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.
There are dozens of translations of “The Odyssey,” the ancient epic poem credited to Homer, yet Emily Wilson’s is the first by a woman into English.“We should be shocked that the English-speaking world hasn’t had a translation by a woman,” Wilson said during a recent visit to Harvard. “Slightly more women than men get Ph.Ds. in the classics in the U.S., and yet the vast majority of translations that readers read in English for classics are by men. This is an issue, and we should talk about it.” c.800-600 BCE In a manner that remains obscure and controversial, “The Odyssey,” attributed to Homer, emerges from oral tradition. 1961 CE Four years before being named the Boylston Professor of Rhetoric and Oratory at Harvard, poet and Greek translator Robert Fitzgerald publishes some of the most acclaimed and widely read translations of Homer’s poetry, still considered the academic standard by many. 1879 CE Conservative Homeric scholars Andrew Lang and Samuel Butcher collaborate on a prosaic translation that, while archaic, is heralded for its attractive language. 1791 CE Poet and hymnodist William Cowper translates “The Odyssey” into blank verse — metered poetry without a rhyme scheme. 1900 CE In the foreword to his prosaic translation, writer and social critic Samuel Butler posits a theory that “The Odyssey” was actually written by a Sicilian woman, citing geographical descriptions, the plethora of strong female characters, and the otherwise two-dimensional male characters other than the epic’s namesake. 1887 CE Influential artist and activist William Morris publishes a well-received translation in two installments. 1615 CE As the Renaissance reaches England, Shakespeare contemporary George Chapman publishes “The Odyssey” in iambic pentameter. It is a rousing success, and quickly becomes the English standard for the next century. Important translations of Homer’s Odyssey “The Odyssey” has been published in English dozens of times since the 15th century, but some are notable for their literary quality, authorship, or offering a new perspective on the influential text. 1726 CE Luminary poet Alexander Pope secretly employs two co-translators to write the epic in heroic couplets — rhyming iambic pentameter. His translation, more accessible than its predecessors, is a huge success, becoming the new standard until the 20th century. 1675 CE Famed philosopher Thomas Hobbes translates “The Odyssey” using a rhyme scheme, though the rhymes are often imperfect. 1996 CE Princeton Professor Robert Fagles translates the epic using contemporary language that is praised for being politically correct and more sympathetic to the female characters. Sources Study.com; Kenyon Review 2017 CE More than 400 years after the first English translation, Emily Wilson, a professor of classical studies at the University of Pennsylvania, becomes the first woman to publish a translation of “The Odyssey” in English. The British classicist, who teaches at the University of Pennsylvania, gave a lecture earlier this month titled “Translating ‘The Odyssey’: Why and How.”“It’s very visible to me how misogynistic some of these translations are, and not because they were consciously imposing misogyny, but they had some unconsidered biases,” Wilson said before her talk. “Men are never asked about their gender, and this omission is seriously distorting. It’s very clear gender has an impact on men’s work.”To a crowd in Sever Hall, Wilson, who first fell in love with the Greek tale from the eighth century B.C. at a staged production at her elementary school, made her case with side-by-side comparisons of her work with past translations. In one example, she compared the opening lines of Chapter 5, when the goddess of dawn awakes. She noted the 1614‒16 translation by George Chapman: Aurora rose from high-born Tithon’s bed, That men and Gods might be illustrated.That translation empowers the man with ownership of the bed. Similarly, Alexander Pope’s 1725 version — The saffron morn, with early blushes spread, Now rose refulgent from Tithonus’ bed — reads as if the goddess were doing a “walk of shame.”The best-selling modern translation by Robert Fagles from 1996 — As Dawn rose up from bed by her lordly mate Tithonus / bringing light to immortal gods and mortal men — suggests the only mortals are men.Like Chapman and Pope, Wilson used iambic pentameter. Her version of these lines is: Then Dawn rose up from bed with Lord Tithonus / to bring the light to the deathless gods and mortals.Wilson spent five years working on the more than 12,000-line poem, explaining that she aimed for a stylist register that would reflect the tension between poetic artifice and clarity. Her translation features words and phrases such as “pep talk,” “stuck up,” and “tote bag.” She explained her decision to avoid bombastic, archaic, or unidiomatic language by saying that such literary tricks don’t get closer to the original.,Wilson spoke at Harvard at the invitation of Richard F. Thomas, George Lane Martin Professor of the Classics. Before the lecture, students held a Homerathon, a marathon reading of “The Odyssey,” in Barker Café. Organized by Dean of Arts and Humanities Robin Kelsey’s office and his student board, the event brought together 42 faculty, staff, and students to read 70 excerpts over seven hours. Classics professor David Elmer chose verses from a dozen English translations, beginning with Chapman and Pope and including William Morris (1887) and T.E. Lawrence (1932). The day ended with Wilson reading her translation.“The experience of hearing all of these versions is very Odyssean,” said Elmer. “The different translations are like the many disguises of Odysseus. It also felt appropriate to end with Wilson. Her reading included the final intervention by the goddess Athena, who directs the events of the plot. I loved the fact that the voice of Athena, the divine author, could be brought to life by the first woman to publish an English translation.”Lauren Spohn, an English concentrator who helped organize the Homerathon, said she first fell in love with “The Odyssey” in Humanities 10 with David Carrasco, the Neil L. Rudenstine Professor of the Study of Latin America.,“On the first day, he asked students to tell their mother’s mother’s name, what language she spoke, what her longest journey was, and the hardest journey she’d ever faced,” said the 20-year-old, who read from the Robert Fitzgerald (1961) and the Fagles translations. “That just made me think: What’s my odyssey? And what will it be for the next four years? It’s a great story on so many levels because it’s so applicable in so many parts of our lives.”Reading first in ancient Greek, then in English, sophomore Ben Roy said the public recitation made Homer’s language as relatable as the story.“This is an oral tradition, so I think it’s especially relevant. We study the text, but it’s never meant to be told in that form,” the 20-year-old said. “There’s a certain simplicity to ‘The Odyssey.’ It’s meant to be easy to understand.”Roy, who is concentrating in the classics, was thrilled to hear Wilson close the Homerathon.“It’s a text that has been translated many times. Each translator’s own life comes through the text. The more variety among translators, the more different aspects of a life will come out. Being a woman, she has had different experiences from other translators. Her translation brings out what others have overlooked.”
This acknowledges that most dispersion between emerging market stock returns is due to country factors. It has certainly been true in the past that one characteristic of emerging market stocks was the generalisation that they were more highly correlated to their local stock market than their global sector allocation.While this tendency has grown more muted over the last couple of decades, the dispersion across emerging markets in the immediate aftermath of the US election was quite striking. Russian stocks climbed 20% between 8 November and mid-February, while Polish and Egyptian equities were up about 12% over the same period. Mexican stocks fell 12%.Are emerging markets riskier than developed? Economist and entrepreneur Jerome Booth always likes to proclaim that the difference between the two is that, in emerging markets, risk is acknowledged and discounted, while developed markets suffer from a misperception of risk.From a developed market investor point of view however, as Subramaniam points out, single-country emerging market portfolios can remain riskier than their developed market counterparts by one important measure: currency risk. MSCI finds that in many countries, over 40% of market volatility arises solely from currency effects.Yet what Subramaniam does not point out in his article is that developed markets also see tremendous volatility from similar sources. The Brexit vote caused sterling to fall almost 20% against the dollar and has every chance of falling much further. The long-term survival of the euro is also at risk with political uncertainties sweeping across Europe.While currency risk is inherent in any emerging market transaction, it is also present in a developed market transaction outside the home market. The management of this risk is primarily through diversification across the universe of emerging markets. But as the divergence between developed and emerging markets grows stronger, the rationale for having separate passive global emerging market mandates may become weaker.Subramaniam argues that the divergence in results across emerging markets suggests that, as emerging markets mature and both country and currency effects widen, institutional investors can implement more active mandates to take advantage of the differences. Provided, that is, they are willing to accept the risks.Perhaps the greater problem investors have faced in emerging markets, however, has been the volatility associated with large scale flows into and out of global emerging market exchange-traded funds, which have pushed markets both up and down. For long-term institutional investors, perhaps such volatility should be discounted – and investment decisions made on assessments of fundamental valuations rather than fund flows. That would suggest treating major emerging markets such as China and India as separate investment destinations in their own right, much as Japan has been considered for the past three or four decades.What is clearer is that passive global emerging market allocations based on a market cap weightings give institutional investors excess volatility associated with fund flows rather than fundamentals. Perhaps it is time for a more intelligent approach. MSCI in a recent note raised the issue as to whether it is time investors re-examined their approaches to investing in emerging markets.Raman Aylur Subramanian of MSCI’s equity applied research team makes the point that institutional investors face at least three choices in their allocations to emerging markets. They can allocate to an integrated, global equity approach (active or passive). They can adopt a dedicated emerging markets allocation. Or they can make active allocations to particular countries within emerging markets.There is a long-term structural change in the world which can be seen as the narrowing of the arbitrage between emerging markets and developed. There are many different manifestations of this, including the rise of the domestic consumer within emerging markets, and the increasing role of trade flows within emerging markets, compared with trade flows between emerging markets and developed.Then there is what MSCI themselves raise in Subramaniam’s article, namely the convergence of return and risk profiles between developed and emerging markets. Combined with the dispersion between countries within emerging economies, this means that some institutional investors are reconfiguring mandates to take more active views on individual countries.