Oil & Gas UK in final tax change push ahead of Autumn Budget

September 28, 2020

first_imgOil & Gas UK, a trade association for the UK offshore oil and gas industry, has made its final case for a tax change ahead of the UK Autumn Budget set to be presented to Parliament on Wednesday. The UK Government has a limited window of opportunity to introduce a tax change with the Budget that could save the UK taxpayer millions of pounds by deferring the decommissioning of mature oil and gas fields, Oil & Gas UK said on Sunday.The trade body believes it is vital that the tax history is transferred from seller to buyer when UK North Sea assets are sold on.Enabling transferable tax history in the upcoming Autumn Budget would attract new investors and help unlock more deals in late life assets in the UK North Sea, said the trade body. This could prolong the life of mature fields by many years and save Treasury an average of £10 million per asset in deferred tax relief.Currently, the history of tax paid remains with the asset’s original owner even if the asset changes hands. But tax paid has a bearing on final decommissioning costs when the asset comes to the end of its productive life.Oil & Gas UK analysis of 23 UK asset transfers since 2011 reveal that deals have extended field life by almost five years on average. Some fields have gone on producing for up to an extra 14 years, generating additional value to the Exchequer and providing continued highly skilled employment across the UK. Deirdre Michie, Chief Executive of Oil & Gas UK, said: “Enabling tax history to be transferred between seller and buyer will ensure we encourage investment into late life but still highly productive assets and so help to extend the life of the basin.“Transferable tax history would boost the number of mature field deals we are seeing in the North Sea. This, in turn, would help bring fresh investment into the basin, generate new production and provide extra tax revenues for Treasury.“Mature assets are attracting interest from investors who see the competitive opportunity that the UKCS continues to offer. However, the current tax position is proving to be a blocker to potential deals and that is why it is important that HMT acts to facilitate and support further deals. With decommissioning activity forecast on 214 fields on the UK Continental Shelf to 2025, there is no time to waste.”Oil & Gas UK and industry has had discussions with government officials and has also set out its requests of HMT in a letter to Chancellor Phillip Hammond.Michie added: “Government has done a great deal to improve the fiscal regime and helped to make the UK Continental Shelf one of the most fiscally competitive oil and gas regimes in the world.“We believe we’ve made a compelling, evidence backed case for transferable tax history to be provided for by Treasury and now hope that they do what is needed to prolong the life of the North Sea which still holds billions of barrels of oil and gas and still supports hundreds of thousands of UK jobs.” Encouraging investmentlast_img read more

GALLERY: First steel cut for Aker BP’s new unmanned platform

September 28, 2020

first_img<span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span>Norwegian engineering and construction firm Kvaerner has cut first steel for Aker BP’s Valhall Flank West project development in the North Sea.The cutting of the first steel for the Valhall Flank West platform deck marked the beginning of construction, which will take place at Kvaerner’s Verdal yard in Norway.Norwegian oil company Aker BP submitted its plans for development and operations for the Valhall Flank West, Ærfugl, and Skogul fields to the Norwegian authorities in mid-December 2017.Several days later, Aker BP awarded Kvaerner a contract for delivery of the topside and steel jacket substructure for the Valhall Flank West project.Valhall is a giant oil field in the southern part of the Norwegian sector of the North Sea. The Valhall Flank West project aims to continue the development of the Tor formation in Valhall on the western flank of the field, with startup of operation in fourth quarter 2019.Valhall Flank West will be developed from a new Normally Unmanned Installation (NUI), tied back to the Valhall field center for processing and export.The contract awarded to Kvaerner was the first project in the Wellhead Platform Alliance, which was established in the spring of 2017 between Aker BP, Kvaerner, ABB and Aker Solutions.The steel substructure and the topside should be ready for delivery and sail-away from Kvaerner’s facilities in May 2019, and hook-up and commissioning on the field is scheduled for August 2019.An average of 450 people will work on the project at Kvaerner’s yard in Verdal. The activity will be at its highest in the autumn of 2018, when around 650 employees will be working on the project.Offshore Energy Today Stafflast_img read more

Top news, July 30 – August 5, 2018

September 28, 2020

first_imgMarineEnergy.biz has compiled the top news from marine energy industry from July 30 – August 5, 2018.Liverpool City Region approves £650,000 for Mersey project business caseLiverpool City Region Combined Authority (LCRCA) has approved £650,000 of funding to complete work on a business case for the proposed Mersey tidal energy project.According to information from the documents from the meeting held on July 27 – during which the funding was approved – the support will enable the completion of the full business case by November 2019.San Miguel Corp opts for tidal in 10GW renewable energy diveSan Miguel Corporation (SMC) has unveiled plans to make significant investments into renewable energy and energy storage initiatives in the next 10 years.The Philippine-based conglomerate plans, according to various local media reports, to invest in up to 10,000MW of renewable energy developments in the next 10 years.The technologies to be covered by SMC investment plans reportedly include hydro, wind, and tidal energy projects.Italians invest €1 million in Australian waveAustralian company Carnegie Clean Energy has signed an agreement with Enel Green Power (EGP) which will see the Italian party invest €1 million in the research, development and deployment of the CETO wave energy technology.EGP will also become a technical advisory committee member of both Carnegie and the Wave Energy Research Centre (WERC).The investment EGP committed to will be delivered across a number of milestones., while the companies will also work together to identify, develop, and invest in opportunities for CETO across Australia, Europe and internationally.Carnegie completes offshore survey on Albany wave siteCarnegie completed a survey whose purpose was to establish the offshore geology and suitable strata thickness to inform the technical and economic feasibility of the foundation design for the CETO 6 wave energy converter to be deployed at the Albany site.The survey was completed by EGS Survey based out of Henderson, using the vessel Business Class owned and operated by Empress Marine in the beginning of June 2018.last_img read more

SIMEC Atlantis Looking for New Team Members

September 28, 2020

first_imgSIMEC Atlantis Energy, a global developer of renewable and sustainable energy projects, is looking to recruit an operations engineer and a corporate finance associate.The operations engineer will lead the array performance monitoring, operation and maintenance for the company’s tidal energy project.The successful candidate is required to have a Degree in Mechanical Engineering or similar, or equivalent qualifications, the company noted.The closing date for all applications for this position is April 26, 2019.Furthermore, SIMEC Atlantis is looking for a corporate finance associate.The candidate will work closely with the chief financial officer, other employees across all our divisions, and third-party consultants to develop and maintain detailed financial models and assumptions books across the comapny’s portfolio.The candidate will also monitor key project financial management performance indicators, identify areas for improvement, develop solutions and adjust tactics, policies and procedures to improve project and portfolio financial outcomes among other things.SIMEC is looking for a candidate with at least 2 years’ experience in investment banking, funds management or financial advisory.The deadline for the application is May 17, 2019.last_img read more

Gloryholder to supply LNG fuel systems for four COSL PSVs

September 28, 2020

first_imgImage courtesy of GloryholderEPC provider Gloryholder has been awarded the contract to supply LNG fuel gas systems to be installed in four LNG-powered platform supply vessels (PSVs).Gloryholder said on Monday that the contract was signed with Dalian Liaonan Shipyard and the systems would be delivered during 2020.The four PSVs will be built for China Oilfield Services Limited (COSL) and will be classified by the China classification society (CCS).The company added that it would be responsible for the development and delivery of the complete LNG systems including engineering and delivery of one type C LNG storage tank with a capacity of 170 cbm with integrated tank connection space, LNG bunkering station modules, water-glycol system, commission, crew training, and on-site services.Liu Guoman, CEO at Gloryholder, said: “With this prestigious order, we enter a new segment within the shipping industry and appreciate the great trust and support received from shipowner and shipyard.“last_img read more

UK firms break into Chinese renewable energy market

September 28, 2020

first_imgAnakata has created Tus-Aero, a 50:50 joint venture company with Tus-Wind, to develop and supply its performance improving aerodynamic blade add-ons. Aleron Group, Miros Scotland, ZOEX Wave Power, along with Logan Energy, REOptimize Systems, Anakata Wind Power and Blueprint Subsea signed memorandums of understanding during a virtual ceremony hosted in Yantai City, Shandong province. Dr. Stephen Wyatt, ORE Catapult director of research and disruptive innovation, said: REOptimize Systems will collaborate with TORC on bringing a wind turbine performance assessment and optimization service to market in China. “The ocean energy industry in China is growing at 20% per year and will be the largest such market in the world over the next 20 years. Prof. Lars Johanning leads the HEU Yantai research activities and a leading academic in marine renewables in the UK. Specifically, his team will collaborate on developing an international partnership to develop marine renewables. Eight UK organisations have signed new agreements to develop and provide renewable energy technologies, services and research in China. ZOEX Wave Power will work with TORC to identify manufacture as well as demonstration partners in Asia. They should consequently take their technology to the Chinese offshore wind market, set to be the biggest by 2030. “Through TORC, our unique partnership between ORE Catapult and Tus Wind, we can provide the necessary support to ensure these companies succeed in China.” Senior vice president, Tus Holdings and Chairman of TORC, Charlie Du, also said: Miros Scotland provides sensors and systems for environmental monitoring to the global offshore and maritime industry. Blueprint Subsea aims to deliver its expertise in design and manufacturing for the offshore, subsea and commercial diving markets. These innovators are supported by TORC, the joint venture between UK’s ORE Catapult and China’s Tus Wind. Logan Energy delivers expertise in hydrogen and fuel cell technologies across the UK and Europe. Aberdeen-based ROV specialists Aleron will bring their MultiRov product to the Chinese market. In addition, a new research partnership has also been formed, between TORC and Harbin Engineering University (HEU) /Exeter University. “Supporting, nurturing and developing the world’s leading marine science expertise and technology from both the UK and China will play an instrumental role in driving the world’s economic recovery from the Coronavirus.”last_img read more

Port of Hamburg’s cargo volumes hit by COVID-19

September 28, 2020

first_img  “With its cargo-handling terminals, logistics and service providers, and its hinterland transport services, the port remains fully operational,” Mattern added. Germany’s largest universal port, the Port of Hamburg, felt the negative effects of the COVID-19 pandemic in the first half of this year. General cargo handling was 12.2 per cent lower at 42.5 million tonnes, bulk cargo handling 11.7 per cent down at 18.7 million tonnes. Both the main elements of throughput were hit, being well down on last year’s excellent figures. Imports saw the largest volume fall on the previous year. These were 16.3 per cent lower in the first six months at 33.7 million tonnes, being considerably weaker than exports totalling 27.5 million tonnes, the downturn here being limited to a single-figure 6.1 per cent. In the container handling segment, a total of 4.1 million TEU – 20-ft standard containers – were shifted across the quaywalls, a 12.4 per cent fall on the previous year. This was due to the slowdown of the Chinese economy and the consequent cancellations of sailings. Image Courtesy: Port of Hamburg/Falcon Crest Air For the next few months, Axel Mattern and Ingo Egloff, his fellow CEO, assume that initially, the Port of Hamburg can adapt to a continuation of blank sailings and a slow recovery in total throughput. center_img “Owing to the weakness of the world economy and some withdrawals or considerable delays of global supply chains, as expected the effect turned out to be more severe in the second quarter than in the first three months.” Despite challenges, the port continues to provide cargo-handling and logistics services on a 24/7 basis. “We are naturally not pleased about this trend, but the drop in first-half throughput caused by the pandemic seriously affected all ports in Northern Europe,” Axel Mattern, Joint CEO, Port of Hamburg Marketing, commented. In the first six months of 2020, seaborne cargoes loaded/discharged at its terminals totalled just 61.2 million tonnes, representing a 12 per cent downturn compared to 69.6 million tonnes reported last year. “In the past two months, a stabilization of vessel sailings has been achieved. With the economy in China and Europe gradually picking up, I am confident that we have meanwhile reached the lowest point of the fall in seaborne cargo throughput caused by the pandemic, and will see a first noticeable recovery and improvement in the situation by the end of the year,” Egloff said.last_img read more

WHO CARES? Media Coverage

September 27, 2020

first_imgNewstalk ZB with Mike HoskingInterview with Dr Sigman  LISTEN HERE or HERERadio Live with Marcus LushInterview with Dr Sigman   LISTEN HERE or HEREClose Uphttp://tvnz.co.nz/close-up/daycare-debate-video-4714907Radio Rhema Breakfast with Aaron IronsideInterview with Bob McCoskrie   LISTEN HERETV3 SunriseInterview with Bob McCoskriehttps://www.familyfirst.org.nz/2012/02/family-first-on-tv3-sunrise-re-daycare-report/Dominion PostCritics dispute Family First findings on day carehttp://www.stuff.co.nz/national/education/6380025/Critics-dispute-Family-First-findings-on-day-careOtago Daily TimesMums ‘harming their kids through daycare’http://www.odt.co.nz/news/national/197020/mums-harming-their-kids-through-daycareTVNZMothers ‘undervalued’ for childcare contributionhttp://tvnz.co.nz/national-news/mothers-undervalued-childcare-contribution-4713949Expert dubs childcare report ‘oversimplified’http://tvnz.co.nz/national-news/expert-dubs-childcare-report-oversimplified-4713949Advocacy group defends hard hitting childcare reporthttp://tvnz.co.nz/national-news/advocacy-group-defends-hard-hitting-childcare-report-4713949Newstalk ZBChildcare report misses economic realityhttp://www.newstalkzb.co.nz/auckland/news/nbnat/495846152-Childcare-report-misses-economic-reality3 NewsDaycare detrimental to kids – Family First reporthttp://www.3news.co.nz/Daycare-detrimental-to-kids—Family-First-report/tabid/423/articleID/242141/Default.aspx#ixzz1ljN5WgAvDaycare study ‘dangerously alarmist’ – ECChttp://www.3news.co.nz/Daycare-study-dangerously-alarmist—ECC/tabid/423/articleID/242172/Default.aspxNZ HeraldMums harming kids through daycare – reporthttp://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10784082MSN NZDaycare use comes under firehttp://health.msn.co.nz/healthnews/8415626/daycare-use-comes-under-fireRotorua Daily PostPoll: Is Daycare harmful?http://www.rotoruadailypost.co.nz/news/poll-daycare-harmful/1264613/NZ Newswire / Yahoo NewsDaycare use comes under firehttp://nz.news.yahoo.com/a/-/top-stories/12839055/daycare-use-comes-under-fire/Early Childhood Council ResponseFamily First study ‘misleading’http://nz.news.yahoo.com/a/-/top-stories/12840275/family-first-study-misleading/The question for the ECC is – why don’t they report or even acknowledge the growing amount of bioscience research which is finding high cortisol levels and other negative outcomes of long and early childcare.SKY News Unavailable onlineMaori TV Tomorrow!last_img read more

Concern over sex ed programmes

September 27, 2020

first_imgNewstalk ZB 2 July 2012There’s a call for the Government to withdraw funding from the sex education programmes run by Family Planning and Rainbow Youth. Family First says these organisations resources and websites fail to tell the full facts and compromise the safety of young people. Spokesman Bob McCoskrie says their material is basically saying that as long as you use a condom, you can pretty well do what you like. “And it doesn’t matter in terms of promiscuity or experimentation or fringe behaviours, and there’s very little mention about the physical or emotional effects or prevention of disease. We think kids deserve this information.” Mr McCoskrie says the current approach to sex education has been a failure, with New Zealand having one of the highest teenage pregnancy rates in the OECD.http://www.newstalkzb.co.nz/auckland/news/nbedu/725256848-Concern-over-sex-ed-programmeslast_img read more

Dad finds way to block Facebook

September 27, 2020

first_imgStuff.co.nz 1 Sep 2012Hyde’s 13-year-old daughter goes to log into Facebook and, wham! She gets a yellow-and-black screen instead. She’s been blocked, Face Block-ed.Hyde, a Nelson software designer, has created an application that lets people block Facebook in their homes for an hour, with the press of a button.“She hates it,” Hyde said.Face Block was among the business ideas put to New Zealand entrepreneur and technology guru Rod Drury during a public event in Nelson a couple of weeks ago.Hyde, who is hoping to have the application available to the public by Christmas, said the more he talked to other parents about reducing their children’s Facebook use, “the more extreme solutions I started to hear”.These included unplugging the router and locking it in the car and changing their wi-fi passwords on a daily basis, “like you might do at a motel or campsite”.“This is an easier way,” he said.Face Block disables people’s Facebook access for an hour, and then it comes back on.“You don’t have to do anything else. They will squeal for a few seconds and get on with their homework and then later in the day they can go back on Facebook – and if they abuse it, it can go off again.”Hyde developed the software because he was sick of his daughter rushing through her meal to get back on to Facebook, or being on the social networking site on Saturday mornings instead of getting ready for netball.He said he was not against Facebook – “I think it’s great”, but it had its place.http://www.stuff.co.nz/technology/7594087/Dad-finds-way-to-block-Facebooklast_img read more