It is important to note that there are four key business characteristics of upstream oil and gas activities. They are:* High financial risk with high financial returns for the developer;* A highly regulated industry;* An industry impacted by global politics;* Very technology intensive industryThe upstream industry is arguably the most complex of all the oil and gas business sectors. There are many risks and unknowns in the exploration process, but when you hit oil in commercial quantities (as happened in Guyana), the developer can make billions based on the contract. In Guyana’s case, hundreds of millions of dollars were spent by the developers (Exxon/Hess/CNOOC) and many years invested in the process. Remember, it took 22 years for the developers to move from signing the exploration contract with President Janet Jagan to real oil in 2021.The upstream industry is regulated in terms of production, access to the reserves, pricing and taxation and some very stringent environmental regulations. In 2016, the Obama Administration issued a comprehensive set of new rules governing offshore drilling by American companies, after the Deepwater Horizon disaster that killed 11 rig workers and spewed millions of gallons of raw oil into the Gulf of Mexico. Those Obama regulations brought a renewed focus on the blowout preventers (BOP) that we spoke about last week (the device on the seabed that can seal off an offshore oil and gas well in the case of an emergency and prevent uncontrolled leaks). What is of critical importance is that the US Government mandates that the BOP be broken down and inspected every five years. In addition, today by law the oil companies have to hire onshore experts to monitor the seabed in real time for any leaks.Upstream is also a global business. After two years of a low-price environment, a potential rebalance of the market is underway thanks to OPEC’s decision to cut production to bolster prices. But the increases in the oil prices have been sluggish at best mainly because of three reasons:1. There is a large amount of oil stock to work through globally that is held in reserves.2. The return of shale oil production. With a price above US$50 a barrel, fracking is back (the EIA project a price of US$60 per barrel by 2019 – see graph below).3. There is a huge increase in the production of renewable energy in the major oil consuming nations and this has dampened the growth in the demand for oil and gas. The production of renewable energy is expected to double by 2030.Finally, as we have seen in the previous column with the development of unconventional prospects, especially in off shore exploration, upstream oil and gas activities can be extremely capital intensive with much technology that requires less manpower compared to other kinds of economic activities.So who are the main players in upstream activities? The four main categories of participants in the upstream sector are the majors, the National Oil Companies (NOCs), the independents and the oilfield services companies.Major oil companies are those integrated oil companies that operate assets in all segments of the industry for example Exxon. The NOCs are those industry participants that are owned and managed by governments, for example, SAUDI ARAMCO. The Independents are usually smaller oil and gas companies that restrict themselves to a specific segment of the oil and gas industry and are not integrated like the Majors (for example CGX).The oilfield services companies are important and often the most misunderstood part of the business. This sector includes those companies that provide specialised equipment, services and technical skills needed for a particular segment of the operations. Oilfield services companies do not normally produce oil and gas or own assets that do this sort of thing. At a typical well site, there are some 30 oilfield services companies working along side the developer to extract the oil and gas from the well.Next week I was supposed to commence discussing the midstream segment of the oil and gas industry but I will pause on the series because of some major mid-year national financial developments that have happened in the Guyanese economy. We shall re-commence this oil and gas series sometime in September 2017.
SIMI VALLEY — Just down the hill from the Reagan Library sits a cactus and brush-covered slope of 140 acres surrounded by horse ranches, avocado orchards and farmland — and a debate is building over its future. On one side is Cornerstone Community Church, which wants to build a garden-like religious complex its leaders say will fit well into the Tierra Rejada Valley greenbelt just west of Simi Valley. On the other side are some community leaders who are concerned about the size of the project and its impact on the greenbelt, which was set up by Ventura County and the cities of Simi Valley, Thousand Oaks and Moorpark to preserve open space separating the cities. Some of those officials also have expressed concern about a church request for an exemption from greenbelt requirements and requirements of the county’s Save Open Space and Agricultural Resources initiative. The church leaders say they might not be subject to these rules because of federal Religious Land Use and Institutionalized Persons Act protections and have asked county officials to consider that federal law in the development application. The proposed development — which was recently submitted to the county and is months away from any kind of vote — would include a new church complex with a 5,000-seat amphitheater, a multipurpose hall with a capacity for 1,000 people, a Bible college and headquarters for the Children’s Hunger Fund, now based in Pacoima. “We are proposing to do something green in the greenbelt,” said Rick Parkinson, project manager for the proposed development, adding that the buildings (with mission-style architecture similar to the Reagan Library) would be on less than 3 percent of the property. “From our point of view it would complement the theme of the greenbelt.” The site is just east of the area where a paintball park is now located, and the land is zoned for open space with one home for every 40 acres. The Reagan Library is at the top of a hill to the southwest. Besides the paintball park, the site for the proposed project is surrounded by open hills, with nearby nurseries, a private preparatory school, farmland, hillside homes and the library. “Our desire is to be a blessing to the community,” Parkinson said. “No portion of the area that we are proposing to develop is visible to the Reagan Library. It’s a little valley. It’s difficult to see this site unless you are right upon it. You can’t see it from the 23 Freeway.” Mark Lunn, a spokesman for county Supervisor Peter Foy, who represents the area in question and has a ranch in the Tierra Rejada Valley, said Foy would not comment at this point because the issue hasn’t been fully reviewed by county staff. But some local officials are voicing concerns. “This would be a huge complex in the greenbelt when we are all looking at how to protect the area,” said Linda Parks, chairwoman of the Board of Supervisors and a leading backer of the SOAR controls and the Tierra Rejada greenbelt restrictions. Parks is also a member of the Local Agency Formation Commission and is working with city officials in Thousand Oaks, Simi Valley and Moorpark to tighten the Tierra Rejada Valley greenbelt restrictions. “I’d be very surprised if any of the public agencies support (this church development proposal) because our goal is to preserve that area,” Parks said. “This is the antithesis of open-space preservation.” The church was established 13 years ago with a Bible study group in Simi Valley of about 20-30 people and has grown into today’s church with a weekly attendance of 3,000-4,000, with four services from Saturday evening through Sunday morning. — Eric Leach, (805) 583-7602 email@example.com 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!
Jamal Blackman Chelsea goalkeeper Jamal Blackman is on trial at Standard Liege, according to reports in Belgium.The 22-year-old is yet to play for the Blues’ first team, with his only appearance in senior football coming during a loan spell with Middlesbrough in 2014.He is no closer to breaking through at Stamford Bridge with Thibaut Courtois, Asmir Begovic and Marco Amelia all ahead of him in the pecking order.And now Het Laaste Nieuws has reported that Blackman is on trial at Liege with a view to a loan spell, in order for the England Under-19 international to play some regular first-team football. 1
AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGame Center: Chargers at Kansas City Chiefs, Sunday, 10 a.m.Brazil was the only candidate for the 2014 World Cup because the rotation system meant it had to be played in South America. Colombia had said it would bid, but pulled out in April. “If you think the task of FIFA was made easier because Brazil was the only candidate, it’s not true,” FIFA president Sepp Blatter said. “For us it was a real challenge to have the same list of requirements, the same recommendations and conditions for only one candidate, than we had two. Perhaps we put the bar higher than if there had been two.” After announcing Brazil as the 2014 host, Blatter handed the World Cup trophy to Brazilian President Luiz Inacio Lula da Silva, who flew in for the event. “Soccer is not only a sport for us. It’s more than that,” Silva said. “Soccer for us is a passion, a national passion.” He added: “If everything works out well, we will win once again a World Cup.” From news services The country with the most World Cup titles will finally get another chance to win one at home. Brazil, which has won a record five World Cups, was awarded the right to host 2014 tournament Tuesday by FIFA’s executive committee in Zurich, Switzerland. The South American country hosted the competition once before, losing to Uruguay in the 1950 final. The unanimous vote came on the same day the 2011 Women’s World Cup was awarded to Germany. Germany, the host of the 2006 men’s World Cup, beat out Canada. In Brazil, 50 mountain climbers hung an enormous national team jersey bearing the slogan “The 2014 World Cup is Ours” from majestic Sugar Loaf mountain in Rio de Janeiro. At the Maracana Stadium, workers spread jerseys across the field reading, “The new Maracana is ours and so is the 2014 World Cup.” Tommy Robredo and Tommy Haas were taken to three sets before winning second-round matches at the Paris Masters and keeping alive their hopes of qualifying for the Masters Cup. Spain’s Robredo saved four break points in the third set before beating France’s Gilles Simon, 6-4, 2-6, 6-4, and Germany’s Haas beat Serbia’s Janko Tipsarevic, 6-3, 6-7 (5), 6-3. The last two open spots in the eight-man Masters Cup will be filled this week in Paris, and the chances for eighth-place Haas and ninth-place Robredo improved when seventh-place Fernando Gonzalez of Chile lost. Roger Federer, Rafael Nadal, Novak Djokovic, Nikolay Davydenko, Andy Roddick and David Ferrer have qualified for the Shanghai event, which starts Nov. 11. ETC.: Andy Murray slightly hurt his back in a car crash while heading to his Paris hotel. The 12th-ranked Murray was with coach Brad Gilbert on Monday in heavy traffic when another car went into the back of their car. Murray said his back pain was nothing serious. … Hall of Famer Pete Sampras will play an exhibition match against a current ATP Tour player as part of the SAP Open in February. Sampras (Palos Verdes High), who retired after winning his record 14th major singles title at the 2002 U.S. Open, will play Feb. 18. Tennis College basketball Assistant coach Rob Senderoff resigned amid a telephone recruiting scandal that already has cost Indiana one basketball scholarship and Coach Kelvin Sampson a $500,000 pay raise. The NCAA is still conducting its own investigation, which could lead to further sanctions. The report, which does not accuse Sampson of any direct NCAA violations, details more than 100 impermissible recruiting calls, most of them by Senderoff. At least 10 of them were three-way calls that Sampson had been patched into, and another eight included incoming calls that couldn’t be identified. ETC.: Tennessee sophomore Wayne Chism was hospitalized after being knocked unconscious when a teammate struck him in the head with an elbow during basketball practice. Preliminary tests came back negative but more were being conducted, spokesman Craig Pinkerton said. The center, one of four returning Volunteers starters, was expected to be held overnight for observation. McLaren test driver Pedro de la Rosa met with an Italian prosecutor investigating the Ferrari spy scandal. De La Rosa spoke to Modena, Italy prosecutor Giuseppe Tibis about the alleged e-mails containing secret engineering details that the McLaren drivers could access, according to the ANSA news agency. McLaren driver Fernando Alonso met with prosecutors Oct. 9. Neither driver is under criminal investigation, but they are considered to have knowledge of the facts in the case. Bantamweight Gary Russell Jr. and featherweight Raynell Williams qualified for the Olympics with convincing victories and built on the U.S. team’s momentum at the World Boxing Championships in Chicago. Russell Jr. outpointed fellow 2005 world bronze medalist Ali Hallab of France, 22-14, in the round of 16, while Williams was leading, 23-3, when his bout with Armenia’s Azat Hovhannisyan was stopped in the third round. ETC.: Cuban defectors and 2004 Olympic gold medalists Yuriorkis Gamboa and Yan Barthelemy won their first professional fights in the United States. Gamboa scored a sixth-round technical knockout over Brazil’s Adailton De Jesus at the Hard Rock Live Arena in Hollywood, Fla. an hour after Barthelemy won a unanimous decision over Kevin Hudgins on the same card. A regional board governing high school sports has banned football at a Stockton school that violated an order to bench three players from American Samoa because of recruiting violations. The unanimous decision by the board of the CIF Sac- Joaquin Section shuts down the football program at Franklin High for the rest of this season and the next two. The CIF will consider implementing a plan that would allow eligible football players from Franklin to play at three other schools in the Stockton Unified School District in 2008 and 2009, officials said. Nearly every main demographic group of top college athletes exceeds the graduation rate for its student-body counterparts. According to federal graduation rates released by the NCAA, 63 percent of Division I athletes who started college as freshmen in 2000 graduated in six years. That beats the graduation rate for all students at Division I schools by 1 percent and equaled last year’s percentage. White athletes had a 67 percent graduation rate, compared to 64 percent for white students overall. Black athletes also outperformed their student-body counterparts, 53 percent to 46 percent. A former Duquesne student pleaded guilty in Pittsburgh to helping two friends armed with guns get into a school dance the night five basketball players were shot and wounded. Brittany Jones, 20, was sentenced to two years of probation. A judge also ordered Jones to stay off the university’s campus and away from anyone with a gun. ETC.: University of Montana assistant men’s basketball coach Brian Marso has pleaded not guilty in Missoula, Mont. to a weekend drunken driving charge. Motorsports Boxing Prep football Miscellany Jurisprudence Deaths Sam Dana, who was the oldest living former NFL player and once played football alongside Lou Gehrig at Columbia, died in his sleep late Monday night in Buffalo, N.Y. He was 104. Dana had been living with his son, Bob Dana, in Buffalo before spending his final two years at McAuley Residence, an assisted living seniors center where he would regularly watch his beloved Buffalo Bills on television. He died because of complications from an infection. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!
SOMIS – Six days after a small plane crash that killed two members of a family of four, the family’s missing dog was found alive by the same pair of teenage brothers who first helped the survivors. Family friends had been searching for Lindsey, a 9-year-old Dalmatian who had been on the plane but was not found at the crash site. Rene Herrera, 17, and his brother Edgar Herrera, 15, had returned to the scene 35 miles north of Los Angeles Friday to show friends the place where they had pulled Robert Santoro, 43, and his 7-year-old son Dawson away from the flaming plane July 1. The brothers and their friends saw Lindsey in a ditch. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MORE11 theater productions to see in Southern California this week, Dec. 27-Jan. 2“We all started running towards the dog,” Rene Herrera said. “We all took turns cradling it like a baby and we took it home.” The dog had a ruptured diaphragm and a broken leg, and underwent surgery at a Santa Barbara animal hospital. Robert Santoro, who was flying the plane and was thrown from the aircraft along with Dawson before it came to rest, remained in critical condition in a Santa Barbara hospital after nearly having his leg severed in the crash, authorities said. – City News Service
AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREThe joys and headaches of holiday travel: John Phillips160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! NEWHALL – A group concerned about preserving the rights and benefits of veterans met Wednesday at the Historical Veterans Plaza in Newhall. The get-together was sponsored by supporters of Robert Rodriguez, a Democrat challenging U.S. Rep. Howard P. “Buck” McKeon, R-Santa Clarita, in the Nov. 7 election for the 25th District seat. Sheri Ruxton, 58, who has had family members in the military since the Revolutionary War, said she was there to protest “lip service” offered to veterans. “It’s a disgrace to see Congress wrapping themselves in the flag while they quietly pull benefits away from veterans,” she said. Organizers were particularly upset about McKeon’s recent dismissal of an amendment to the Military Family Support Act, which had been tacked on to the 2007 Department of Defense Authorization bill. The amendment would have directed federal agencies to allow employees caring for children whose parents are deployed in Iraq or Afghanistan to use leave donated by co-workers before using their own family leave. It also would encourage private-sector companies to grant employees paid leave to care for children of deployed troops. The proposal, authored by Sen. Russ Feingold, D-Wis., was approved by a voice vote in the Senate and referred to the House Education and Work Force Committee, chaired by McKeon. McKeon determined that the proposal was unnecessary because laws allowing flexible leave time are already on the books. “The secretary of labor has the ability to grant that now and there are pilot programs in place to help those families,” said Steve Forde, communications director for McKeon’s Washington office. “The supporters of the measure acknowledged that the language was already in place. The second portion of the measure was to direct federal employers to act, but they don’t fall under the committee’s jurisdiction.” Rodriguez’s supporters contend that this action is one of several by Congress against the interests of service members and veterans during McKeon’s term in office. Frank Ford, 78, a retired school administrator, has a son in the Army reserve and is concerned about veterans’ rights in general. He wants to make sure returning Iraq and Afghanistan veterans are provided health care to ensure their full recoveries. firstname.lastname@example.org (661) 257-5252
1 Mauro Icardo has been linked with a move to the Premier League, with Arsenal, Chelsea and Man United interested Arsenal, Manchester United and Chelsea target Mauro Icardo has no intention of leaving Inter Milan, according to his wife and agent.The Argentina striker is wanted by all three Premier League clubs thanks to his fine form at the San Siro.The 24-year-old scored 24 goals in just 34 Serie A appearances last season as well as three in seven in Europe – and he has already netted four goals in just two league games this season.As such, Inter slapped a £96m price tag on Icardi and that was enough to ward off any buyers during the summer transfer window.Now his wife and agent Wanda Icardi has revealed that her and the family look set to stay in Milan for the forseeable future.She told Telefe: “We’ve renewed his contract with Inter three times because when other clubs have wanted Icardi, the club have done everything to keep him, naturally by improving the terms of his deal!“Our relationship with their board is great, especially on a personal level. For example, when the girls were born, the club gave us a lot of gifts.“For us, as a family, it’s better for us to stay in Milan because the children want to stay there. That aside, Mauro’s very happy and he’s also the captain.“It’s not our intention to leave Milan, but of course, if Mauro changes city for work purposes, we’d follow him.”
With five daughters and a full-time job, Christmas shopping was the last thing on Bill Watson’s mind. But with the holiday falling on a Monday, procrastinators like him got an extra weekend to hit the malls and check names off their lists. “This is the first time I really had time,” said Watson, 44, of Malibu, pushing a shopping cart Saturday through the Westfield Topanga mall. “I could’ve been shopping at a 7-Eleven the night before.” Yet Saturday was not exactly the frantic consumer frenzy you’d expect. Sure, the mall service counter did swift business selling gift cards. And parking was tough to find everywhere. “Even with the handicapped placard,” said Rohan Mendis, 44, of Van Nuys, a shopper who uses a wheelchair, as he browsed the aisles at Best Buy in Canoga Park. While busy, the crowds were under control as visitors leisurely paced from store to store to the food court. A survey of Burbank Town Center and Northridge Fashion Center also found good-size crowds, but no last-minute panic. Gerry Harris, 33, of Reseda, said she finished most of her shopping last weekend. “I just got a gift card from my boss, and I had to use it,” she said. “There are still a few people I like to get stuff for.” It was also a chance to show her brother around town — Jim Jackson, 39, and his family were visiting from San Jose. “You get an opportunity to peoplewatch and maybe run into an old friend,” said Jackson, cradling Jessica, his 18-month-old daughter. “And she wants to go on the merry-go-round.” Carmen Lazar, 42, of Canoga Park, had 25 people on her list, though she was only carrying one shopping bag. “There are a lot of gift certificates,” she said. “That’s what happens with last-minute shoppers — they give gift cards.” Ernie Crisol, 22, of Van Nuys, who has been caught between work and classes at California State University, Northridge, hurried through the Westfield Topanga mall on Saturday, bags in hand. “Today’s the day,” he said. “Otherwise, I would give everybody IOUs: ‘I owe you something later.’” Martin Vargas, 36, of North Hollywood relaxed on a couch and took a break from shopping with his wife and daughter. “We’re just shopping ourselves and (for) relatives — there are three of us,” he said. “There’s four,” said Arlene, 6, correcting her father. “There’s doggie,” Vargas said. “We got him a bowl and Christmas clothes.” — Eugene Tong, (818) 546-3304 email@example.com AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWhicker: John Jackson greets a Christmas that he wasn’t sure he’d see160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!
Robbie Neilson believes the prospect of beating Hibernian in an Easter Road replay is even greater for Hearts than beating them first time around.The Jam Tarts relinquished a two-goal lead in their Scottish Cup fifth round tie against their Edinburgh rivals, with Paul Hanlon netting a stoppage-time equaliser.Neilson expressed his disappointment at the result, but says another derby clash presents its own unique opportunities.“I expect them to defend a 2-0 lead and to lose two poor goals at the end is disappointing, but it’s happened,” he said. “If the shoe was on the other foot we’d be delighted but the outcome is the same.“It’s another derby game, another money-spinner for both clubs, and a big one for the fans and you guys. Another full house, another game on TV. So, if we can get through that then it’s even better than winning it first time.“We’ll have (Igor) Rossi back from suspension, we’ll have (Jamie) Walker back in and (Abiola) Dauda up to match speed so we will go there stronger than we were today.”Neilson felt injuries hampered his side, although Hibs were also forced into taking off Dylan McGeouch and David Gray. “We had a couple of guys carrying knocks right through, Nicholson and (Miguel) Pallardo, but because we had to take (Prince) Buaben, (Alim) Ozturk and Djoum off, we didn’t have an opportunity to change it,” he said.“I think that had a little bit of a bearing on the game but I have played in these derbies before and it’s never over until it’s over. Especially in a cup game, when you’re 2-0 down you just go gung-ho and you can get a result out of it.“When it went to 2-2 we had a couple of good chances but we should have done that at 2-0.”
Operating a Vehicle While IntoxicatedWashington County Sheriff’s DepartmentKenneth Hurst, 48, Pekin City of Salem PoliceRicky Brooks, 61, Sacremento, Ky December 30 Washington County Sheriff’s DepartmentRichard Lee Squire, 49, Campbellsburg Out of County Warrant, Violation of Probation December 31Indiana State PoliceBonnie L. Lakes, 62, Salem Possession of Marijuana, Hash Oil, Hashish or Salvia Oil Operating a Motor Vehicle While Privileges Are Suspended With Previous Conviction