Mcmoran News

The National Ocean Industries Association (NOIA) elected 14 industry leaders to its Board of Directors on April 21, 2016 during its Annual Meeting in Washington, DC. Gary Luquette, President and Chief Executive Officer, Franks International, N.V. Kirk Meche, President and Chief Executive Officer, Gulf Island Fabrication, Inc. Richard Morrison, Regional President Gulf of Mexico, BP America, Inc. W. Matt Ralls, Executive Chairman, Rowan Companies, Inc. Jeff Platt, President and Chief Executive Officer, Tidewater, Inc.

China has agreed to scrap export subsidies on a range of products from metals to agriculture and textiles, the United States said on Thursday, in a step by Beijing to reduce trade frictions with Washington. China is to end a program known as its "demonstration bases-common service platform," which provides export subsidies to Chinese companies in seven economic sectors, the U.S. trade representative's office said. Some industry figures were skeptical about the deal's impact, especially regarding steel, which has been a flashpoint with Chinese overcapacity pressuring U.S. suppliers. One source knowledgeable about the agreement said it was not comprehensive enough to do much to help the U.S. steel industry, given its focus was only on specialty products.

Freeport-McMoRan Inc co-founder James Moffett will step down as chairman and quit its board, months after the miner added two new directors under pressure from billionaire investor Carl Icahn. Freeport said Moffett, who had been appointed chairman emeritus, would be a consultant to its board and advise the company on its Indonesia operations, including Grasberg. Moffett was instrumental in the discovery and development of Grasberg, one of the world's biggest gold and copper deposits. The company's shares fell 7.5 percent to $7.00 in morning trading. Moffett stepping down probably has more to do with a health problem rather than pressure from Icahn, Bradford Research analyst Charles Bradford told Reuters. Icahn, who owned 8.8 percent stake in Freeport as of Sept.

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate exports which have been halted for more than six months. Freeport said on July 8 it had agreed on a draft memorandum of understanding but had not signed it. At the time, it gave no time frame on when it would resume exports. Indonesia introduced a mineral ore export ban and a steep export tax in January. The gold and copper miner also reported second-quarter results on Wednesday that were little changed from a year-ago. "It is a compromise to create a bridge for us so that we can return to normal operations," Chief Executive Richard Adkerson said of the MoU on a call with analysts and investors.

United LNG, LP and Petronet LNG Limited, India's largest LNG importer, agree to supply LNG from the Main Pass Energy Hub™ project in the Gulf of Mexico. The (conditional) agreement was signed by Petronet LNG Managing Director & CEO, Dr. A.K. Balyan and Stephen Payne, Chairman & General Partner of United LNG, of the United States, at the LNG 17 Conference held in Houston, Texas. The parties said they would continue working toward a final Sales Purchase Agreement to conclude the purchase and sale by the year's end.

Industry consortium wants to utilize McMoRan’s Main Pass Energy Hub™ (MPEH™) as a potential deepwater port facility. United LNG, LP, and Freeport-McMoRan Energy LLC (FME), a subsidiary of McMoRan Exploration Co, are engaged in efforts to utilize McMoRan’s Main Pass Energy Hub™ (MPEH™) as a potential Deepwater Port facility to receive, store, condition, and liquefy domestic natural gas for export as liquefied natural gas (LNG). Natural gas would be received by pipeline at MPEH™, processed, and then transferred to on-site floating vessels for liquefaction and offloading to LNG transport vessels for export to foreign locations. On January 4…

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. “Not only is this the first Central Gulf of Mexico sale in two years and the last lease sale in the current five year OCS leasing plan, but the 2012-2017 plan is not yet out, so it is unclear when the next Central Gulf sale will occur. These factors likely point to pent-up demand and interest in leases. If you consider a few big discoveries in the Central Gulf over the past few years, such as Chevron’s Hadrian discovery and BP’s Tibor and Kaskida discoveries in deepwater and McMoran’s Davey Jones discovery in shallow water, there may be heavy interest in both deepwater and shallow water blocks.

Keppel AmFELS Inc., a wholly-owned US subsidiary of Keppel Offshore & Marine Ltd, has delivered the third of four EXL jackup rigs to a subsidiary of Rowan Companies, Inc. ahead of schedule and within budget. The jackup was christened Rowan EXL-III yesterday by Barbara Ladner, spouse of Laron Ladner, Operations Construction Manager and employee of 41 years for Rowan. The rig is scheduled to depart Keppel AmFELS' yard in Brownsville, Texas in January 2011 to commence operations on an ultra deep gas well for McMoRan Exploration Company in the Gulf of Mexico. David Russell, Rowan's Executive Vice President of Drilling Operations, said, "High-end jackups will have a key role in the future of offshore drilling. Demand for such units is strong.

Keppel AmFELS Inc., a wholly-owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the third of four EXL jackup rigs to a subsidiary of Rowan Companies, Inc. (Rowan) ahead of schedule and within budget. The jackup was christened Rowan EXL-III yesterday by Mrs Barbara Ladner, spouse of Mr Laron Ladner, Operations Construction Manager and employee of 41 years for Rowan. The rig is scheduled to depart Keppel AmFELS' yard in Brownsville, Texas in January 2011 to commence operations on an ultra deep gas well for McMoRan Exploration Company in the Gulf of Mexico. Mr David Russell, Rowan's Executive Vice President of Drilling Operations, said, "High-end jackups will have a key role in the future of offshore drilling. Demand for such units is strong.

Secretary of the Interior Ken Salazar visited three offshore drilling rigs in the Gulf of Mexico July 28, where he received updates on the improved inspection process and additional safety requirements for blowout preventers and well construction. “We are quickly and thoughtfully implementing safety reforms for offshore energy operations to ensure workers, communities, and the environment are protected as the nation develops its energy supplies,” said Salazar. “Today, we saw production activities and shallow water drilling operations that are implementing the new standards as they continue their operations. The Secretary was accompanied by Deputy Secretary David Hayes, Director of Bureau of Ocean Energy Management, Regulation and Enforcement (BOEM) Michael R.

Keppel AmFELS Inc., the US wholly-owned subsidiary of Keppel Offshore & Marine Limited (Keppel O&M), has delivered the first of four EXL rigs to Rowan Drilling Company, Inc. (Rowan) safely, on time and within budget. The rig, christened Rowan EXL I at the yard last Saturday, is expected to be deployed for work immediately after delivery to serve a 10-month contract with McMoRan Exploration Company in the US Gulf of Mexico. Keppel AmFELS is currently constructing three other similar newbuild jackup rigs for Rowan.

Rowan Companies, Inc. has received a letter of intent from W&T Offshore, Inc. for the jack-up Gorilla IV. The commitment is for two wells covering a minimum term of 150 days, which will begin when the rig is released from its current drilling assignment. Rowan expects to earn approximately $30m of drilling revenues over the minimum term. The Gorilla IV is currently drilling for McMoRan on the Blackbeard Prospect. The Company estimates that the rig will be available for W&T by early in the first quarter of 2009.

Rowan Companies entered into a multi-well contract with McMoRan Oil & Gas Corporation LLC that includes re-entering the Blackbeard Prospect. The Gorilla IV has been committed for a minimum of 90 days, and work on Blackbeard is priced at a day rate in the mid $190s. The initial Blackbeard well was drilled to a depth of just over 30,000 feet during 2005-2006 by Rowan's first Tarzan Class jack-up, the Scooter Yeargain. Rowan's Super Gorilla class jack-up the Bob Palmer is undergoing final preparations for its initial assignment on British Petroleum's Eldorado Prospect. The rig will be drilling one or more wells targeting a depth of at least 28,000 feet.

Hornbeck-Leevac Marine Services, Inc., announced that it has taken delivery of its first 265-ft. class deepwater offshore supply vessel, the BJ Blue Ray, which immediate commenced service under a 5-year time charter with BJ services to support well stimulation services, primarily in the Gulf of Mexico. Three additional 265-ft. class offshore vessels are under construction for delivery in 2002. Hornbeck-Leevac also announces the purchase of the M/V W.K. McWilliams, Jr. from Freeport-McMoRan Sulphur LLC for an undisclosed amount. The vessel, to be renamed the “Energy Service 9001,” is a 402-ft. self-propelled unit built in 1992 and historically used by Freeport-McMoRan in the transportation of molten sulphur.

The LNG industry is beginning to move offshore, in part as a defensive tactic to avoid the safety and security concerns of local citizens to shore-based terminals and, in part, as an offensive move to access more gas reserves and possibly gain manufacturing and scale efficiencies. Project developers and the engineering contractors and equipment manufacturers that support them are working out the technical challenges of marinizing liquefaction, storage, loading, unloading and regas systems. "Moves to offshore facilities will change the economics of LNG project development," said Bob Nimocks, president of Zeus Development Corporation.

McMoRan Exploration Co. and Halliburton Company have announced the formation of a strategic alliance to conduct operations for McMoRan's recently announced major new oil and gas exploration and development program in the Gulf of Mexico. As previously announced, McMoRan has acquired from Texaco Exploration and Production the right to explore 89 oil and gas tracts and McMoRan purchased Shell Offshore Inc.'s, interest in 56 exploratory leases, all in the Gulf of Mexico. These two transactions, together with its current lease inventory, provide McMoRan exploratory rights to 160 blocks covering approximately 750,000 gross acres and the foundation for an aggressive exploration and development program.

D.F. International logistics service provider D.F. Young, Inc. has announced the relocation of its headquarters office from New York City to Jersey City, N.J. in the first quarter of 2001. The company is leasing 14,000 sq. ft. at 1 Journal Square in Jersey City, after operating from downtown New York for most of its 97-year history. "When this company was started in 1903, all the shipping companies and banks were located in downtown Manhattan," said Thomas Mosimann, president of D.F. Young. "But the port has moved, and most of the other forwarders have followed it to New Jersey over the last 10 to 15 years. D.F.Young already has its Marine Department located in Port Elizabeth, N.J., as well as offices across the U.S. in Jamaica, N.Y.

McMoRan Exploration Co. has completed a successful production test at its Flatrock discovery located in the South Marsh Island section of the Gulf of Mexico. According to the company, the production test found a gross flow rate of about 71 million cubic feet of natural gas per day. Production is expected to begin at the well by the end of the year.

Gulf of Mexico vessels carrying natural gas spend time and money rumbling up canals and through ports before reaching a terminal to process the cargo — a cost ultimately paid by the consumer. New Orleans-based McMoRan Exploration Co. recently received federal approval to build a $1b liquefied natural gas terminal 16 miles east of the Mississippi River capable of processing 10 percent of the nation’s daily demand of 31 billion cubic feet. Once complete in three years, the facility will cool natural gas to a fraction of its normal size to allow for transfer of bigger loads at cheaper prices as much as 7 cents to 20 cents per 1,000 cubic feet, said a spokesman for McMoRan.

McMoRan Exploration Co. said MarAd approved McMoRan's license application for its Main Pass Energy Hub(TM) (MPEH(TM)) project. MARAD concluded in the Record of Decision that construction and operation of MPEH(TM) deepwater port will be in the national interest and consistent with national security and other national policy goals and objectives, including energy sufficiency and environmental quality. a vital role in meeting national energy requirements for many years to come and that the port's offshore deepwater location will help reduce congestion and enhance safety in receiving LNG cargoes to the U.S. MARAD's approval and issuance of the Deepwater Port license for MPEH(TM) is subject to various terms…

Petroleum producer McMoRan Exploration Co. has received final approval for a $1 b liquefied natural gas project off Louisiana's coast, including storage caverns in an offshore salt dome, the company announced Thursday. The go-ahead from MarAd was the last needed for the Main Pass Energy Hub, sources said. The record accompanying the decision was 46 pages long and outlines requirements that will be put into the license. The facility will handle imported natural gas that has been liquefied in order to take up less space and be more easily transported by tankers. In the LNG process, natural gas is chilled to -256 degrees Fahrenheit, turning it from a gas to a liquid, and moved into heavily insulated storage tanks.

McMoRan Exploration Co. announced the publication of the Environmental Assessment (EA) and Draft Finding of No Significant Impact by the United States Coast Guard (Coast Guard) and the Maritime Administration (MarAd) for the Main Pass Energy Hub (MPEH) LNG license application. The Coast Guard issued a public notice on September 19, 2006, establishing a timeline for a record of decision on the project, including public hearings to be held during the week of October 2, 2006. Comments on the application, including from the Governors of adjacent coastal states (Louisiana, Mississippi and Alabama), are required by November 20, 2006, and a record of decision would be issued by January 3, 2007.

Freeport-McMoRan Exploration Co. is one step closer to obtaining a deep port license to regasify one billion cu. ft. of natural gas per day at one of its former offshore sulfur mines. The U.S. Coast Guard all but approved the request, citing “sufficient information” to continue processing the application. Once approved, McMoRan’s former $1b offshore sulfur mines will receive a $450m facelift to convert the platforms to regasify liquefied natural gas and then ship it to onshore pipelines. McMoRan amended its license application with the U.S. Coast Guard and the Maritime Administration May 31 to obtain approval of its Main Pass Energy Hub project using closed loop technology.