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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


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


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


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 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


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.


U.S. Offers Credits to Give up Gulf Oil, Gas Leases

The Interior Department proposed giving energy companies credits for future royalties owed to the government on oil and natural gas drilling if they give up certain exploration leases in the Gulf of Mexico that are near the Florida coastline. Legislation passed by Congress mandated a moratorium on oil and gas leasing in federal waters in the eastern Gulf of Mexico that is within 125 miles of the Florida coastline and in a portion of the central Gulf that is closer than 100 miles of the


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


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


BOEM: 38 Million-Acre Oil &Gas Lease Sale in the Central GOM

Secretary of the Interior Ken Salazar and Bureau of Ocean Energy Management (BOEM) Director Tommy P. Beaudreau announced that BOEM will offer 38 million acres in the Central Gulf of Mexico for oil and gas exploration and development. Thesale will build on two major Gulf of Mexico lease sales in the last year – a 21 million acre sale held last December and a 39 million acre sale held in June. Proposed Lease Sale 227, scheduled to take place in New Orleans on March 20, 2013


BOEM Proposes GoM Oil and Gas Lease Sale

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As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, Bureau of Ocean Energy Management (BOEM) Director Tommy P. Beaudreau today announced that the bureau will offer more than 21 million acres offshore Texas for


BOEM gives more time to submit plans OCS

The Bureau of Ocean Energy Management (BOEM) announced today the publication of its Final Rule to extend time requirements for submitting a Site Assessment Plan (SAP) or a General Activities Plan (GAP) for renewable energy development on the Outer Continental Shelf (OCS).


Offshore Floating Production Hits Headwinds

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Floating Production inventory continues to grow, but rising costs, shale oil and gas are starting to create significant headwinds Floating production has been one of the most significant developments in the oil and gas industry over the past four decades


Court: Japan's Mitsui Paid to Release Ship

A MOL Handymax bulker, Zebra Wind. Photo: MOL.com

China Supreme Court says Mitsui pays about $29 mln; Ship released about 0030 GMT Thursday. Ship was seized over dispute dating back to 1930s. Advisor to plaintiffs says will likely demand more money. Japan's Mitsui O.S.K. Lines Ltd paid about $29 million for the release of a ship seized by


Shell's US Arctic Policy an 'Ongoing Gamble': Greenpeace Analysis

Image courtesy of Greenpeace

The analysis considers that the US Arctic Ocean presents almost a perfect storm of risks: a requirement for a long-term capital-intensive investment for uncertain return; a remote and uniquely challenging operating environment; ongoing court challenges; a lack of extraction and spill response


Today in U.S. Naval History: March 11

President Franklin D. Roosevelt signing into law the Lend-Lease Act. (Image courtesy of Library of Congress)

Today in U.S. Naval History - March 11 1935 - Birth of Naval Security Group when OP-20G became the Communications Security Group 1941 - President Franklin D. Roosevelt signs Lend-Lease Act 1942 - In a PT boat, Lt. Cdr. John Bulkeley leaves the Philippines to take General Douglas MacArthur


GSL Prices First Priority Secured Notes

Global Ship Lease, Inc. (GSL) announced  that it has priced an offering of $420,000,000 aggregate principal amount of 10.000% first priority secured notes due 2019 at an issue price of 98.5% in a private placement. The notes will be fully and unconditionally guaranteed, jointly and severally


BOEM Seeks Comment on Proposed Energy Research

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As part of the Obama Administration's Climate Action Plan to create American jobs, develop domestic clean energy sources and cut carbon pollution, the Bureau of Ocean Energy Management (BOEM) announced today that it is seeking public comment as it prepares an Environmental Assessment (EA) to


Floating Production Inventory Continues to Grow

Jim McCaul, IMA

The number of floating production systems continues to grow;  349 floating production units are now in service, on order or off-field/being remarketed.  This inventory is 5% higher than a year ago, 27% higher than five years ago.  


FSL Trust Sells Two Bulk Carriers

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust has sold its two dry bulk vessels, MT Stella Fomalhaut and MT FSL Durban. The disposal is expected to save FSL Trust approximately $3 million (approximately S$3


BOEM Takes Bids for GoM Lease Sale

On Wednesday, March 19, 2014, Secretary of the Interior Sally Jewell will announce the results of Gulf of Mexico Lease Sales 231 and 225, which are offering more than 40 million acres for oil and gas exploration and development offshore Louisiana, Mississippi and Alabama


BOEM Assesses Prospects of Wave Energy off Oregon

As part of President Obama’s Climate Action Plan to create American jobs, cut carbon pollution and develop domestic energy sources, the Bureau of Ocean Energy Management (BOEM) is assessing whether there is competitive interest in wave energy research or development in an area of federal


Strainstall Supply Load Pins for Shell Stones Project

Strainstall UK Limited has been selected to work alongside SBM offshore on the prestigious Shell Stones project, which is an ultra-deep Oil and Gas development in the Gulf of Mexico and is currently the deepest production facility in the world at approximately 2,900 meters.


Box Prices Rise for the First Time in 2 Years

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Drewry’s latest Container Equipment Insight, exclusive to subscribers of Drewry’s Container Leasing and Container Census reports, saw prices for new dry freight containers increase in the opening months of 2014 for the first time in two years.


New Dry-Freight Box Prices on the Rise

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Prices for new dry freight containers increased in the opening months of 2014 for the first time in two years, observes Drewry's latest 'Container Leasing and Container Census'. Standard box prices declined gradually throughout 2013, falling by late in the year to their lowest point since 2009


 
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