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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


SBM Offshore Awarded Liza FPSO Contract

SBM Offshore said it has secured contracts from ExxonMobil to construct, install, lease and operate a floating production, storage and offloading vessel (FPSO) for the next phase of the Liza project in Guyana.    The contracts follow completion of front-end engineering studies and the


Aegean Marine Strengthens Presence on the U.S. East Coast

Photo: Aegean Marine Petroleum Network Inc.

 Aegean Marine Petroleum Network has announced the launch of a new service center in Savannah, Georgia, the third largest container port in the United States.       The operations in Savannah will be managed by the existing Aegean U.S. team


Trump Administration Approves Eni Plan to Drill Offshore Alaska

Image of sea ice in the Beaufort Sea, acquired on 3 June 2017 by the Moderate Resolution Imaging Spectroradiometer (MODIS) instrument, on board the Aqua satellite. (Photo: NASA)

Eni US will become the first energy company allowed to explore for oil in federal waters off Alaska since 2015 after the Trump administration this week approved a drilling plan on leases the company has been sitting on for 10 years.  


India Government Sops for Ship-Repairing Facilities

Indian Prime Minister, Narendra Modi. Photo: PIB

 In order to promote ship building and ship-repair industry in India, the government has formulated a policy of financial assistance for shipbuilding for a period of ten years for contracts signed between 1st April, 2016 and 31st March, 2026.   


Global Ship Lease Reports 4Q Loss

Pic: Global Ship Lease

 UK-based containership owner Global Ship Lease (GSL) has reported a fourth-quarter loss of $54.3 million, after reporting a profit in the same period a year earlier. It posted revenue of $41.4 million in the period.   Operating revenues for the year ended December 31, 2016 were $166


HMM, Korea Shipping Company Pact for Sale and Leaseback for Ten Boxships

Photo: Hyundai Merchant Marine Co Ltd

 Hyundai Merchant Marine (HMM) has inked a memorandum of understanding (MoU) with state-backed Korea Shipping Company (KSC) for vessel sales worth up to Won850bn ($739.4m) book value, which will strengthen HMM's financial position.  


Offshore Wind: BOEM Fields Pair of Unsolicited Bids

Map of the unsolicited offshore New York bid. (Source: BOEM)

BOEM has received unsolicited lease requests from two companies seeking to develop offshore wind energy on the Outer Continental Shelf (OCS). These requests are for areas located offshore New York and Massachusetts and are not in response to a formal call for interest.  


Shell Signs 3-year Contract to Lease Oil Tanks in Panama

Oil company Royal Dutch Shell has signed a three-year contract to lease storage tanks at a large terminal in Panama that had been used by U.S. refining company Tesoro Corp, sources involved in the deal told Reuters. The facility, designed for storage and transshipment of crude oil to tankers


NOIA Applauds Proposed Repeal of Royalty Valuation Rule

NOIA President Randall Luthi. Photo provided by NOIA

 National Ocean Industries Association (NOIA) President Randall Luthi issued the following statement on DOI’s proposal to repeal recent amendments to the Federal Royalty Valuation Rule:   “NOIA supports repeal of Interior’s 2017 Royalty Valuation Rule


FSL Aframax Tanker Enters Teekay RSA

FSL Hong Kong (Photo: FSL Trust)

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), announced that the Trust has agreed to employ the 115,000 DWT Aframax crude oil tanker FSL Hong Kong, post dry docking, in the Teekay Group Revenue Sharing Agreement (RSA).


Banned at Sea: Venezuela's Crude-stained Oil Tankers

File photo (© Jose Gil / Adobe Stock)

In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can't set sail in international waters.   The vessel is among many that are constantly contaminated at two major export terminals where they


Global Ship Lease Report Q1 Financials

Image: Global Ship Lease

The containership charter owner Global Ship Lease (GSL) has reported first-quarter net income of $6.8 million. Its revenue stood at $39.6 mln for the Quarter.   Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "During the first quarter of 2017


BOEM Offers Cook Inlet Blocks Offshore Alaska

Pic: BOEM

 The Bureau of Ocean Energy Management (BOEM) announced it will offer approximately 1.09 million acres off Alaska’s southcentral coast in a lease sale scheduled for June 21.   Cook Inlet Oil & Gas Lease Sale 244 will offer 224 blocks toward the northern part of the federal


Pacific Radiance, Allianz JV in Middle East

Photo: Pacific Radiance Group

 Crest Offshore Marine (COM), the wholly owned subsidiary of Pacific Radiance, has entered into a Joint Venture (JV) Agreement  with Allianz Offshore Middle East (AOME).  According to JV agreement, both companies are jointly incorporating a company in Singapore known as Allianz


SeaBird in Debt Restructuring Proposal

Photo: SeaBird Exploration Group

 SeaBird Exploration will propose to its bondholders and certain of its other creditors a debt restructuring of the SeaBird group that if successfully completed will facilitate a comprehensive restructuring of the group's balance sheet.  






 
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