that number, according to latest Land Registry figures.Scottish movementsHometrack, which was purchased by ZPG recently, says the average Brit moves home every 22.7 years. Those in Scotland are the most frequent home movers, changing address every 19.6 years followed by the South West at 20.6 years and the East of England at 20.9 years.The Welsh are the most reluctant movers, changing home every 26.8 years on average. Residents in Powys, mid-Wales only move home once every 33.1 years, the data shows.On a very local level, Midlothian in Scotland, which covers the area south of Edinburgh between East Lothian and the Scottish Borders, is where people move home the most frequently, or every 14.9 years, five years faster than the rest of the UK.This is followed by Dartford outside London at 16.5 years and central Edinburgh at 16.6 years.Zoopla suggests there is a correlation between how long people stay in their homes and high house prices and demand, whereas “regions where properties change hands less often can suggest a lower level of demand, or less housing stock,” says Zoopla’s spokesman Lawrence Hall.“Oxford is a slight exception to this rule as slow property turnover in this famous city is most likely a result of both a scarcity of available properties and also a lack of affordability in the local property market.” Lawrence Hall Hometrack Zoopla ZPG September 18, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Housing Market » So that’s why sales are slowing down! Brits now move home every 23 years previous nextMarketingSo that’s why sales are slowing down! Brits now move home every 23 yearsHousing market data firm claims Zoopla data reveals people are moving up the rungs of the property ladder much slower than before.Nigel Lewis18th September 201701,088 Views
Winkworth Franchising Ltd has opened a new office in Leigh-on-Sea, Essex.Previously trading for nine years as Think Property, the business has an outstanding local reputation with buyers, sellers, tenants and landlords. The team remains, headed by Director Mark Newman who set up the business in 2010, with the office now focusing on ensuring it can offer the best service to help clients keep pace with increasing regulation.Mark said, “Having spent a lot of time getting to know the team at Winkworth Franchising, we felt that this was the best next step to secure the success and longevity of our business. We want to ensure that, for our clients’ sakes, we’re at the top of our game when it comes to regulation, legislation and always being prepared for any changes in the market. We firmly believe that many independents could struggle to do this but, with Winkworth’s backing teamed with the reputation we have built in the area over the years, we are confident that we can now take our business to the next level.”Dominic Agace, Winkworth’s CEO, added, “We’re delighted that Mark and his team have chosen to join our network, I have no doubt that their business and expertise will slot perfectly into our network. It’s widely known that franchising is one of the most resilient business models, and this announcement proves that point.”The average value of a property in Leigh-on-Sea currently stands at £378,634. Twice voted the happiest place to live in the UK, the town has excellent local amenities, great community spirit and fast transport links into London and further afield. London Southend airport is just 10 minutes away.Director Mark Newman Dominic Agace UK happiest place to live Winkworth Essex winkworth franchising Winkworth’s CEO May 20, 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 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 » Agencies & People » Winkworth opens in UK’s happiest place to live previous nextAgencies & PeopleWinkworth opens in UK’s happiest place to liveWinkworth Franchising Ltd has opened a new office in Leigh-on-Sea, Essex.The Negotiator20th May 20190414 Views
A high street estate agent in Northern Ireland is experiencing every agents’ nightmare after local planners told the company it must tear down its recently-upgraded branch exterior.Four-year-old estate agency Adams McGillan operated until recently just a single branch in Coleraine. But earlier this year it opened a smart office in neighbouring Ballymoney and spent ‘thousands’ on a new interior and exterior for the building.Local planners took a dislike to the company’s design efforts and told it to take down the wood and grey castle-themed stone exterior.A planning battle lasting several months ensued but yesterday the company lost its appeal despite arguing that their new branch had transformed a previously damp old shop and also improved a relatively shabby street.Planning battle“We didn’t go for fluorescent pink lights and flashing neon, instead, we were sympathetic and introduced indigenous materials such as stone and wood with back lit signage,” said a joint statement to the local paper from its estate agent directors Ross Adams and Joanne McGillan.“It is with great regret despite our best endeavours that our local planners have insisted that 32 Church Street is an area of historical interest and none of our exterior may stay.”“We are not the type to shout and cry, it is what it is, we thought we would let you know why local planners prefer to move backwards rather than forwards.”Readers can make their own minds up about the firm’s design taste with these before and after pictures, top.Read more about Northern Ireland. adams mcgillan planning northern ireland September 5, 2019Nigel LewisOne commentRichard Rawlings, Estate Agency Insight Estate Agency Insight 5th September 2019 at 8:29 amQuite absurd! So sorry for you guys – you did a great job. There are so many shabby old fashioned (but hardly historic) shops in mediocre streets in NI and elsewhere in the UK where the high street is going backwards in terms of its appearance. Well done for your efforts to reverse this and shame on the planners for their bigoted lack of vision. Where does one go from here though?? Have a great day. Richard.Log in to ReplyWhat’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 » Estate agent told to tear down smart new branch exterior by planners previous nextRegulation & LawEstate agent told to tear down smart new branch exterior by plannersDespite replacing a shabby old shop and helping upgrade a formerly careworn street, Northern Ireland agency Adams McGillan has lost its planning battle.Nigel Lewis5th September 20191 Comment3,518 Views