The joint venture has also renewed the Otakikpo Marginal Field license for a period of 20 years Image: Photo courtesy of skeeze from Pixabay. Nigeria-based oil and gas exploration company Lekoil and its partner Green Energy International have approved the second phase development of the Otakikpo oilfield project in the Niger Delta, Nigeria.The joint venture is presently finalising heads of terms with “Anchor” engineering, procurement, construction and commissioning vendors for cost and schedule certainty to let Standard Chartered Bank close project financing and complete preparation for project execution following the project approval.The Standard Chartered Bank is expected to serve as the lead financial advisor for the project and provide the required financial advisory, security, and banking services.Additionally, the joint venture has renewed the Otakikpo Marginal Field license for a period of 20 years following the payment of $1m to the Department of Petroleum Resources (DPR) for the license Renewal fee of $400,000 net to LEKOIL.The consortium of GEIL, LEKOIL and Schlumberger will structure a multidisciplinary project management team in which Schlumberger will act solely as a technical partner to provide oilfield services and project management services to assist in ramping up production and long-term field management.The development project scope includes the construction of a terminal for evacuation.US-based oilfield services company Schlumberger has evaluated the capacity of the infrastructure to be capable of producing 10,000 bopd (4,000 bopd net to LEKOIL Nigeria) and, with some debottlenecking, up to 12,000 bopd gross (4,800 bopd net to LEKOIL Nigeria).The joint venture expects the first two wells of the phased development plan to bring production up to this level.Lekoil JV had signed MoU for development of Otakikpo in OML 11 in JulyIn July, Lekoil, through its Otakikpo Joint Venture (JV) with Green Energy International (GEIL), had signed a Memorandum of Understanding (MOU) with Schlumberger and subsidiary of a major international oil company.The MOU covers a comprehensive infrastructure sharing and drilling programme around a group of marginal field assets in OML 11.
Galilee Energy has provide an update on ATP 2043 drilling programme. (Credit: drpepperscott230 from Pixabay) Galilee Energy provide an update on its 100% owned Kumbarilla (ATP 2043) drilling programme in the Surat Basin.The Kumbarilla Central 1 (KC1) well reached TD of 1020m at 8pm on 13 April 2020. The complete Walloon Subgroup was intersected with coal confirmed in each of the three primary targets in line with prognosis, i.e. the Upper Juandah, Lower Juandah and the Taroom. Coal seams have consistently displayed excellent qualities including strong gas shows upon penetration, bright vitrinite banding and pervasive internal fracturing.Wireline evaluation logs are currently being interpreted to calculate total net coal and other key reservoir properties within the coal bearing section. An initial evaluation of the logs indicates a net coal of approximately 25m, which is above the pre-drill expectations. Twenty high quality coal samples have been collected and placed into gas desorption cannisters to determine gas content, gas composition and gas saturation levels.Following the completion of logging and testing, the in-well evaluation program will be complete, and an update will be provided to the market in the coming days. The rig will then move on to the Kumbarilla Central 2 (KC2) well location.The Kumbarilla Project hosts 504 PJ of independently certified 2C Contingent Resources which can be readily fast-tracked to market through its proximity to existing coal seam gas production infrastructure (<10 km). Source: Company Press Release The Kumbarilla Central 1 (KC1) well reached TD of 1020m
The cogeneration unit at the Strathcona refinery in Alberta. (Credit: Business Wire.) Canadian oil producer Imperial has announced the start of operations at its newly constructed cogeneration unit at its Strathcona refinery near Edmonton, Alberta.The Strathcona cogeneration unit is designed to generate about 41MW of power and meet nearly 75 to 80% of the refinery’s needs, significantly decreasing energy consumption from the Alberta grid.The cogeneration unit is also expected to reduce up to 112,000 tonnes of greenhouse gas emissions per year, which is equivalent of taking away nearly 24,000 vehicles off the road annually.In a refinery, the cogeneration technology will capture the heat generated during electricity generation, which would normally go to waste and it will use it to produce steam for use in the refining operations.Imperial chairman, president and CEO Brad Corson said: “The completion of this project is an important milestone for Imperial. It highlights our commitment to investing in projects that support sustainability and contribute to reducing emissions.“An investment in cogeneration is an investment in the future.”Strathcona cogeneration unit is Imperial’s third such unit in AlbertaThe company’s Strathcona cogeneration unit is the company’s third in Alberta, while the other two cogeneration units are installed at its Kearl and Cold Lake oil sands facilities.Last year, the two facilities contributed to about 860,000 tonnes in reduced greenhouse gas emissions, which is similar to having 186,000 fewer vehicles on the road each year.Imperial also uses cogeneration at its Ontario refineries in Sarnia and Nanticoke.Alberta Premier Jason Kenney said: “This is great news for our province. Our day-to-day lives are still dependent on our natural resources to provide us with the energy we need to thrive.“That’s why I’m so pleased to see made-in-Alberta innovations like this, which help reduce our emissions as we utilize the energy we need.” The new cogeneration unit is claimed to generate up to 80% of the refinery’s electricity needs, while reducing about 112,000 tonnes of greenhouse gas emissions annually
EnQuest takes over as operator of the undeveloped heavy oil field in the UK North Sea The Bressay oil field is an undeveloped asset in the Northern North Sea. (Credit: Equinor ASA) Equinor has wrapped up the previously announced sale of a 40.8% stake and transfer of operatorship in the undeveloped Bressay oil field, offshore UK, to EnQuest.Following the close of the deal, Equinor has reduced its stake in the heavy oil field to 40.8%. For EnQuest, the deal marks its entry into the Bressay oil field, which is located in the Northern North Sea.The other partner in the offshore field is Chrysaor, which has retained its 18.37% stake.As per the deal signed in July 2020, the initial consideration to be paid by EnQuest is £2.2m ($3.02m) as a carry against 50% of the net share of costs of Equinor from the time the former takes over operatorship.Besides, EnQuest will make a contingent payment of $15m to Equinor upon approval by the UK Oil and Gas Authority (OGA) to a Bressay field development plan.EnQuest to add 115MMbbls of net 2C resourcesThe deal gives the UK-based EnQuest an additional 115 million barrels (MMbbls) of net 2C resources. The company, at the time of signing the deal, said that it also gets the scope to showcase its capabilities in low-cost drilling, near-field, and heavy oil development.According to Chrysaor, Bressay, despite its discovery in 1976, has not been developed so far owing to the heavy nature of its oil. Due to this, a commercial concept for the field development is yet to be established.However, the Bressay oil field partners have been considering various development scenarios, which includes a potential tie back to the Kraken heavy oil field operated by EnQuest.Bressay, which is contained in 110m water depth, is located 12km northeast of the Kraken field.
The new centre is now set to capitalise, utilising the latest state of art Orion operations and monitoring consoles Petrofac completes integration of Kuwait Oil Company’s new Crude Oil Control Centre. (Credit: Petrofac Limited) Taking the operations of one of the Middle East’s biggest upstream projects into a new era, our Lower Fars heavy oil development project team has completed the successful integration of Kuwait Oil Company’s new Crude Oil Control Centre, where Petrofac’s expertise has been used to upgrade technology and equipment, improving the effectiveness of operations.Extracting heavy oil can be more difficult than lighter crude because of its viscosity; however, the potential is huge. The new centre is now set to capitalise, utilising the latest state of art Orion operations and monitoring consoles. It also controls the blends of heavy oil from the Ratqa field in the north of the country with lighter crudes from the south, using a blending package provided by Petrofac.The teams worked collaboratively to anticipate and solve the many challenges involved in connecting the new control centre with wider local control rooms, spread across southern Kuwait. Around 220 kilometres of new fibre optic cable were laid, with logistics including many major road crossovers and passing through live facilities.Another major challenge the team overcame was in completing such complex work safely without any interruption to ongoing oil exports. Control equipment upgrades included multiple tank farms, manifolds and export facilities, without any process or operational shutdowns.The merging of two huge control system legacy networks to form what is now one of the longest single legacy networks currently operational in the world, was a further critical challenge. Microplanning and fallback options were needed at every stage. Many steps were taken early on to identify and mitigate risks, including manual loading trials, meaning that auto operations were successfully resumed as planned without any issues. Source: Company Press Release
Home » News » Housing Market » Property prices: Are TV series worth all the drama? previous nextHousing MarketProperty prices: Are TV series worth all the drama?Agents hoping dramatic TV links might help their local are in for a surprise.Nigel Lewis4th April 20170755 Views When a TV drama announced that it’s going to film in an area, it can be exciting for local estate agents and good for property prices. Or at least that’s the theory.As well as the thrill of famous actors mooching about the local area during filming, the saturation media coverage that a famous TV show brings can only be good for business, agents often hope.Recent examples include Broadchurch starring David Tennant and Olivia Coleman (pictured, above), which was filmed on the West Dorset coast; Poldark in Cornwall, Wiltshire and Bristol; and Downton Abbey in Oxfordshire.And for those longer in the tooth, there’s Inspector Morse in Oxford, the Midsomer Murders in Buckinghamshire and Heartbeat in and around Whitby.But does such televisual fame really help make areas more popular with house hunters? Conveyancing firm MyHomeMove.com reckons it does.After crunching Land Registry data the company says popular shows add between 1.2% and 6.6% more to local house values in surrounding areas within a year of the highest ratings for a show.Period dramas“What is particularly interesting in the findings is the correlation between period dramas and the locations they are filmed in,” says Doug Crawford, CEO of MyHomeMove.com (pictured, left).“Poldark and Downton Abbey have had the biggest impact on house prices in their filming locations, which indicates that a touch of nostalgia may be what home buyers are looking for. Once again, it’s location that tops the buyer’s wish-list.”But not all TV shows are good for buyer demand and therefore house values, Doug warns. He says the area of Northumberland where the bleak ITV crime drama Vera, starring Brenda Blethyn, was filmed has seen its house prices drop by 4.3% when the series was at the height of its popularity.My Home Move Broadchurch Doug Crawford April 4, 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 2021
Rightmove chairman Scott Forbes (pictured, right) has sold shares in the company worth £4.23 million, taking advantage of a recent spike in its share price.It has jumped in value by £2 to £43.63 or five percent since the 19th May, valuing the portal at £4.03 billion.Scott sold 100,000 of his shares yesterday at the peak of the current surge, which eased off today. This leaves him with 219,000 shares in the company worth £9.3 million.This is not the first time that Scott has cashed in his Rightmove shares. In 2007, just two years after joining the company from worldwide property services company Cendant, he sold shares worth £7 million to finance a home purchase in Kensington and in 2012 shares worth £4 million.Constant growthHe joined Rightmove and was appointed to its board in 2005 and has overseen almost constant share price (see graph, right) and business growth at the PLC.This includes last year, which its most recent figures show saw revenue and profits that both jumped by 15% compared to 2015, and total dividend payments that grew by 19%.Agents listing on Rightmove currently spend £832 a month and the website has 20,121 branches advertising with it.Rightmove also recently appointed the Chief Financial Officer of Easyjet to its board as a non-executive director, and announced a final dividend of 32p a share due to be paid on 2nd June.Rightmove’s half year results are due on 28th July and its next dividend payment due on the 3rd November.Rightmove Scott Forbes May 26, 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 2021 Home » News » Marketing » Rightmove chairman sells shares worth £4.23m previous nextMarketingRightmove chairman sells shares worth £4.23mScott Forbes has sold stock worth £15m since joining in 2005; latest tranche comes as share price peaked yesterday.Nigel Lewis26th May 201702,326 Views
Emoov and Tepilo customers who have paid a fixed fee to sell their home but have yet to secure a sale will be offered a free service on Purplebricks, the company’s Group CEO Michael Bruce has announced.He has also said those who chose eMoov’s deferred payment option but who have also not found a buyer could relist their properties with Purplebricks, again for free.“We’re doing this to help these customers because we believe in doing the right thing,” he says “Purplebricks is a business built on solid foundations so we’re able to offer hope to these people.“At Purplebricks we’re confident about the future. We’re growing. We’re increasing market share.”Bruce hinted last week that Purplebricks might offer to help eMoov and Tepilo’s customers, saying he was sad the companies had gone into administration, and that he would “do what we can to help all of these customers and ensure they’re not out of pocket”.Unsold propertiesEmoov CEO Russell Quirk has revealed that the two companies had approximately 2,000 unsold properties within its listings but has claimed that a “majority will be protected”.He has also claimed that a minority had paid eMoov’s £895 upfront fees and that most had either offset their selling fee, opted to pay it after a sale or had paid via their credit card and therefore would have their payments refunded.Former eMoov and Tepilo customers can call the Purplebricks hotline on 01926 356 659 from 8am on Wednesday 12 December, and have until 21 December 2018 to take advantage of the offer.Purplebricks Michael Bruce Russell Quirk Emoov December 11, 2018Nigel LewisOne commentPam Batth, nu move Online Estate Agents nu move Online Estate Agents 11th December 2018 at 4:59 pmAffected @emoov @tepilo customers, nu move International will put your property back on the market for a special price of £0 Upfront £699 incl VAT paid on completion. No deferred payments, No advertising limit on the property. Call 0330 223 0331 Open/247Log 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 » Agencies & People » Purplebricks offers free service to 2,000 former eMoov and Tepilo customers previous nextAgencies & PeoplePurplebricks offers free service to 2,000 former eMoov and Tepilo customersHybrid agency’s CEO Michael Bruce says he wants to do the right thing and offer hope to his former competitor’s stranded customers.Nigel Lewis11th December 20181 Comment5,275 Views
Home » News » COVID-19 news » Virtual viewings usage more than doubles since lockdown began previous nextCOVID-19 newsVirtual viewings usage more than doubles since lockdown beganMost of the viewings are within the new-build market rather than the resales one, where only agents who filmed before the lockdown can offer virtual viewings.Nigel Lewis21st April 202001,682 Views The number of virtual viewings taking place has more than doubled since the Coronavirus pandemic, it has been revealed, but it’s largely tours of newbuild properties driving the boom.Zoopla says this is both a reaction among agents to the impact of lockdown and social distancing rules, but also that for some time online and virtual tours have become the new normal for newbuild properties.“Our research shows that 89% of home hunters want information up front before they will consider viewing a property,” says Andy Marshall, Zoopla’s Head of Commercial.“With this in mind, we have no doubt that the number of listings with 360-degree tours available will grow as agents and developers work to meet this demand.”Many estate agents in the UK are either offering virtual or video tours, or completing appraisals via smartphone apps, to try and keep instructions, reservations and offers rolling in.The latest to achieve this is Savills, which ran an advert in the Sunday Times last weekend promoting its ‘online viewings’ at the Barts Square new-build development in the City, while Galliard recently launched its third development offering fully immersive 3D tours.Two mindsets“I think there are two mindsets here – agents who just want to hibernate until it’s all over, and those who want to keep going and use virtual viewings to carry on,” says Mikus Opelts of virtual viewings firm Giraffe.He says the return to normal trading is likely to take place in stages and that even if buyers remain reluctant to do one-on-one viewings after restrictions are relaxed, agents will be able to once more start filming them again.But it’s not just viewings that agents are offering. Many are also using virtual appraisals and valuations to gain instructions including Winkworth. Last week it began offering free video valuations via 45 of its 100 offices in London, Hampshire and Kent.This is not high tech, though; Winkworth is using online virtual meetings technology such as Zoom, FaceTime or WhatsApp to complete the virtual appraisal tours.But it’s the only option agents have at the moment who can’t access properties; existing resale properties with owners living in them cannot be visited under the government’s lockdown regulations, leaving room for only vendors’ own ‘tours’ recorded on smartphones, an opportunity Purplebricks has been trying to exploit. This leaves only empty newbuild homes as a viable virtual viewings option for the time being for freshly filmed tours.Read more about virtual viewings.Mikus Opelts Giraffe Giraffe360 virtual tours winkworth April 21, 2020Nigel 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
Estate agents face major changes to the way leasehold properties are described, managed and sold following the publication this morning of radical proposals by the Law Commission, whose job it is to recommend to government when legal processes should be overhauled.The Commission’s separate reports on key areas of property ownership – leasehold enfranchisement, the right to manage and commonhold – recommend reforms of the leasehold system and its replacement with a revived commonhold tenure.Professor Nick Hopkins, Commissioner for property law says: “The leasehold system is not working for millions of homeowners in England and Wales. We have heard how the current law leaves them feeling like they don’t truly own their home.”Improvements would make it easier and cheaper for homeowners to buy the freehold or extend their lease, and to take control of the management of their block of flats or an estate.The Commission suggests that all new lease extensions would be 990 years, instead of the current 90 years for flats and 50 years for houses, and that there should be no ongoing ground rent.Legal costsUnder its reforms, landlords would not be able to pass on their legal costs during the enfranchisement process.In its commonhold report, the commission makes recommendations that would make it not just a workable alternative to residential leasehold, but the preferred alternative.“The Law Commission reports are a nail in the coffin for predatory commercial interests seeking to exploit the feudal leasehold system,” says campaigning group the Leasehold Knowledge Partnership.Industry reactionMark Hayward, Chief Executive, NAEA Propertymark (left) : “We have long called for action to be taken to help leaseholders who have been misled and treated unfairly so it is really positive to see the law commissions report today.“For too long, housebuilders and developers have not been transparent enough about what it actually means to buy a leasehold property, which in turn has meant many owners have been faced with escalating ground rents and unreasonable fees, leading them into financial difficulty.“In 2017 we argued for leasehold reform through our ‘Leasehold: A Life Sentence?’ report which found that 93 per cent of respondents wouldn’t purchase another leasehold property.“It’s vital that the proposals laid out in today’s report lead to actions as soon as possible to give some hope to those who are currently trapped in leasehold properties with no easy route out.”Government reactionThe Government tasked the Commission to study the sector which it said, “has far too many problems including disproportionate costs to extend leases; poor value property management; and a slow and costly sales process”.“We will carefully consider the Commission’s recommendations, which are a significant milestone in our reform programme, as we create a better deal for homeowners,” says housing minister Luke Hall.Read the reports in full.Read more about the likely effect on block management.Law Commission leasehold commonhold July 21, 2020Nigel 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 » Huge shake-up of leasehold proposed by Law Commission previous nextRegulation & LawHuge shake-up of leasehold proposed by Law CommissionAfter months of debate and deliberations, the statutory body that works on legal improvements says system needs total overhaul.Nigel Lewis21st July 202006,346 Views