Savannah Petroleum changes name to Savannah Energy

first_img Savannah Petroleum changes name to Savannah Energy. (Credit: drpepperscott230 from Pixabay) Savannah Petroleum PLC, the British independent energy company focused around activities in Nigeria and Niger, announces that it is changing its name to Savannah Energy PLC.The change of name reflects the Company’s increasingly diversified asset portfolio. Savannah is now a leading energy producer in Nigeria and, via its controlling interest in the Accugas midstream business, the Company currently provides gas to power stations accounting for over 10% of Nigeria’s power generation capacity and operates one of the largest privately-owned gas transportation and distribution systems in sub-Saharan Africa. In Niger, Savannah is focused on developing its flagship assets in the prolific Agadem Rift Basin, with plans to deliver first oil in the near term.Trading in the Company’s shares on AIM will commence under the new name Savannah Energy PLC and the Company’s ticker will change to ‘SAVE’ with effect from 8am Monday 20 April 2020. The Company’s ISIN and SEDOL will remain unchanged. Source: Company Press Release The change of name reflects the Company’s increasingly diversified asset portfoliolast_img read more

GAZ-System secures all construction permits for $1.88bn Baltic Pipe project

first_img Baltic Pipe project involves construction of two offshore pipeline segments. (Credit: PublicDomainPictures from Pixabay) Polish gas transmission operator GAZ-System has secured approval from the Swedish Ministry of Enterprise and Innovation for the construction of $1.88bn Baltic Pipe gas pipeline in the Swedish Exclusive Economic Zone in the Baltic Sea.The Baltic Pipe project, which is being developed by GAZ-System and its Danish gas transmission operator Energinet, will supply gas from the Norwegian gas system in the North Sea to Poland. It also enables reverse transmission from Poland to Denmark and Sweden.The latest approval concludes the process of securing construction permits by the developers for all sections of project in the countries involved.GAZ-System president Tomasz Stępień said: “We are very happy to have obtained construction permit from the government of Sweden and we do appreciate swift and smooth proceeding of our application.“This decision has shown that Swedish government recognises the project’s importance, not only for Poland and Denmark but also for the whole European Union, for tightening cooperation among the EU member states and, perhaps most of all, for becoming independent of natural gas supplies from Russia.”Baltic Pipe project involves two offshore and two onshore pipeline segmentsThe Baltic Pipe project involves two offshore pipeline segments with a combined length of 385km in the North Sea and Baltic Sea. It also involves two onshore pipeline segments of up to 570km length in Denmark and Poland and a compressor station at Zealand in Denmark.Recently, Gaz-System has awarded a $305m contract to oilfield service company Saipem to transport and install a natural gas pipeline between Denmark and Poland in the Baltic Sea.The contract involves the construction of approximately 275km of 36-in concrete-coated pipes between Denmark and Poland.Saipem will also build two micro tunnels and civil works activities in Denmark and Poland. This includes pre- and post-lay trenching, as well as backfilling activities and rock dumping.The operation of the pipeline is scheduled for October 2022. The Baltic Pipe project is being developed by GAZ-System in partnership with Danish gas transmission operator Energinetlast_img read more

Melbana Energy announces suspension and extension of WA-488-P

first_img Melbana Energy announces suspension and extension of WA-488-P. (Credit: C Morrison from Pixabay) Melbana Energy Limited (ASX: MAY) (Melbana) has today been advised by the National Offshore Petroleum Titles Administrator that its application for a 12 month suspension of the work program conditions in respect of Permit Year 3 (with a corresponding extension of the permit term) for Petroleum Exploration Permit WA-488-P has been approved. As a result, Permit Year 3 now ends on 21 December 2021 and the permit term will end on 21 December 2023.WA-488-P contains the giant Beehive prospect – a carbonate build up that has been independently assessed to have a prospective resource of 388 million barrels of oil equivalent (best estimate). A 3D seismic survey has been completed over the prospect and considerable progress has been made on planning and permitting for an exploration well.Melbana Energy’s Executive Chairman, Andrew Purcell, said: “We will use this extra time to continue to evaluate the 3D seismic results and further progress discussions with potential farminees for the drilling of an exploration well into this structure. These types of carbonate buildups are responsible for some of the world’s largest discoveries. When they work, they tend to work big, as can be seen in the estimates of prospective resource being significantly skewed to the upside, so we will continue to work towards the drilling of this important prospect.” Source: Company Press Release Current permit year for WA-488-P (the “Beehive Prospect”) extended by 12 monthslast_img read more

Gas-based generation and renewables key to low-carbon goal in Thailand

first_imgCoal phase-out key to low-carbon goal in ThailandIn 2017, coal generated less than 20% of total electricity in Thailand but produced 41% of the CO2 emissions from the power sector.Because of its clear role in polluting the atmosphere with harmful emissions, the nation now envisions a slow phase-out of the mineral as a key step in meeting its low-carbon transition target.As part of its commitment to the 2015 Paris Agreement, an international climate pact that aims to limit the rise in global temperatures to “well below” 2C by 2100, Thailand is aiming to reduce its greenhouse gas emissions by 20% by 2030.It said that level of contribution could increase to 25%, subject to adequate and enhanced access to technology development and transfer, financial resources and capacity building support through a “balanced and ambitious global agreement” under the UN’s Framework Convention on Climate Change (UNFCCC).In 2017, coal generated less than 20% of total electricity in Thailand but produced 41% of the CO2 emissions from the power sector (Credit: Flickr/Beyond Coal & Gas Image Library)While the country has started shifting the focus of its energy policy to energy efficiency and the clean energy transition, the International Energy Agency (IEA) claims that putting a price on carbon would “greatly accelerate” the nation’s progress towards its climate target, and in a “cost-effective way”.Although Thailand has some experience of creating voluntary carbon markets, and is currently considering a national emission trading system, the IEA believes it faces a “number of hurdles”.The “readiness gaps” it refers to relate particularly to the nature of the country’s power system and policy environment, and stakeholders “lacking the right tools to participate in a trading system”.But, given the “progress” that Thailand has already achieved on carbon pricing, the IEA said that provides a “valuable opportunity” to develop and test various components of the emission trading system – although it admits the country will need to do this before being in a position to introduce a mandatory national system. The nation’s power sector is heavily dependent on fossil fuels, which currently hold an 81% share in the generation mix Thailand to achieve 30% of its power generation from renewables by 2036As part of Thailand’s ever-changing energy mix, the share of non-hydro renewables is set to grow from 15% in 2019 to 22% in 2030, while the gas-based generation is set to expand from 62% to 76% across the same period, according to GlobalData.By 2030, the non-hydro renewable capacity is set to double, increasing from the current 2020 total of 9 gigawatts (GW) to 18GW by 2030.The share of coal in the capacity mix is anticipated to halve by about 5% across the next decade, while the gas-based generation capacity is expected to be almost 60%.As part of its low-carbon transition plan, Thailand has set a target of achieving 30% of its power generation from renewables by 2036.According to GlobalData, the new capacity that is likely to be installed by 2030 will be made up of 4.7GW of solar PV, 5.2 GW of gas projects, 2.6GW of biopower and 1.4GW of wind.It claims the renewable growth will be led by biopower, with rice, sugar, palm oil and wood-related industries the major potential biomass energy sources in Thailand.The analyst expects solar PV and wind to make up the remaining share of renewables, as they continue to fall in price and investor appetite for clean energy sources increases.Global Data’s Mathur said: “The upswing in renewables is likely to push coal out of the business as the government eyes to capitalise on the cheap renewables.“It will do this by providing ample opportunities to revitalise the sector with improved risk-free investment access, a favourable regulatory environment, attractive feed in tariffs, tax incentives and a favourable expansion roadmap that will lead to the decarbonisation of the power sector.”center_img Renewable energy sources made up just a 7% share of Vietnam’s power mix in 2018 (Credit: peakpx.com) Gas-based generation and a renewables expansion are key to the low-carbon goal in Thailand, says an industry analyst.The nation’s power sector is heavily dependent on fossil fuels, which currently hold an 81% share in the generation mix as electricity demand continues to grow across the Southeast Asian country following a 3% increase in 2019.With countries across the globe setting timelines to remove coal from their electricity grids, Thailand’s latest Power Development Plan (PDP), which stretches from 2018 to 2037, has set the path towards a decrease in coal, while paving the way for an expansion plan for gas-based power generation and renewables.Ankit Mathur, practice head of power at data and analytics firm GlobalData, said: “Thailand is an oil and gas producer and has been predominantly dependant on gas for its power generation.“With the low natural gas prices, declining renewable capital cost and a low-carbon economy vision are likely to shrink the share of coal in the generation mix to around 10% in 2030.”last_img read more

Oman launches new joint-stock energy company

first_img Omani joint-stock company will have a stake in PDO. (Credit: Terry McGraw from Pixabay) Oman has reportedly established a new state energy company, named Energy Development Oman (EDO), to invest in conventional and renewable energy sectors.The move comes as the country intends to offset the impact of lower oil prices, reported Reuters.The new Omani joint-stock company will own a stake in the state-owned oil and gas exploration and production company Petroleum Development Oman (PDO).Additionally, the new company will have interests in Block 6 licence, which majorly contributes to the country’s hydrocarbon production, reported Oman Daily Observer.According to Royal Decree 128/2020 published in the Official Gazette, EDO will also be engaged in hydrocarbon exploration and production activities as well as invest in upstream and midstream segments of the hydrocarbon value chain.EDO’s authorised and issued share capital is $1.3mThe new Omani joint-stock company will be managed by a five-member board of directors, who will be appointed by Royal Decree.According to the Gazette, the new company’s authorised and issued share capital is OMR500,000 ($1.3m) that are divided into 500,000 shares.According to the Royal Decree’s Article 4, the new entity is authorised to “undertake all activities…including but not limited to the purchase of, or otherwise acquire, or import, procure, manufacture, produce, store, transport, trade in, distribute, sell, supply, market, export or deal in renewable energy products and technologies, including without limitation, solar panels and electric vehicle charging facilities.”In November, Sweden-based energy company Maha Energy announced securing the Royal Decree for a new onshore exploration block in the country.Located in the middle of the Salt Basin in the central part of Oman, Block 70 is spread over an area of 639km2.Maha will be the operator of the block and will hold a 100% working interest. There are eight wells that have been drilled within the block’s boundary. The new Omani joint-stock company will own a stake in the state-owned Petroleum Development Oman last_img read more

Noble Corporation completes combination with Pacific Drilling

first_imgPacific Drilling’s high specification ultra-deepwater drillship fleet further enhances Noble’s global position as an owner and operator of one of the most modern and technically advanced fleets in the offshore drilling industry Noble Corporation completes combination with Pacific Drilling. (Credit: Zach9222 from Pixabay) Noble Corporation (“Noble”) today announced the completion of its acquisition of Pacific Drilling Company LLC (“Pacific Drilling”), effective on April 15, 2021. Pacific Drilling’s high specification ultra-deepwater drillship fleet further enhances Noble’s global position as an owner and operator of one of the most modern and technically advanced fleets in the offshore drilling industry.Robert Eifler, President and Chief Executive Officer, said, “I am very pleased to have closed this transaction quickly and am delighted to welcome our new employees, customers, and shareholders into the Noble family.  This is an important step for Noble as we continue to strengthen our fleet and focus on delivering safe and efficient services to our global customers.” Source: Company Press Releaselast_img read more

Profiling the five largest oil and gas companies in the world

first_imgFive largest oil and gas companies in the world1. SinopecChina Petroleum and Chemical Corporation, also known as Sinopec, is one of China’s three state-owned oil companies.The Beijing-headquartered firm, which was founded in 2000, is the second-largest company behind US retailer Walmart and the largest oil and gas firm in the world by revenue, after recording a whopping $407bn at the end of the 2019-20 fiscal year.The early implications of the coronavirus pandemic had a significant impact on producers in China, where the first cases of the virus were recorded in December 2019 and stringent government lockdown measures were imposed.As a result, Sinopec’s profits fell by more than 16% in 2019-20 to $6.8bn. Oil and gas is often painted as the dirtiest sector within the energy industry (Credit: Shutterstock/SINCHAI_B) Sinopec and Royal Dutch Shell are two of the top five largest oil and gas companies in the world by revenue.Oil and gas is often painted as the dirtiest sector within the energy industry and has come under intense scrutiny over the past few years for its role in polluting the atmosphere.But, in a bid to clean up the economy, major companies have started to invest in renewable technologies as they expand their portfolios to cater to environmentally conscious investors.Those efforts, however, have been hampered over the past year by the coronavirus pandemic, which has had a dramatic impact on producers following a drastic drop in energy demand.Here, NS Energy profiles the top five largest oil and gas firms, based on the 2020 Fortune Global 500’s revenue figures. The oil and gas industry boasts some of the largest companies in the world, with five producers listed in the top 10 of the Fortune Global 500 4. Saudi AramcoSaudi Aramco is the state-owned oil company of Saudi Arabia and is the fourth-largest oil and gas company by revenue, after bringing in $330bn.The Dhahran-headquartered firm, which was founded in 1933, has the world’s second-largest proven crude oil reserves – more than 270 billion barrels – and is the largest daily oil-producing company.In December 2019, Saudi Aramco’s shares began trading on the Saudi Stock Exchange, where it became the largest initial public offering (IPO) in the world at the time, raising $25.6bn.The company recorded $88bn in profits in 2019-20. 2. China National PetroleumChina National Petroleum is the state-owned parent company of PetroChina – the country’s second-largest oil producer.Having brought in $379bn in revenue, China National Petroleum is also the second-largest oil and gas firm in the world.The Beijing-headquartered firm, which was founded in 1988, brought in $4.4bn in profits in 2019-20.It currently holds assets in 30 countries around the world. 5. BPBP, short for Beyond Petroleum, is the fifth-largest oil and gas company in the world. Due to weak oil prices, its revenue fell by 7% in 2019-20 to $283bn.The British oil giant, which is regarded as one of the supermajors, suffered a 57% drop in profits in the latest fiscal year to $4bn.The London-headquartered firm was founded in 1909 and has operations across 80 countries around the world.Having previously been the first oil major to commit significant capital to renewable energy projects, BP outlined its plan in February 2020 to reach net-zero emissions by 2050. 3. Royal Dutch ShellShell has recorded $352bn in revenue and is regarded as one of the “supermajors” (Credit: Shutterstock/siam.pukkato)Royal Dutch Shell, which was founded in 1907 and is headquartered in The Hague, Netherlands, is the third-largest oil and gas firm.The Anglo-Dutch multinational has recorded $352bn in revenue and is regarded as one of the “supermajors” – a term used to describe the world’s six largest publicly traded oil and gas firms.Following weaker oil prices, Shell’s profits were down by more than a third in 2019-20 to $15.8bn.Over the past few years, the company has expanded its portfolio by purchasing renewable energy assets such as UK-based electricity and gas provider First Utility, and Europe’s largest electric vehicle charging company NewMotion.Shell is aiming to become a net-zero emissions business by 2050.last_img read more

New OnTheMarket website gets thumbs up

first_imgHome » News » New OnTheMarket website gets thumbs up previous nextProducts & ServicesNew OnTheMarket website gets thumbs upPROPERTYdrum3rd February 20150484 Views The new OnTheMarket.com website, which requires their member agents to stop advertising on either Rightmove or Zoopla, finally launched last week. But what do property professionals actually think of the new website, including its look, usability and layout?“The website looks simple and effective and I’m looking forward to it becoming the first stop for all landlords and tenants,” said Steve Cook, Lettings Manager, Henry & James.James Bailey (left), also of Henry & James, has found the website “easy to use”, and believes that OnTheMarket’s red white and blue pointer “will become memorable in a short space of time.”Also finding the new website to be “very clear and user friendly”, Carol Peett, Managing Director, West Wales Property Finders, commented: “It’s format is far cleaner and quicker to load than Zoopla and the layout makes searching for suitable properties easier and quicker than either Zoopla or Righmove. I think it will be a great success as, once agents who have not yet subscribed realise its advantages, more and more will join.”OnTheMarket was deemed to be “thoroughly British” by James Wyatt, Partner of Barton Wyatt thanks to its “great colours.”“The site is incredibly quick and very easy to navigate – I am delighted with it,” he added.The new portal “certainly has appeal” according to Jonathan Hopper of Garrington Property Finders.“It is user friendly and the images are much larger than those of the two competitor sites – Zoopla and Rightmove,” he said. “It has a clean, uncluttered feel and is not littered with distracting adverts. The colours used add sophistication and are more in keeping with the contemporary developed websites we are becoming used to.”Adam Day (right), Managing Director of online estate agent Hatched.co.uk, who recently resigned from the National Association of Estate Agents (NAEA), in protest to its continued backing of OnTheMarket, which is refusing to list online estate agents, said that the new website fails to stand out from the competition.“OnTheMarket does appear to be very similar visually to its key competitors Rightmove and Zoopla,” he said. “There is nothing there to say to buyers ‘come back’ and no hook to get buyers to change their searching habits from those big players that have been ingrained within the public conscious for years now.”He continued, “It’s understandable that agents want to market their clients properties without information relating to price reductions and length of time on the market, as do I for my clients. However, in reality we are dictated to by the buyers who will go where the most full version of the information can be found.“There is a plethora of extra information on Rightmove and Zoopla relating to historic prices and more.”Adam Hesse (left) from Aston Mead, accepted that the new OnTheMarket website may not be as “slick as Rightmove” but pointed out that has “taken years to get right”.“We wanted something very simple and easy to use which is what we have [in the new OnTheMarket website],” he said. “It will become polished as it receives feedback from agent members. I think consumers will like the simplicity of it.”Trevor Abrahmsohn of Glentree International, agreed, “As a founder member of OnTheMarket.com I can say with some authority that the site is the most up to date, visually attractive of all the portals offering the freshest properties with the most pleasurable experience.”Ian Springett, CEO of OnTheMarket, said that he was delighted with the “overwhelmingly positive” feedback from agents about Britain’s new major property portal.“We are seeing record expressions of interest from agents who are now considering coming on board,” he said. “We are all looking forward to exciting times ahead.”OnTheMarket.com portal website February 3, 2015The 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

MMS achieves prestigious national accreditation

first_imgHome » News » Agencies & People » MMS achieves prestigious national accreditation previous nextAgencies & PeopleMMS achieves prestigious national accreditationThe Negotiator22nd January 20180433 Views Ringwood based Millstream Management Services (MMS), a provider of retirement housing management services, has become one of a prestigious group of residential managing agents to achieve accreditation by the trade body ARMA – Association of Residential Managing Agents.ARMA’s Chief Executive, Dr Nigel Glen, said, “Choosing the right managing agent can be a minefield for leaseholders. The industry is not regulated so they don’t have to belong to a professional body. However, anyone appointing an ARMA managing agent can have peace of mind that they conform to high standards, are bound by a consumer charter and are regulated independently. MMS has shown a clear commitment to providing the best service.”Simon Crewe, Managing Director of MMS, said, “We’re delighted to have achieved this important accreditation, which underlines our dedication to meeting rigorous industry standards, putting customers at the heart of everything we do. This is a significant achievement for MMS.”Dave Ryder, Operations Director of MMS, added, “The assessment process for ARMA accreditation is detailed and rigorous, I’m proud that we met every element of the standards to achieve membership of this important industry trade body.”Millstream Management Services (MMS) ARMA Association of Residential Managing Agents retirement housing management services January 22, 2018The 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

Business as usual at TDS following fire

first_img“I’ve always firmly believed that TDS’s biggest strength is the expertise, dedication and attitude of our colleagues. The fire at our head office just two weeks ago put that theory to the test and confirmed my belief.“If you haven’t heard; at around 4pm on Wednesday, January 9, a serious fire broke out at our head office in Hemel Hempstead. Thankfully all 89 colleagues based there were swiftly evacuated safely and without injury. The fire destroyed the first floor and roof of the building.“It was tough to watch for me personally and our team, but rather than panicking, every single member of staff pulled together to ensure that the vital service we provide to our members and customers continued. We have regularly planned for situations like this and when it came down to it, our business continuity plan stood up to the toughest of tests. Due to our robust systems and planning, our online services continued uninterrupted and all deposits and data remained protected.I would like to recognise the brave firefighters at Herts Fire & Rescue, Dacorum Borough Council and all of our fantastic letting agent members who offered to help and sent messages of support.” Steve Harriot, TDS“As the fire took hold, we were already planning our next move. We informed our members of the situation and continued to provide updates and information through our website, social media channels, member newsletters and the local and property media as we realise that letting agents, landlords and tenants would, understandably have been concerned about the continued protection of their tenancy deposits and data.“By 9am the next day, all of our core services were back up and running, and we brought our telephone and email service on line by 2pm. In fact, many of our customers did not notice any change in our services. Over the weekend we moved into our fully equipped, interim office in Hemel Hempstead and when our colleagues arrived on Monday morning, it really was business as usual. Even more impressively, despite working remotely or in our temporary office space, our customer service teams had their call-answering times back to an industry-beating 28 seconds the day after the fire.“You can plan and drill as much as you like but you never expect something like this to happen. To lose your headquarters to a fire like this and to not miss a step is astonishing. While I wouldn’t wish to go through the experience again, I believe the way our team came together to show composure, resilience and professionalism has served to build an even stronger TDS.“Our premises may change, but TDS is so much more than the building it is the great people and the service they provide. I would like to recognise the brave firefighters at Herts Fire & Rescue, Dacorum Borough Council and all of our fantastic letting agent members who offered to help and sent messages of support. There are too many to name, but all were deeply appreciated. 2019 may not have got off to the start we imagined it would, but we’re here, stronger than ever and focussed on continuing to provide our customers with the great levels of service they deserve and expect.”Steve Harriot TDS TDS fire TDS fire Hemel Hempstead TDS HQ fire Tenancy Deposit Scheme January 21, 2019Grant LeonardWhat’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 » Business as usual at TDS following fire previous nextProducts & ServicesBusiness as usual at TDS following fireSteve Harriott, CEO, Tenancy Deposit Scheme (TDS), tells The Negotiator that it’s ‘business as usual’ after the serious fire at the company’s head office and how meticulous planning and a strong team meant that the service continued with barely a hiccough.Steve Harriot, CEO, TDS21st January 201901,200 Viewslast_img read more