Independent Oil and Gas closes farm-out transaction with CalEnergy Resources

first_img Image: IOG’s has farm out of 50% of its SNS upstream assets. Photo: Courtesy of Kristina Kasputienė from Pixabay. UK-based Independent Oil and Gas (IOG) has completed its previously announced farm-out transaction with CalEnergy Resources (CER).The company has also taken final investment decision (FID) on Phase 1 of its Core Project, which comprises 410 billion cubic feet (BCF) of 2P+2C reserves and resources across six discovered UK Southern North Sea (SNS) gas fields.IOG CEO Andrew Hockey said: “I am delighted to announce that the farm-out agreement with our new partner CalEnergy Resources Limited, announced three months ago, has now closed. Alongside our successful €100m bond raise, this confirms us as fully funded for our Core Project, which is projected to deliver over £0.5bn in pre-tax cash flow net to IOG.“IOG and CER, as joint venture partners, have consequently taken Phase 1 FID. I am immensely proud of our team for delivering this major milestone and would like to thank our shareholders for their support. This is the culmination of a transformative year for IOG which begins a new phase in our growth. Our focus, as ever, is on delivering shareholder value.”IOG’s has farmed-out 50% of its SNS upstream assetsAs part of the transaction, IOG has farmed out 50% of its SNS upstream assets, the Thames Pipeline and associated Thames Reception Facilities to CER, on the terms announced on 26 July 2019.Under the terms of the farm-out, CER has paid the initial cash consideration of £40m ($51m) to IOG, and will also pay for up to £125m ($160m) of IOG’s development costs, and £60m ($76m) for Phase 1 and £65m ($83m) for Phase 2 respectively.IOG will pay a royalty of 20.2% of its net revenues from the Phase 1 fields, up to a cap of £91m ($116m) over field life to CER.Also, IOG will receive an effective royalty interest equating to £0.50/MCF on a 50% share of CER’s production from certain Goddard Field sections after producing a gross of 70BCF from the field up to a maximum royalty of £9.75m ($12m).Hockey added: “We have established a solid platform from which to generate cash flow from our existing portfolio through effective project execution. Furthermore, we have created the opportunity to generate additional value upside by bringing incremental volumes through our infrastructure.“Our Southern North Sea gas business development strategy has clear competitive advantages: we have a very strong and well-aligned partner, we have our key export pipeline in place, we are an approved licence Operator, and we are fully funded to install our hub infrastructure.” IOG has completed farm out of 50% of its SNS upstream assets, the Thames Pipeline and associated Thames Reception Facilities to CERlast_img read more

Saipem: Scarabeo 8 resumes drilling activities in Norway

first_img Scarabeo 8 resumes drilling activities in Norway. (Credit: Saipem) Saipem and the Norwegian operator Vår Energi have reached an agreement for the execution of 4 wells to be drilled in the Barents Sea and in the North Sea, after such activities had been originally postponed as a consequence of the market downturn.Operations will start in the fourth quarter of 2020 and will allow the operating profile and equipment of the rig to remain active, in anticipation of the recovery of the market in the North Sea where the asset has been a key player since 2012.Marco Toninelli, COO of the Onshore Drilling Division, said: “Saipem expresses great satisfaction for having reached this important agreement and for resuming operations with an important customer, despite the current difficult times we are all facing”. Source: Company Press Release Operations will start in the fourth quarter of 2020 and will allow the operating profile and equipment of the rig to remain activelast_img read more

BP and Ithaca begin production from Vorlich field in North Sea

first_imgThe Central North Sea field is expected to see peak production of 20,000 barrels oil equivalent gross per day The Vorlich field is tied bac,k to the FPF-1 floating production facility. (Credit: bp p.l.c.) BP and its partner Ithaca Energy have started production from the Vorlich field in the Central North Sea, which has been developed with an investment of £230m.The partners are targeting to draw 30 million barrels of oil equivalent from the offshore UK field.Vorlich is a two-well development, located nearly 240km east of Aberdeen, Scotland. It has been tied back to the FPF-1 floating production facility operated by Ithaca Energy.The field is expected to have peak production of 20,000 barrels oil equivalent gross per day.It was discovered in 2014 and in September 2018, BP got the approval from UK Oil and Gas Authority (OGA) to move ahead with the field development as a subsea tieback.BP North Sea senior vice president said: “In just two short years, bp and our partner, Ithaca Energy, have pulled out all the stops to rapidly bring Vorlich online against a highly challenged backdrop.”Ithaca Energy was responsible for the installation for the subsea infrastructure and also for modifying the FPF-1 facility to prepare it for receiving and processing the hydrocarbons produced by the Vorlich field.BP’s role in the project has been to operate the field during the development phase, which includes drilling the wells and installation of the wellheads.The operatorship of the offshore UK field will be assumed by Ithaca Energy for the production phase.The field was earlier targeted to begin production in September but was delayed due to the Covid-19 outbreak.BP Central North Sea tiebacks project manager Stuart Johnstone said: “It goes without saying that all the decisions taken in response to COVID were absolutely necessary to protect the health and wellbeing of our colleagues on the project.“But, with industry in lockdown and an ever-decreasing summer work window, it was hard to remain upbeat around the chances of bringing Vorlich online this year. Despite this, we dug deep, pulling out all the stops to turn things around.”Vorlich follows BP’s start-up of the Alligin field in late 2019. Like the Vorlich field, Alligin is a subsea tieback in the North Sea with a two-well development.For BP, the Vorlich field marks its third major upstream project to begin production in 2020 after the Qattameya gas field offshore Egypt and the onshore Ghazeer gas field, which were both achieved in October.last_img read more

The role of Organic Rankine Cycle technology in delivering efficiency improvements to energy processes

first_imgOrganic Rankine CycleSeveral technologies are being developed to aid this process, one of which is the Organic Rankine Cycle (ORC) system for power production from low to medium-temperature heat sources in the range of 90C to 350C, and even up to 550C for small power outputs.It is an evolution of the more commonly-known Rankine Cycle, a thermodynamic process of generating power from a heat source, via steam-powered turbine.As the name suggests, ORC systems use organic fluids in place of water to drive the process, and because of their lower boiling points and higher vapour pressure compared to water, lower-temperature heat sources can be used to generate electricity more efficiently.For businesses operating across those various energy and industrial sectors where heating processes are vital, this technology offers a range of efficiency benefits that could not only help reduce their emissions footprint, but also lower operational costs and increase flexibility.Italian firm Exergy is among the world’s leading proponents of this technology and, in the decade since it was founded in 2011, has developed an ORC fleet in operation or under delivery totalling almost 500 megawatts (MW).Its ORC products have been deployed around the world for use in power generation from biomass for applications of limited power size, from geothermal sources where heat-source temperatures are typically lower than fossil fuels, as well as for converting waste heat from industrial processes into electricity.Equally suitable applications for Exergy’s ORC technology include waste heat recovery from gas turbines in compression stations, oil refining activities or LNG processing, and it can be also applied to fleets of small- to medium-scale gas power stations.ORC turbines in Exergy’s workshop (Credit: Exergy) Being able to recover and utilise heat that would otherwise be wasted as exhaust discharge offers a considerable efficiency gain to energy and industrial businesses, allowing them to generate power from sources already available to them as a by-product of daily processes.The nature of ORC means efficiency improvements can be further maximised by making lower-temperature heat sources re-usable, while also eliminating the requirement for water and its associated treatment, as is necessary in traditional steam Rankine cycle applications, since there is no need to use water in the ORC process at all.Higher efficiency also translates into lower costs, since less energy needs to be purchased from the grid. And this lower power demand in turn has the benefit of reducing the overall carbon footprint of an operation by reducing the reliance on fossil fuels. Exergy’s Radial Outflow TurbineKey to Exergy’s innovation has been the development of a Radial Outflow Turbine as an alternative to traditional axial or radial inflow turbines.This technology, a world first in the ORC industry, operates with a higher efficiency compared to axial designs, and is customisable to customer-specific applications, allowing greater flexibility of installation.The radial configuration of the turbine also enables a broader range of applicable fluid conditions, as well as lower turbine speeds which in turn mean less noise and a longer life for the bearings inside.A simpler design allows quick installation, while maintenance, due to an easily-removable mechanical group, can be carried out in just few hours – so less operational downtime – without needing to overhaul the entire turbine system. Simplicity also translates into high reliability of the power plants.Industrial and heat-intensive energy processes will be the hardest sectors from which to eliminate emissions as the world targets carbon reduction over the coming decades.But progress can be made in the short-term by outfitting new and existing infrastructure with tools to make these processes more efficient in how they consume and manage energy.Technologies like ORC and Exergy’s Radial Outflow Turbine can contribute significantly by helping power producers, oil refiners, LNG processors and industrial manufacturers to lower their primary energy intensity, while also offering cost and flexibility benefits through more efficient energy usage. ORC specialist Exergy has developed technology that can help companies in oil and gas, power production, and heavy industry lower their carbon footprint while cutting costs through improved energy usage Efficient heating processes can have a short-term impact on emissionsEqually important to the low-carbon transition are technologies that can have a direct impact in the shorter term by improving the efficiency performance of existing energy-related infrastructure – whether in terms of refining, manufacturing, power production, or even buildings and transport.For example, around 15% of all energy-related greenhouse gas (GHG) emissions are produced by the oil and gas industry, from upstream processes through to downstream, so even small-scale efficiency improvements throughout these supply chains can translate into a big impact on global carbon reduction.One aspect of the efficiency discussion is the way heating processes used in activities like oil refining, petrochemical manufacturing or liquefied natural gas (LNG) processing can be reimagined, to maximise the potential use of the energy involved and ensure less wastage during these processes.This is equally applicable to activities like gas-fired power generation, or other sectors of heavy industry such as steel and cement making or chemicals manufacturing.Such applications have so far proved to be a “blind spot in the climate change debate”, the IEA has said, despite their potential to contribute to an estimated 40% reduction in global GHG emissions over the next 20 years.Global improvements in energy efficiency have been declining since 2015, and are currently “well below the level needed to achieve global climate and sustainability goals”, the agency says.Heat is the major source of CO2 emissions from heavy industry, and currently accounts for around two-thirds of industrial energy demand, and almost one-fifth of global energy consumption.It is clear that finding more efficient, less carbon-intensive ways to use heat and convert it into electricity in these sectors could make a considerable contribution to decarbonisation goals. (Credit: Exergy)  Decarbonising the global energy system will be a massive undertaking, requiring a broad range of new technologies, industries and processes to be developed.Much of the attention in this energy transition is given to “new-build” projects, like the increasingly-large wind and solar farms being installed worldwide, which will generate electricity on a commercial scale to feed growing demand over the coming decades.Progress in this area is advancing rapidly, with new records frequently being set for renewable capacity installations, and ambitious targets announced by governments and energy companies to scale up these fleets of turbines, solar panels, hydroelectric stations and others.But, despite all this progress, energy-related carbon emissions are likely to increase this year, having dropped in 2020 during the pandemic. The easing of lockdown restrictions and resumption of economic activity will drive a return to “carbon-intensive business-as-usual”, without a major turnaround in current trends, the International Energy Agency (IEA) recently warned.last_img read more

RIBA calls for more new homes…

first_imgThe Royal Institute of British Architects (RIBA) has welcomed the Government’s recent commitments to increasing the numbers of new build houses, including the announcement on funding for Housing Zones across England. But the RIBA has also warned that the whole exercise could prove futile if the Government fails to put quality at the heart of this investment.RIBA went on to call on MPs from all political parties to vote for the amendment to the Housing and Planning Bill calling for the adoption of a minimum space standard into national building regulations. This will ensure new build homes are large enough for families and built to last.RIBA President Jane Duncan (left) said, “Whilst this new focus on quantity is to be applauded, the Government can no longer ignore the poor quality of some of our new housing stock, especially as it ploughs public money into housebuilding. Our latest report, ‘HomeWise: Space Standards for Homes’ concluded that some new homes being built in England are still too small and that a minimum space standards for new dwellings must be adopted into building regulations.“These aren’t outlandish demands; they simply ensure that all new build homes are of an adequate size.”Download the full – and very interesting report at:https://www.architecture.com/RIBA/Campaigns and issues/Homewise/Homewise.aspxnew build houses land and new homes new homes RIBA Royal Institute of British Architects January 20, 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 2021 Home » News » Housing Market » RIBA calls for more new homes… previous nextHousing MarketRIBA calls for more new homes……and they need to be more spacious for today’s families.The Negotiator20th January 20160525 Viewslast_img read more

Revealed: how Viewber’s pricing and agent payments work

first_imgHome » News » Marketing » Revealed: how Viewber’s pricing and agent payments work previous nextMarketingRevealed: how Viewber’s pricing and agent payments workDaily Mail journalists signs up to be a Viewber agent and reveals many details of the firm’s model.Nigel Lewis22nd May 201706,524 Views Details of how Viewber, the outsourced property viewing company, works have been revealed within an article published by a national newspaper today.Daily Mail online property reporter Myra Butterworth (pictured, below) turned sleuth and signed up to join Viewber even though, apart from writing about property, she has no experience as either an estate agent or of showing people around properties.Myra’s report on how she fared as a Viewber agent make for amusing reading – particualry as she locked herself out of the building for her first appointment – but do reveal more details of how the Viewber model works.Ed Mead, one of the co-founders of Viewber and to date its main spokesperson, has always been keen not to give too many details away about its service, but the Daily Mail article does.Viewber expects agents to turn up 15 minutes prior to a viewing to ensure the property is showcased in the best possible light.In Myra’s case she was also hand-held by an employee from agent Aucoot, which was established last year by a former sales director from upmarket agent The Modern House, John McDavid. But in most cases agents will be flying solo.Bank accountViewber also requires its agent to register their bank account details and provide a passport or driving licence.In return the company pays between £10 and £20 a viewing plus a travel allowance of up to £4 per viewing in London and up to 25p per mile outside the capital.The article reveals a little about how much it makes from each viewing, as Myra reveals that it charges agents £30 for each visit, although there are discounts for multiple viewings of the same property.Myra Butterworth Daily Mail Ed Mead Viewber May 22, 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 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

Ombudsman expels ANOTHER five rogue estate agents

first_imgHome » News » Ombudsman expels ANOTHER five rogue estate agents previous nextRegulation & LawOmbudsman expels ANOTHER five rogue estate agentsNumber of firms excluded by TPO is running at an unusually high run-rate as growing membership drives up number of cases.Nigel Lewis3rd October 201803,071 Views The Property Ombudsman (TPO) has expelled another five agents from its redress scheme after kicking out six last month, an unusually high number of expulsions over such a short period.According to its own list, TPO has now excluded or expelled more agents this year than it has over the past two preceding years.This is likely to be down to a general increase in TPO members recently – and therefore cases – helped by the the closing of rival Ombudsman Services in August this year.“2018 to date has seen some 46 cases referred to Compliance Committee where the consumer has not received the award they were due from the Agent,” Peter Habert, Director of Policy, The Property Ombudsman (left) told The Negotiator.“In 14 of those cases the award was paid following intervention by the Committee. 32, however, have resulted in expulsion because of non-payment. The numbers are already higher than in 2017, when a total of 28 agents were expelled.“The upward trend is reflective of higher numbers of agents, higher numbers of complaints and difficult market conditions.”Property ombudsmanThis month’s crop are: A & A Star Estates Ltd based in Finchley, London whose website is no longer live; Jennings & Kent Ltd based near Dartford in Kent and The Drake Lawson Ltd trading as Alexander Reed based in Isleworth, which  has been given an extension to an existing expulsion. Its only branch has now closed, and reviews of the business on AllAgents and other sites are overwhelmingly negative about its staff and service.The two other expelled firms are Blackhorse Property Management Ltd in Bradford which is in the process of being struck off and dissolved according to Companies House, and Joseph Properties Ltd in Burnley, which yesterday dissolved itself via a voluntary strike-off.TPO’s list of expelled agents is a moveable feast. Even though agents are listed on it, if they later pay a contested award then they can be readmitted to the scheme and have their names removed. rogue estate agents The Property Ombudsman TPO October 3, 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 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

Is it curtains for the crabs? Zoopla hires new marketing chief

first_imgZoopla has hired a former taxi-app boss to head up its marketing effort.Gary Bramall, who before joining Zoopla worked in a similar role at cab hailing smartphone apps Hailo and  mytaxi for four years, has a heavyweight tech career behind him.This includes being a board member at Danish personal finance  start-up Lunar Bank as well as spells at Microsoft, Skype, Apple and Orange.Bramall will have a long to-do list. Zoopla’s parent company ZPG’s new owner, US private equity firm Silver Lake Partners, is expecting great things of the company after paying £2.2 billion in July.Re-brand?His arrival at Zoopla would suggest an overhaul of its brand is in the offing; at mytaxi he led a rapid re-brand following the merger with competitor Hailo.“Buying, selling or renting property are among the biggest decisions we make in our lives,” says Gary. “To work with a data-rich tech-led business which has huge potential to improve and add value to that process for both consumers and estate agents is a marketeer’s dream.“I want people to understand why Zoopla provides an offering unlike anything out there and to be the destination of choice for consumers and agents.”Bramall may also be planning to turn ‘Zoopla’ into a byword for house hunting; in Ireland he helped turn ‘to Hailo’ into a commonly used verb.Charlie Bryant, MD of Zoopla (left) comments: “With a superb track record of success in marketing technology-led brands, Gary will focus our strategy to excel at supporting consumers’ property choices and empowering estate agents to grow their businesses.” December 6, 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 2021 Home » News » Marketing » Is it curtains for the crabs? Zoopla hires new marketing chief previous nextMarketingIs it curtains for the crabs? Zoopla hires new marketing chiefFormer Microsoft and Hailo taxi app marketeer has joined to help build brand among agents and house hunters.Nigel Lewis6th December 201801,347 Viewslast_img read more

20% of EU construction workers considering leaving UK after Brexit

first_imgHome » News » Land & New Homes » 20% of EU construction workers considering leaving UK after Brexit previous nextLand & New Homes20% of EU construction workers considering leaving UK after BrexitHouse builders in the UK are facing a significant skills and workforce shortfall as EU staff and contractors consider moving elsewhere to work.Nigel Lewis11th February 201901,566 Views The UK’s house builders could lose up to a fifth of their workforce after Brexit, a leading recruiter has claimed, dashing the government’s hopes of building 300,000 homes a year by the mid-2020s.Global firm Randstad canvassed over 10,500 EU nationals working within the UK construction industry and found that a fifth have considered leaving as industry uncertainty continues over how the UK will leave the European Union.The research also found that nearly 40% of EU construction workers employed in the UK were worried by the downturn in the new homes market that may follow.Randstad claims this is because house builders may incur higher costs if import tariffs are raised; the UK construction sector brings in building materials from outside the UK worth £10 billion every year.Post brexitThe report also claims that as the country gets closer to withdrawing from the EU employers and employees are becoming sceptical of the future health of the industry’s workforce and materials supply.“It’s interesting to discover a disconnect between what the wider population think are key issues for EU nationals working in construction in the UK, and what those individuals actually believe,” says Owen Goodhead, Managing Director of Randstad’s construction recruitment division (left).“Where UK workers believe complications around visas are the main problem driving EU nationals away from the UK construction industry, the reality is that it’s the potential drop in projects and jobs which could cause workers to explore other opportunities.”new homes Randstad Brexit February 11, 2019Nigel 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 2021last_img read more

Familiar faces among Countrywide’s restructured management team

first_imgCountrywide has revealed its newly-minted ‘back to basics’ leadership team at national and regional level tasked with restoring the company’s fortunes, although at the top the names are largely unchanged.The team has been created as part of a £4.4 million redundancy and leadership restructure plan implemented last year to build industry expertise back into its sales and lettings operations.This includes 89 regional directors now settling into their seats and 300 former staff who have now been persuaded back, enticed in part by the return of local control of marketing and people budgets, which had been centralised during the Platt years.Countrywide has revealed that it has also separated sales and lettings service lines to report into dedicated management to ‘achieve the right level of support and direction for each business area’.The new senior team is lead by Countrywide’s managing director Paul Creffield, whose direct reports now include:Jonathan Simpson (MD of UK North)Simpson survived the Platt years and has been at the company for over 14 years. He looks after 361 branches and his territory managers are Keith Peacock (North Wales and Birmingham), Sharon Donaldson (Scotland and North) and Ian Cuthbert (Midlands and East Anglia).Toby Phillips (MD of UK South)Phillips is one of the firm’s most experienced divisional directors. He started his career at Countrywide as a sales negotiator in 1995 but left the company in 1999, re-joining in 2012. He looks after 353 branches and his territory managers are Keith Knight (South East), Andy Barnes (South Central), Simon Old (South Wales and West) and Stuart Lebb (South West).Lesley Cairns (MD of Hamptons International)Until September last year Cairns was Hamptons’ head of lettings before being promoted to MD. She joined the company in 2006 initially as a regional director before being promoted to lettings director in 2006. Hamptons has 102 branches and Lesley’s senior team include Mary Beeton (Head of Sales, London), Peter Everett ( Head of Sales, Country) and Cat Westerling (Head of Lettings).Nick Taylor (MD of Premier & City)Taylor was previously operations director at John D Wood and has a 29-year career at Countrywide under his belt.John Hards (National Lettings Director)Hards is a recent returnee to Countrywide after retiring from the role of national lettings director.Phil Tennant (Operations Director)Tennant has held the role since 2013, prior to which he was COO at Hamptons International.John Hards Lesley Cairns Jonathan Simpson Nick Taylor Toby Phillips Paul Creffield Phil Tennant Countrywide March 11, 2019Nigel 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 2021 Home » News » Agencies & People » Familiar faces among Countrywide’s restructured management team previous nextAgencies & PeopleFamiliar faces among Countrywide’s restructured management teamThe ‘new’ team behind the company’s ‘back to basics’ strategy is a familiar one at the top, its latest organogram reveals.Nigel Lewis11th March 201903,861 Viewslast_img read more