US BOEM to offer 14,594 exploration blocks in new Gulf of Mexico lease sale

first_img Nearly 78 million acres in the US Gulf of Mexico to be offered in Lease Sale 257. (Credit: wasi1370 from Pixabay) The US Bureau of Ocean Energy Management (BOEM) is planning to offer approximately 78.2 million acres in federal waters of the Gulf of Mexico’s Outer Continental Shelf (OCS), for oil and gas exploration and development in the next lease sale.Scheduled for March 2021, the proposed region-wide Lease Sale 257 will include approximately 14,594 unleased blocks in federal waters of the Gulf of Mexico.The proposed notice of sale represents the eighth offshore sale under the 2017-2022 Outer Continental Shelf Oil and Gas Leasing Program, which will see 10 region-wide lease sales with two lease sales to be undertaken annually.BOEM’s previous lease sale delayed due to Covid-19 pandemicBOEM is also scheduled the Lease Sale 256 on 18 November, which was initially scheduled for August 2020.However, due to changes in the oil and gas markets amid the Covid-19 pandemic, Lease Sale 256 was postponed to undertake the additional analysis.BOEM Gulf of Mexico Region director Mike Celata said: “Despite circumstances imposed by the coronavirus, we are confident that industry remains interested in acquiring new leases to support their portfolios.“The Gulf of Mexico is a world-class resource area that serves a key role in our nation’s energy security.”Excluded from lease sale are blocks that are near or beyond the US Exclusive Economic Zone in the northern portion of the Eastern Gap.It also excludes blocks within the current boundaries of the Flower Garden Banks National Marine Sanctuary.As per BOEM, the Gulf of Mexico OCS is estimated to hold nearly 48 billion barrels of undiscovered technically recoverable oil along with 141 trillion cubic feet of undiscovered technically recoverable gas in an area spanning nearly 160 million acres. The sale is the eighth offshore sale under the 2017-2022 Outer Continental Shelf Oil and Gas Leasing Programlast_img read more

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USS Freedom Welcomes Deputy Prime Minister Onboard

first_img View post tag: News by topic USS Freedom Welcomes Deputy Prime Minister Onboard View post tag: welcomes View post tag: Naval View post tag: Onboard View post tag: Defence View post tag: Defense View post tag: Minister July 14, 2013 View post tag: Freedomcenter_img View post tag: Navy Training & Education View post tag: USS Deputy Prime Minister Teo Chee Hean visited USS Freedom, July 12, while the ship was moored at Changi Naval Base.Mr. Teo, a former Republic of Singapore Chief of Navy, visited the U.S. Navy’s first-of-class littoral combat ship as she prepares to participate in Cooperation Afloat Readiness and Training (CARAT) Singapore next week – an annual bilateral exercise with the Republic of Singapore Navy in its 19th year. Mr. Teo also serves as Singapore’s Coordinating Minister for National Security and Minister for Home Affairs.“This is a wonderful opportunity to learn from each other,” Teo said of Freedom’s deployment to Southeast Asia and her participation in exercises and exchanges with regional navies, including the Republic of Singapore Navy (RSN). “I’m glad we were able to come aboard and see the ship.”The visit included a tour of Freedom’s bridge, mission control center, crew berthing spaces, mess decks, hangar, flight deck and boat ramp. Cmdr. Timothy Wilke, Freedom’s commanding officer, said the Deputy Prime Minister was impressed with Freedom’s use of space and minimal manning.“There are a lot of similarities between littoral combat ships and RSN frigates in terms of size, manning and capabilities,” Wilke said. “And as the first littoral combat ship deployed to this region, and the first to operate out of Singapore, Freedom is here to showcase its capabilities and learn from other navies that have operated comparable ships in the region.”Fast, agile, and mission-focused, LCS platforms are designed to operate in near-shore environments and employ modular mission packages that can be configured for three separate purposes: surface warfare, mine countermeasures, or anti-submarine warfare. Freedom deployed to Southeast Asia in March with an embarked MH-60R helicopter and the Surface Warfare Mission Package, which includes two 11-meter Rigid Hull Inflatable Boats (RHIB), 30mm guns, and boarding teams.“It’s always an honor to host such distinguished visitors, especially those who appreciate what we do,” said Chief Gunner’s Mate Steven Luken.Freedom is manned with a “Gold” crew of 91 Sailors, which includes mission package personnel and an aviation detachment to operate the embarked MH-60R helicopter. The ship will remain homeported in San Diego throughout this rotational deployment to Southeast Asia. Midway the deployment, a crew-swap will be conducted with her “Blue” crew.[mappress]Press Release, July 14, 2013; Image: US Navy Back to overview,Home naval-today USS Freedom Welcomes Deputy Prime Minister Onboard Share this article View post tag: Prime View post tag: Deputylast_img read more

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Fire on the Beach Seeks Wetter Ground Outside Ocean City

first_imgFire on the Beach restaurant on the 900 block of Asbury Avenue closed its doors Sept. 14 after one season in business in Ocean City, NJ.By Tim Zatzariny Jr.For OCNJ DailyAfter a successful first season in Ocean City, Fire on the Beach is moving inland.The owner of the popular new restaurant, Charles Coburn, said in an interview Friday afternoon that various factors played into his decision to leave downtown Ocean City. Among them was the chance to serve alcohol at its new location in Somers Point, since Ocean City is a dry town that does not allow BYOB.Coburn said he was recently approached by a group of investors who “came to us and said they want to see us in a much better location.”Although he would not disclose the exact location because negotiations are ongoing with the current property owner, Coburn said Fire on the Beach’s potential new home is a bayfront property in Somers Point with a marina. There’s a possibility the sale of the property will include a liquor license, he said.Fire on the Beach could open in its new location between mid-October and early November, according to Coburn.The restaurant served its last meal in Ocean City on Sept. 14.Faced with the prospect of slow business on the island during the fall and winter, “I decided it was better for us to close down and move rather than stay here in the off-season and struggle for the next two months,” Coburn said.The restaurant opened at 949 Asbury Avenue in April and quickly became known for bucking typical shore fare such as pizza and subs in favor of an offbeat menu built on ingredients sourced mostly from area farms and dairies. (Read more: “Fire on the Beach Burns Bright on Asbury Avenue“).Coburn said he and his wife Judy, who co-owns Fire on the Beach, were heartened by the support their restaurant received as the new kid in town.“We love Ocean City,” he said. “If we make this transition successfully and another opportunity presents itself, I would have no problem opening a seasonal restaurant in Ocean City. The people were great to us.”__________Sign up for OCNJ Daily’s free newsletter and breaking news alerts“Like” us on Facebooklast_img read more

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JBS proves a point

first_imgJBS Process Engineering (Market Deeping, Peterborough) has designed a prover and cooler to meet the needs of a high-volume doughnut producer. The prover is synchronised with an upstream sheeting line, and a gentle turnover system has been created to feed directly onto the fryer infeed conveyor. The ambient cascade cooler is located in an air-conditioned room and features a specially developed driven turnaround to each individual deck, to ensure gentle, damage-free transfer of the product from tier to tier.last_img

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Why millennials are better at home buying than you

first_imgby: Lucy MuellerBecause of our sheer numbers, we millennials tip pretty much any scale we touch, whether it’s the housing market or the wine industry. (We’re drinking more of it, but we prefer the cheap stuff.)That’s why Gen Y is either thanked or scolded for most major market moves. A year ago, millennials were “dragging down homeownership”; this year we’ll “make it easier for you to buy a house.” Either way, as the older tier of the generation rounds into their early 30s, millennial homeowners are turning out more than ever before.And we’re a really weird brand of home buyer.Millennial homeowners are saddled with obstacles no previous generation has had to face, like an average student loan debt per borrower that’s both monstrous and unprecedented. They’re also less romantic about the whole process than their predecessors — buying before marriage, owning for shorter periods of time, and flipping with gusto and success. continue reading » 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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NCUA issues guidance as FOM rule goes into effect

first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr With the National Credit Union Administration’s associational common bond rule going into effect yesterday, the agency has sent a letter to federal credit unions with guidance on the rule.The letter (15-FCU-03) also includes information on the rule’s implementation policy and a supervisory letter to field staff on associational common bond requirements.The NCUA board approved the new field-of-membership (FOM) rule at its April 30 meeting. It allows automatic FOM approval of 12 categories of associations: alumni associations; religious organizations; electric cooperatives; homeowner associations; labor unions; scouting groups; parent-teacher associations at the local level; chamber of commerce groups; athletic booster clubs; fraternal organizations; organizations with a cultural mission; and organizations promoting bonds among a common profession.The agency believes that its new list makes the majority of associations now eligible for federal credit union memberships. continue reading »last_img read more

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Debenhams’ debutants

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IPE Views: What governments should do with financial markets

first_imgThe creation of the US EXIM bank is a clear case in point. As Shah argues, financing and risk-taking in connection with international trade or cross-border investment is the ordinary stuff the financial industry does. The self interest of financial firms will produce these services. There is no case for the government to subsidise exporters – but, even if that were desired, there are more efficient ways to do this rather than subsidised credit, a view that I would also certainly agree with.Shah characterises the Indian Financial Code as having nine components, and it is interesting to see how these look in a European context. The first is consumer protection. Financial firms, left to themselves, will mistreat consumers. This is the heart of how regulators should think about financial economic policy. Europe seems to have taken this on board with gusto since the problem that many perceive is too much EU legislation along these lines.Second is micro-prudential regulation. Left to themselves, financial firms will take on too much risk and fail too often, which will hurt unsophisticated consumers and impose externalities upon bystanders. The imposition of Solvency II, Basel II and MIFID, etc, certainly ensures Europe cannot be accused of a failure to try. But the consequences may not have been fully thought through.Third is what Shah calls resolution. The ordinary bankruptcy process does not work for financial firms, where failure can be disruptive. The government is required in the field of resolution to identify financial firms that are not viable before they are insolvent and gracefully handle the situation in ways that don’t hurt innocent bystanders and protect unsophisticated consumers. Europe is still struggling to find an effective way to put this in place. But the problem is that it will take another crisis to test whether it works.Fourth is systemic risk regulation. As Shah points out, this is about seeing the woods and not the trees. Financial regulation inevitably induces pro-cyclicality, and we need ways to combat this. We need ways to reduce the probability of systemic crises, and better ways to deal with them when they do come about. The reaction to the global financial crisis by European regulators is a case in point. Imposing draconian capital rules on holding risky assets forces investors into holding excess sovereign debt at a time when QE is forcing bond yields down, giving rise to unprecedented negative yields. Meanwhile, markets such as the European ABS market, which could provide a stimulus to European recovery, are unduly penalised. Europe clearly has not found a holistic approach to this that works.Fifth, Shah sees India as requiring a public debt management agency that will do investment banking for the government and figure out the right ways to organise the market for government bonds. In the European context, the arguments over the extent of mutual support for government debt lie at the heart of the euro-zone crisis.Sixth, India has capital controls, and Shah sees the need for the rule of law, and equal treatment of non-residents, in the working of capital controls. In the European context, so far, that is not relevant, but if Greece defaults whilst remaining within the euro-zone, such issues may come to the fore.Seventh, Shah argues that monetary policy is also a key activity of the state, with an accountable central bank that will safely produce fiat money, through a sound monetary policy process. Whether in the European context, the ECB is doing that through its QE programme is up for debate.The eighth activity for Shah is the use of finance as a tool for development and redistribution, whilst Shah’s ninth activity is in the legal framework that underlies financial markets, covering contracts, trading and market abuse. These again are well covered in Europe by the plethora of regulations.With the UK looking to renegotiate its relationship with the EU, whilst Greece at the other end is desperately struggling to stay in, debating what governments should and should not be doing in finance may be essential to finding a workable compromise.Joseph Mariathasan is a contributing editor at IPE The debate over what governments should and should not be doing in finance is more important than ever, says Joseph MariathasanWhat should be the role of governments in financial markets? There is no right answer, and attitudes can vary with the circumstances and with your politics. The US Export-Import Bank, for example, is likely to lose its charter on 30 June, having served the interests of US industry since president Franklin D Roosevelt established the agency in 1934. Whether you regard the EXIM Bank as an extension of crony capitalism that provides corporate welfare for big business, or a worthwhile entity that helped boost US exports by nearly $28bn (€25bn) and supported more than 160,000 domestic jobs last year alone, depends on your ideological stance.Ajay Shah, an Indian economist and a keen advocate of the benefits of free markets, makes some points in the Indian context that should also resonate in Europe, both at the national and EU level. Shah believes the job of government is to address market failures in areas such as public goods, asymmetric information, market power and externalities.It is difficult to argue with this, but where there is debate is how much of a focus there should be on welfare programmes, which is the inevitable consequence of universal suffrage. But that leaves a class of issues where the government is doing something that is not grounded in market failure and does not have political importance.last_img read more

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DONG Energy to Take Care of Borssele 1&2 from Vlissingen

first_imgDONG Energy has decided to set up an operation and maintenance base for its 752MW Borssele 1&2 project at the Vlissingen harbour. The developer has signed a Letter of Intent with Zeeland Seaports, with both parties agreeing on further development of a specific location in Vlissingen Buitenhaven in the coming months. The final contract will be signed as soon as both parties reach an agreement on the terms and conditions, DONG stated.Claus Bøjle Møller, Programme Director for Borssele 1&2 at DONG Energy: “Vlissingen offers an excellent location for our O&M base in terms of onshore and offshore logistics as well as maritime services for the construction and operation of our new wind farm.”Jasper Vis, Country Manager for DONG Energy Netherlands, said: “We look forward to settling in the province of Zeeland and contributing to further regional economic development and long-term employment.We will obviously enter into a dialogue with companies in the region and our future neighbors to explore the options for cooperation.”DONG Energy won the concession rights to build Borssele 1&2 in July 2016, with an average bid strike price (excluding transmission costs) of EUR 72.70 per MWh during the first 15 years of the contract. After that, the wind farms will receive the market price.In early July of this year, DONG Energy and Siemens Gamesa signed an agreement for the supply and maintenance of 94 8MW turbines for the project, followed by signing of a grid connection agreement with TenneT.Borssele 1&2 will be located 22km from the coast of the Dutch province of Zeeland in water depths between 14 and 38 metres and will cover an area of 128.3km2. The power supplied by the 752MW offshore wind farm will be sufficient to cover the annual electricity consumption of close to one million households.The project is scheduled for commissioning by the end of 2020.last_img read more

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