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Western GOM Lease Sale Attracts Bids of $337 Million

The Department of the Interior’s Bureau of Ocean Energy Management announced that its Western Gulf of Mexico Oil and Gas Lease Sale 218, held today in New Orleans, attracted $337,688,341 in high bids and included 20 companies submitting 241 bids on 191 tracts comprising over a million acres offshore Texas.   The sum of all bids received totaled $712,725,998. This announcement is consistent with steps President Obama announced in May 2011 to expand domestic oil and gas production safely and responsibly. “Today’s lease sale, the first since the tragic events of Deepwater Horizon, continues the Obama administration’s commitment to a balanced and comprehensive energy plan,” said Secretary of the Interior Ken Salazar, who attended the sale and provided opening remarks. “Offshore drilling will never be risk free, but over the last 19 months we have moved quickly and aggressively with the most significant oil and gas reforms in U.S. history to make it safer and more environmentally responsible. Today’s sale is another step in ensuring the safe and responsible development of the nation’s offshore energy resources.” Sale 218, the last remaining Western Gulf Planning Area sale scheduled in the 2007-2012 Outer Continental Shelf (OCS) Oil and Natural Gas Leasing Program, made available 3,913 unleased blocks covering more than 21 million acres – equal to an area the size of South Carolina


Get Ready for Changes in Lease Reporting

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By Richard Paine, Sr., from the December 2010 edition of MarineNews Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB


NOIA Supports DOI’s Mid- and South Atlantic G&G Impact Statement

Washington, D.C.– The National Ocean Industries Association (NOIA) appreciates that the Draft Programmatic Environmental Impact Statement (DPEIS) for the Mid- and South Atlantic G&G Activities announced by the Department of the Interior is an important first step toward potential energy exploration and development in the Atlantic Outer Continental Shelf (OCS).  “Since the areas have been largely unexplored for over two decades, due to executive and Congressional bans


Moore Stephens Recommends Exploring Leasing Solutions

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International accountant and shipping adviser Moore Stephens said shipping companies should explore leasing opportunities as a way of adjusting their self-owned and chartered-in tonnage balance in response to the radical changes that have taken place in ship financing in recent years. Phil Cowan, the firm’s Head of Corporate Finance, said, “The traditional thinking of a company needing to own all the resources it uses to operate has been successfully challenged for many years


Continued Growth for Container Leasing Sector

Photo: Drewry

The container leasing sector experienced another year of stellar growth in 2013 thanks to the continuing weakness of carrier financials, according to Drewry’s recently published Container Leasing report. And Drewry forecasts that this trend will continue. The leased container fleet (teu) expanded 7.3% in 2013, fast outpacing the 2% growth recorded by the fleet owned by transport operators, most of whom are shipping lines


DOI Issues FSEIS for Chukchi Sea Lease Sale

The U.S. Department of the Interior (DOI) released a Final Supplemental Environmental Impact Statement (FSEIS) for Chukchi Sea Lease Sale 193, moving the DOI a step closer to resolving federal court concerns regarding the 2008 oil and gas leases offshore Alaska. The FSEIS updates the Bureau of Ocean Energy Management’s (BOEM) estimates of the full range of production levels from offshore oil fields that might be developed in the Chukchi Sea as well as the related potential environmental


Salazar Statement on Leasing Court Ruling

U.S. Department of the Interior Secretary Ken Salazar issued the following statement regarding the U.S. Court of Appeals for the District of Columbia Circuit ruling on DOI’s request for clarification of the Court’s earlier decision to vacate the 2007-2012 Outer Continental Shelf oil and natural gas leasing program:  “I am pleased with the Court’s decision.  Consistent with the Department’s request


BOEM to Hold Public Meeting in New Orleans

BOEM Will Hold Public Hearing on December 8th in New Orleans on Proposed Oil and Gas Leasing Program.   The Bureau of Ocean Energy Management (BOEM) will hold a public hearing in New Orleans on Dec. 8, 2011, to provide an opportunity to comment on the Draft Programmatic Environmental Impact Statement for the Proposed Outer Continental Shelf Oil and Gas Leasing Program for 2012 – 2017. This is one in a series of 13 public hearings.


NOIA Optimism on Gulf of Mexico Oilfield Sales

Trade Association NOIA, representing America's Offshore Energy Industry, sees a postive trend in the Gulf of Mexico offshore industry NOIA President Randall Luthi issued the following statement in advance of the forthcoming Central Gulf of Mexico Consolidated Lease Sale 216-222: Overall, compared to the last two years, we are seeing a positive trend for the offshore industry in the Gulf of Mexico, and we are looking forward to Wednesday’s lease sale with cautious optimism.


US Intermodal Container Leasing Market Report

'Intermodal Container Leasing in the US Industry' market research report published by IBISWorld Excerpts from the report are as follows: The Intermodal Container Leasing industry is heavily dependent on large-scale domestic and international trade levels. Thus, as consumer spending fell during the recession and demand for goods across the economy dipped, fewer containers were needed for the transport of products. However, China's resilience and strong growth throughout the past five years


Yangzijiang Bags Orders for Six VLOCs

Photo: Yangzijiang Shipbuilding Group

 China’s biggest private shipbuilder Yangzijiang Shipbuilding Holdings Ltd has won orders for six dry bulk carriers worth a combined US$510 million.   The 400,000 DWT very large ore carriers (VLOCs) are the largest dry bulk carriers ever awarded to the group


BOEM, Jacksonville, U.S. Army Corps Ink Shore Protection Deal

A dredge ship offshore pumps OCS sand to shore for a Duval County coastal restoration project in 2011. USACE photo.

The Bureau of Ocean Energy Management (BOEM) has signed an agreement with the City of Jacksonville, Fla., and the U.S. Army Corps of Engineers authorizing them to dredge nearly 1.4 million cubic yards of sand from federal waters for periodic renourishment of the Duval County shoreline


Cosco Pacific Q1 Profit Up

Pic: Cosco Pacific

 Cosco Pacific Ltd.'s  first-quarter  ended 31 March 2016 net profit rose 31.4% from a year earlier on the back of a one-off gain. Turnover sank 2.27% yearly to US$129 million.    On yearly basis,  its net profit shot up 105 per cent to US$702


Byrne & Jones Acquires Midwest Foundation

Byrne & Jones Construction built barge dolphins along the Des Plaines River for Exxon Corp. in its first marine division project after acquiring Peoria, Ill.-based Midwest Foundations. (Photo: Byrne & Jones Construction)

St. Louis-based Byrne & Jones Construction informs it has acquired Midwest Foundation, a Peoria, Ill. marine construction services company.   Midwest Foundation installs piling foundations and serves the bridge construction industry including demolition, construction and repair


This Day In Naval History: March 11

George Bancroft (Photo: United States Library of Congress)

 1778 - During the American Revolution, the Continental frigate Boston captures the British ship Martha in the North Atlantic.   1845 - George Bancroft takes office as the 17th Secretary of the Navy. Although he serves in that position only 18 months


CCCC to Resume Sri Lanka Port Project After Suspension

China's CCCC said on Tuesday it had approval to restart the construction of its $1.4 billion real estate project near Colombo's port that was suspended a year ago on the orders of the Sri Lankan government.   Sri Lanka's cabinet last week granted approval for China Communication


BOEM Proposes New Regulation for OCS

Bulldozers reconstruct the beach and dunes at Long Beach Island, New Jersey, as a dredge ship pumps sand from the Outer Continental Shelf to shore. Photo BOEM

The Bureau of Ocean Energy Management (BOEM) today released proposed regulations that would provide additional clarity and certainty for its Marine Minerals Program regarding negotiated, non-competitive leases for Outer Continental Shelf (OCS) resources such as sand, gravel and shell.


Tomorrow’s Gulf Lease Sales Important Even Today - NOIA

(NOIA) Randall Luthi President of the National Ocean Industries Association

NOIA President Randall Luthi today issued the following statement in advance of tomorrow’s Central and Eastern Gulf of Mexico Oil and Gas Lease Sales:   “Historically, Central and Eastern Gulf of Mexico lease sales have drawn strong interest from industry; however


BOEM Approves Virginia’s Offshore Wind Research

Plan makes way for first wind energy research facility in federal waters   The Bureau of Ocean Energy Management (BOEM) announced its approval of the first wind energy Research Activities Plan (RAP) for a facility to be located in U.S


Cosco Pacific Beats Profit Estimate

Pic: Cosco Pacific Ltd

 Cosco Pacific Ltd.'s 2015 net profit rose 30% from a year earlier on the back of a write back of a provision. It recommended a final dividend of 22.9 Hong Kong cents a share.   The full-year net profit was US$381.6 million compared with US$292.8 million a year earlier


BOEM Announces Final Rule for Oil and Gas Leasing

The Bureau of Ocean Energy Management’s (BOEM) Final Rule for Leasing of Oil and Gas or Sulfur in the Outer Continental Shelf (OCS) will be published in the Federal Register on March 30, 2016.   The final rule updates and streamlines the existing OCS leasing regulations


BOEM's Public Meetings Rescheduled

This Programmatic Environmental Impact Statement (PEIS) analyzes potential environmental, social, and economic impacts associated with the proposed 2012-2017 Outer Continental Shelf Oil and Gas L- Under the Sea - Photo BOEM

The Bureau of Ocean Energy Management (BOEM) is holding meetings to seek public input on the Draft Programmatic Environmental Impact Statement that analyzes potential impacts of oil and gas activities that could result from lease sales scheduled in the 2017-2022 Five Year Program for Outer


Chronopost Inks $2.8 Mln Deal with Reftrade

Vincent Bassetto (Photo: Reftrade)

Reftrade has secured a $2.8 million contract with international shipping and delivery company Chronopost International, to install refrigerated cold rooms on multiple platforms and distribution hubs throughout France. Reftrade’s French division


Ports America Ups West Coast Investment

Ports America is continuing its business growth strategy to increase its West Coast presence through additional investments, services and expansion of its terminal capacity. The latest transaction includes a significant expansion and 20-year lease extension of the Husky Terminal in Tacoma, Wash


Tenants Sign on PDX Logistics Center Phase III

Port of Portland approves 14-acre PDX Logistics Center Phase III lease with Capstone Partners   The Port of Portland Commission today approved a 14-acre, 50-year lease with locally based Capstone Partners and its investment partner PCCP, LLC to develop Phase III of the PDX Logistics Center






 
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