2H Offshore, an Acteon company, has appointed Pedro Viana and Roberto Alvim as the technical managers of its Rio de Janeiro, Brazil office to strengthen its management team and drive business growth.

Viana was the first engineer hired when 2H Offshore’s Brazil office opened in 2003. He has participated directly in the development of the office since its inception, and has supported both the technical and management activities of the company. Viana has experience in a range of conceptual, front-end-engineering design (FEED), detailed design and monitoring projects for many types of riser systems and complexities, and in different 2H Offshore offices around the world. His key project roles have included being the lead systems and lead analysis engineer for the Petrobras Guará–Lula NE buoyancy-supported riser project from early pre-FEED engineering studies through to the completion of the final detailed design.

Alvim joined 2H Offshore with six years’ experience in equipment design for the offshore industry. He graduated with a master’s degree in mechanical engineering from Pontifícia Universidade Católica do Rio de Janeiro in 2005. Alvim was the second engineer 2H Offshore hired in Brazil and, like Viana, has been an integral part of the growth of the Rio de Janeiro office. Alvim has worked on several analysis projects, including drilling, completion and production risers systems. For the past four years, he has managed a range of engineering projects, including FEED and conceptual studies for major oil and gas projects offshore Brazil.

Viana and Alvim will share responsibility for the management of the office with Pete Simpson, general manager. “I am delighted that Pedro and Roberto will be joining me as members of the 2H Brazil management team,” Simpson said. “They have shown their innovative engineering capabilities over the past 10 years and have contributed a great deal to 2H and its projects around the world. Their knowledge will provide support and an expert perspective for the engineering team here in Brazil.”

Through water communication and positioning technology company, Nautronix, is pleased to announce three new appointments within the sales team.

Bob Barrett, joins Nautronix as Sales Manager at the company’s global headquarters in Aberdeen.  He will be responsible for developing awareness and understanding of all Nautronix products including NASNet^® positioning technology. Prior to joining Nautronix, Bob gained his experience in sales through previous positions within the aerospace and Oil & Gas industry.

Nautronix has identified a skills gap in the Oil & Gas industry for good quality sales people.  Keen to address this, they have appointed Ashley Anderson and Scott Williams in the role of Sales Engineer and they will both embark on Nautronix’ sales training program.  Ashley is based in the company’s headquarters in Aberdeen and Scott is based in the company’s Houston office and both will supportthe efforts of the sales team.

Mark Patterson, CEO, comments, “Following a number of years of rapid growth we have recognised that we need to increase our sales efforts within Nautronix and it is vital we resource ourselves in key regions such as Aberdeen and Houston.  The Oil & Gas industry has a vibrant future ahead of it and it is a priority of Nautronix, to continue to attract young talent such as Ashley and Scott into the company and invest in their development through training and development schemes.  I am delighted to have Bob, Ashley and Scott on the sales team.” 

Fairmount Marine’s multipurpose vessel Fairmount Fuji has assisted Italian contractor Saipem with her operations offshore Congo. Fairmount Fuji has performed several cargo runs between Siapem’s Boscongo yard in Pointe Noire and the offshore Congo moored drilling ship Siapem 1000.

Fairmount Fuji also took care of the transport of Saipem crew.

Drilling ship Saipem 1000, a 5th generation drilling ship for ultra deepwater operations, was moored offshore Congo pending her next assignment. Fairmount Marine was contracted to assist in the crew change and in the transfer of cargo. Fairmount Fuji transported around 150 personnel to and from the ship.

Fairmount Fuji is equipped with a spacious 280 square meters deck.This makes her ideal for the transport of goods.

Fairmount Marine is a marine contractor for ocean towage and heavy lift transportation, headquartered in Rotterdam, the Netherlands. Fairmount’s fleet of tugs consists of five modern super tugsof 205 tons bollard pull each, especially designed for long distance towing, a multipurpose support vessel and a large submersible transport barge. Fairmount Marine is part of Louis Dreyfus Armateurs Group.

Deep Casing Tools, which develops an innovative range of tools designed to land casing and completions at target depth within oil or gas wells, has delivered the 100^th tool off the production line.

              Photo: Deep Casing Tools Team

The 100^th tool was included in a batch of Turbocaser™ Express tools that were dispatched to the Gulf of Mexico for application in field development drilling in approximately 3,650 feet of water.  Deep Casing Tools’ unique drill through technology provides significant time and cost savings when compared to conventional methods. Landing casing and completions at target depth first time, avoiding wiper trips and wellbore damage, is a game changer for improved well construction.

Lance Davis, CEO of Deep Casing Tools, said: “The delivery of our 100^th tool coincided with the first planned deployment in the deepwater Gulf of Mexico for the Turbocaser™ Express. These two achievements are significant and have occurred since the company established the US subsidiary Deep Casing Tools Inc.”  Deep Casing Tools Inc. is headquartered in Houston, and is responsible for deployment of the technology both in the Gulf of Mexico and onshore locations.

In line with the growth in North America, the company has inventory in Houston, Calgary and other key locations to service market opportunities. In addition, key personnel have been appointed to manage the USA and Canada.

Brad Whitfield has been appointed Vice President USA, based in Houston.  Brad’s experience includes sales and business development in the completions domain, focusing on products and systems for permanent monitoring and intelligent well completions.

Mike Chomack has been appointed Vice President Canada, based in Calgary.  Mike has been active in the Canadian oil industry for 30 years, working directly for both service companies and operators in well construction, and as a consultant in drilling and completions. 

PIRA Energy Group, a NYC-based energy markets consulting firm, reports that the U.S. is the world's largest producer of oil in 2013, according to data presented at PIRA's recent Retainer Client Seminarheld in New York City on October 10th and 11^th. 

U.S. total supply for 2013 is expected to average 12.1 MMB/D.  In 2012 the U.S. overtook Russia to become the second largest supplier of oil and was just behind Saudi Arabia.  Both the U.S. and Saudi Arabia increased their supply in 2013, though production in the U.S. grew at a faster pace.  U.S. total supply in 2013 is larger than that of Saudi Arabia by 0.3 MMB/D and ahead of Russia by 1.6 MMB/D.  The fourth through 10^th largest suppliers are: China, Canada, UAE, Iran, Iraq, Kuwait, and Mexico.

Total oil supply counts all forms of liquids supply.  The largest part is crude oil, including condensates.  In this category, the U.S. is expected to produce 7.4 MMB/D, which is less than that produced in Saudi Arabia and Russia by roughly 3 MMB/D each.  But the U.S. has substantial other forms of supply, including natural gas liquids (NGLs) at 2.5 MMB/D, biofuels at 1.0 MMB/D, and "refinery gain" at almost 1.3 MMB/D.  (Refinery gain measures the ability of a refinery to optimize its output through sophisticated high conversion capabilities.)

The U.S. has surged to be the world's lead oil supplier because of growth in shale oil.  Shale crude and condensate production at 2.5 MMB/D in 2013 is now slightly over one-third of total U.S. crude production, and shale NGL at 1.2 MMB/D is almost half of total NGLs.  Shale crude is seen growing by 0.8 MMB/D this year, while shale NGL grows 0.3 MMB/D versus 2012.  The U.S. shale liquids growth of 3.2 MMB/D over the last four years has been nearly unparalleled in the history of world oil; only Saudi Arabia in 1970-74 raised its production faster.

U.S. total supply growth in 2013 is seen at 1.0 MMB/D and about the same as last year's growth.  Its growth rate is greater than the sum of the growth of the next nine fastest growing countries combined and has covered most of the world's net demand growth over the past two years.

The U.S. position as the largest oil supplier in the world looks to be secure for many years.  Although growth rates of U.S. shale liquids are expected to become smaller in the future, PIRA's forecast sees the U.S. increasing the lead over the next two largest countries until after 2020 and retaining the lead to at least through 2030. 

For more information click here for additional informationon PIRA’s global energy commodity market research services.

 Huisman,a worldwide specialist in lifting, drilling and subsea solutions, has secured a new contract from Helix Energy Solutions Group, Inc. for the delivery of a Well Intervention System onboard Helix’s new build Semi submersible “Q7000”. The system, which is based on Huisman’s proven Multi Purpose Tower (MPT) design, will be built by the Huisman production facility in China.

The fully integrated 800mt Well Intervention System will be capable of handling the Intervention stack, the high pressure riser and other components. The Huisman Multi Purpose Tower has the same functionality as a normal derrick but offers improved accessibility to the well center, which allows for new improved handling procedures that increase efficiency and safety. The superior accessibility to the well center and the small footprint of the MPT are ideally suited for well intervention and subsea installation services. Subsea equipment can be skidded into the well center from three sides, offering enhanced flexibility.

The active heave compensation hoist system of the MPT provides excellent means for safe landing of equipment at the seabed while the passive heave compensation system provides a safe and redundant means to supply top tension to the risers. A guide trolley, travelling the entire length of the tower, guides the subsea modules during lifting operations. The system also features multiple transfer hatches that can be used to move equipment into the well center, and a skiddable work floor covering the moonpool flush with main deck.

The skiddable work floor allows large subsea modules to be deployed, without the need for a raised work floor. When large objects need to pass the moonpool the work floor can be skidded aside. In closed position, the work floor is flush with the main deck, which significantly reduces HSE risks and improves equipment handling on deck.

In addition to the Well Intervention System Huisman will also supply a 150mt Knuckle Boom Crane and a 160mt Pedestal Mounted Crane. Previous orders from Helix, amongst others, the Multi Purpose Tower onboard the “Q4000”, “Well Enhancer” as well as the cranes for the “Q4000” and “Q5000”.

Business Monitor has just released its latest findings on Nigeria’s volatile oil and gas sector in its newly-published Nigeria Oil and Gas Report.

The report notes that Nigeria's hydrocarbon sector continues to struggle amid a worsening political and business environment. Most recently, Chevron’s decision to move out of the OKLNG project signals that even the large upside potential of the Nigerian gas market is not sufficient to offset the degradation in investor sentiment. The weak output flows in 2012 were the consequence of flooding, repeated oil thefts and regulatory uncertainty. Business Monitor expects continued feeble production from 2013 and for the following two years. They note that output should ramp up more significantly as many large fields come online after 2014, more than offsetting current depletion. Adoption of the Petroleum Industry Bill, which they expect around Q413-Q114, would, Business Monitor believe, be a strong signal for investors that Nigeria's hydrocarbons sector is ready to move forward.
 

The main trends and developments Business Monitor highlight for Nigeria's oil & gas sector are as follows:
 

■ China agreed on a US$1.1bn loan deal with Nigeria bearing a very advantageous interest rate. In

exchange, the West African country will allow the lender to get a privileged access to natural resources

including oil. Business Monitor expect that, as such, further deals could be an occasion for Nigeria to revive its oil and gas sector by boosting export potential for producers.


■ Chevron decided to withdraw from the OKLNG project following the path Shell adopted last year. This brings another blow to Nigeria's gas market limiting further upside potential for liquefied natural gas (LNG) exports. The report notes, however, that the soon-to-open Escravos GTL plant could help monetise part of the gas currently flared.


■ Disturbances and outages due to oil thieves are continuing throughout 2013, with Shell having declared force majeure on Bonny Light exports several times since the beginning of the year. Business Monitor therefore forecast that 2013 production will be slightly lower than 2012 estimates, reaching 2.50mn barrels per day (b/d).


■ Business Monitor expects oil production to increase from an estimated 2.5mn b/d in 2012 to 2.70mn b/d by 2020, as ambitious projects such as Usan (180,000b/d) peak and Egina (150,000-200,000b/d) come on stream in the coming years.


■ Consumption of crude is forecast to rise at a compound annual rate of 7% year-on-year between 2012 and

2022, boosted by anticipated strong GDP growth. Business Monitor forecast consumption rising from an estimated

252,000b/d in 2012 to 495,000b/d by 2022.
 

■ Business Monitor forecasts gas production increasing from an estimated 36.4bn cubic metres (bcm) in 2012 to

56.2bcm by 2022, as the authorities and companies reduce the practice of flaring and start monetising associated gas resources.
 

■ Booming demand from the government's ambitious power sector plans and large export engagements will thus bolster production growth. The report sees Nigerian gas consumption rising from an estimated 5.8bcm in 2012 to 15.0bcm by 2022.
 

■ Nigeria National Petroleum Cooperation (NNPC) is aiming to more than double its annual production of LNG, from 22mn tonnes per annum (tpa), or 30.36bcm, to over 52mn tpa (71.76bcm). This was announced on September 19 2012, at a forum of LNG producers and consumers held in Japan. Group Nigeria managing director of NNPC, Andrew Yakubu, gave no deadline as to when this target would be met, but he did clarify that new LNG projects in Nigeria will help the company meet this goal.
 

■ In October 2012 Nigeria's Petroleum Minister, Diezani Allison-Madueke, announced that the government is planning to direct more than US$1.6bn towards the repair of three of its refineries. The maintenance work started in late 2012 and is due for completion in October 2014. The three refineries are located in Port Harcourt, Warri and Kaduna. The Port Harcourt refinery is currently halted indefinitely, as oil thieves damaged the feeding pipeline in early 2013.

Business Monitor is a leading, independent provider of proprietary data, analysis, ratings, rankings and forecasts covering 195 countries and 24 industry sectors. It offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities.

Keep up-to-date with Business Monitor's latest Oil & Gas insights here

NYC-based PIRA Energy Group reports that Brent crude prices came off their early September highs. On the week, the U.S. had strong product demand trend but a large crude stock build. In Japan, crude stocks built. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:

Brent Crude Prices Came Off Their Early September Highs

Brent crude prices came off their early September highs, but the further crude price declines will be limited by tighter near-term supply/demand balances. Supply losses remain huge. Refinery runs bottom in October as maintenance peaks but then runs recover. The WTI-Dated Brent spread is stabilizing near negative $5-6/Bbl. Atlantic Basin gasoline cracks should stay generally weak as inventory coverage remains ample. Middle distillate cracks should move higher over the next few months. Margins will recover in the weeks ahead, led by growing middle distillate strength.

Strong U.S. Product Demand Trend but Large Crude Stock Build

Product inventories declined for the week ending September 27, but this was overwhelmed by a crude inventory build. The resulting 5 million barrel inventory increase is in sharp contrast to last year's inventory decline for the same week last year. This widened the year-on-year inventory excess to 2.2%. Most of the excess is in gasoline.  

Japanese Crude Stocks Build; Turnarounds Continue

Crude stocks built due to imports rising following the impacts of the most recent typhoon, while gasoline and gasoil stocks drew. For gasoline, the draw was due to good demand, while for distillate it was driven by low refinery yield and higher incremental exports. The kerosene stock build rate increased, but the 4-week build rate remained about the same. Refining margins continue to slowly improve from poor levels.  

Saudi Formula Crude Prices for November Reflect Weak Asian Margins

Saudi’s formula prices for November were recently released. In Asia, differentials were lowered most aggressively on lighter grades, but the differentials for Arab Medium and Heavy were raised, with Heavy being raised the most. Asian margins have been poor, so the more generous terms on the lighter grades were in line with market economics.   

Latest Oil Inventory Update: Continued Low Stocks

The final June data and preliminary July data for OECD Europe were released this past Thursday and when combined with U.S. and Japanese estimates continue to point to low inventories in the three major OECD markets. The June stock data were revised lower and the second quarter is now showing an inventory decline compared to last month's increase. Relative to the year earlier, stocks began the year with an excess and ended August with a deficit. 

Ethanol Prices and Cash Margins Soar

Ethanol values in Chicago rose during the week ending September 6 because of the scarcity of corn in the Midwest, causing production to fall to a 22-week low and inventories to drop to the lowest level in two months. Cash margins for ethanol production rocketed to the highest level since November 2011.

Ethanol Production Rebounds

U.S. ethanol production rose to a 4-week high of 848 MB/D the week ending September 6 from 819 MB/D in the preceding week. Some plants restarted after routine summer turnarounds. In addition, facilities in the Midwest have been able to secure corn via barge and rail from as far south as Mississippi, where the 2013/2014 harvest has already begun.

Relatively Low Propane Stocks to Start Fourth Quarter

U.S. propane stocks entered the fourth quarter relatively low and are likely to remain so given crop drying activity, petchem feed use and growing exports. Ethane stocks continue relatively high, while butane inventory is dropping as gasoline blending picks up the pace. The contango in Asia has widened helping support winter stock building. Propane continues as a preferred olefin cracker feedstock in Europe, helping sustain demand until winter requirements pick up.

The information above is part of PIRA Energy Group's weekly Energy Market Recap, which alerts readers to PIRA’s current analysis of energy markets around the world as well as the key economic and political factors driving those markets. 

Click here for additional information on PIRA’s global energy commodity market research services. 

OPEC output dropped sharply in September, but non-OPEC supply growth is expected to approach record high in 2014

Global oil supplies declined by 625 000 barrels per day (650 kb/d) in September,  to 91.12 million barrels per day (mb/d), on steeply lower OPEC output, the IEA Oil Market Report for October told subscribers. But non‐OPEC supply growth for 2013 is forecast to average 1.1 mb/d, to 54.7 mb/d, rising to a near‐record 1.7 mb/d next year.

OPEC crude supplies slipped below 30 mb/d for the first time in almost two years, led by steep drops in Libya and Iraq. Output fell by 645 kb/d, to 29.99 mb/d, despite Saudi output exceeding 10 mb/d for a third month running. The "call on OPEC crude and stock change" was raised by 100 kb/d, to 29.6 mb/d, for the current quarter.

Recent demand strength has raised the 2013 forecast by 90 kb/d, to 91.0 mb/d. Demand growth for 2013 is projected at 1.0 mb/d (or 1.1%), ramping up to 1.1 mb/d in 2014 as the macroeconomic backdrop improves.

The Oil Market Report (OMR) is a monthly International Energy Agency publication which provides a view of the state of the international oil market and projections for oil supply and demand 12-18 months ahead. To subscribe, click here.

Noble Energy, Inc. (NYSE: NBL) announces that the A-2 appraisal well drilled on the Block 12 discovery offshore the Republic of Cyprus has successfully encountered approximately 120 feet of net natural gas pay within the targeted Miocene-aged sand intervals.  The Cyprus A-2 well, which is more than four miles northeast of the A-1 discovery location, was drilled to a total depth of 18,865 feet in 5,575 feet of water.

Production testing procedures were performed over a 39-foot section of the upper Miocene reservoir.  The test, limited by surface equipment, yielded a maximum flow rate of 56 million cubic feet per day (Mmcf/d) of natural gas.  Performance modeling indicates development wells in the reservoir should have capacity to deliver up to 250 Mmcf/d.  Evaluation of drilling data, wireline logs and reservoir performance information has resulted in an updated estimate of gross resources of the field ranging⁽¹⁾ from 3.6 trillion cubic feet (Tcf) of natural gas to 6 Tcf, with a mean of approximately 5 Tcf.  The Cyprus A structure represents the third largest field discovered to date within the Deepwater Levant Basin.

Keith Elliott, Noble Energy's Senior Vice President, Eastern Mediterranean, commented, "Results from the Cyprus A-2 well have confirmed substantial recoverable natural gas resources and high reservoir deliverability.  While the A-2 location has successfully defined the northern area of the discovery, we anticipate additional appraisal activities are necessary to further refine the ultimate recoverable resources and optimize field development planning.  In the meantime, we continue to identify and advance multiple development options.  In addition to the Cyprus A discovery, we are also encouraged about the further exploration potential in Block 12.  We have recently completed a 1,100 square mile 3D seismic acquisition, which will be interpreted over the next several months." 

Noble Energy operates Block 12 offshore the Republic of Cyprus with a 70 percent working interest.  Delek Drilling and Avner Oil Exploration each have 15 percent working interest. 

Noble Energy plans to move the Ensco 5006 drilling rig to Tamar SW, offshore Israel, at the completion of operations offshore Cyprus.  The Tamar SW well, testing an exploration prospect offsetting the main Tamar field, is expected to reach total depth by the end of 2013.  Noble Energy operates Tamar SW with a 36 percent working interest.   

(1)  Range of resource estimate based on 75^th and 25^th percentile probabilities

TransMontaigne Partners L.P. (NYSE:TLP) has announced commercial operations are underway for phase one at the 185-acre Battleground Oil Specialty Terminal Company, LLC (BOSTCO) on the Houston Ship Channel. Approximately 20 of the 51 storage tanks being built during phase one construction are being placed into service this month, and the remaining tanks will come online during the next six months. A two-berth ship dock and 12 barge berths are also scheduled to be in service this month.



A joint venture of TLP (which owns a 42.5 percent interest in the facility) and Kinder Morgan Energy Partners, L.P. (NYSE: KMP), the approximately $485 million BOSTCO oil terminal at mile marker 43 on the Houston Ship Channel is fully subscribed for a total capacity of 7.1 million barrels and is able to handle ultra low sulfur diesel, residual fuels and other black oil terminal services.


Phase two of construction at BOSTCO is underway and involves the construction of an additional six, 150,000-barrel, ultra low sulfur diesel tanks, additional pipeline connectivity and high-speed loading at a rate of 25,000 barrels per hour. BOSTCO expects phase two to begin service in the fourth quarter of 2014.



"We are pleased to announce the commencement of operations of the BOSTCO facility, which provides the market with a unique, deepwater terminaling solution that provides high speed loading and improved barge and ship access to the Texas Gulf Coast for the export and import of various refined products," said Charles Dunlap, Chief Executive Officer of TLP’s general partner.



The BOSTCO project is employing approximately 750 local contractors during construction and has hired about 75 full-time employees to operate the facility.



Chevron Corporation (NYSE: CVX) has announced that it is making three key appointments to its executive team and realigning its existing technology and services organizations.

Effective Jan. 1, 2014, Jay Johnson becomes senior vice president, Upstream, and Joe Geagea becomes senior vice president, Technology, Projects and Services. The new roles will report to George Kirkland, vice chairman and executive vice president, Upstream. Also effective Jan. 1, 2014, Pierre Breber becomes corporate vice president and president, Chevron Gas and Midstream, reporting to John Watson, chairman of the board and chief executive officer. Following Kirkland's planned retirement in 2015, consistent with the company's mandatory retirement policy, Johnson and Geagea will report to Watson.

"These appointments ensure a smooth transition in our upstream business and simplify the delivery of technology and services to all of our businesses," Watson said. "Jay, Joe and Pierre are experienced leaders who will enhance a very effective leadership team."

Johnson, 54, currently is president of Chevron's Europe, Eurasia and Middle East Exploration and Production Company, based in London. He joined Chevron in 1981 and previously has been managing director of the Australia and Eurasia upstream business units.

•    Johnson will lead an upstream organization that continues to have four regional operating companies:

•    Todd Levy will replace Johnson in London as president of Europe, Eurasia and Middle East Exploration and Production Company. Levy currently leads a key Chevron upstream support organization and has wide-ranging upstream experience with past assignments for the company in Kazakhstan, Angola, Australia and the United States.

•    Melody Meyer continues as president of Asia Pacific Exploration and Production Company, based in Singapore.

•    Ali Moshiri continues as president of Africa and Latin America Exploration and Production Company, based in Houston.

•    Jeff Shellebarger continues as president of North America Exploration and Production Company, based in Houston.

Geagea, 54, will lead a new organization composed of energy and information technology, capital projects management, procurement, upstream production services and workforce development organizations. These groups will support the company's upstream, downstream and midstream businesses. Geagea, who joined Chevron in 1982, has held positions in each of these three areas. He is the current president of Chevron Gas and Midstream and previously was the managing director of the Asia South upstream business unit and president of the company's downstream operations in East Africa, the Middle East and Pakistan.

Breber, 49, currently is managing director of the Asia South upstream business unit, based in Bangkok, Thailand. He joined Chevron in 1989 and previously has held senior roles in Chevron's finance organization, including corporate vice president and treasurer. He will lead a Gas and Midstream business that was reorganized earlier this year to consolidate trading operations and strengthen its support to the upstream and downstream businesses.

For the second year running Petrobras CEO, Maria das Graças Silva Foster, is ranked by the American magazine Fortune the most powerful female executive in the world, among an international list of business women from various industries. Graça Foster has topped the listings for female executives outside the United States.



To prepare the global ranking of the Most Powerful Women in Business, Fortune selected a group of 50 candidates from various countries, such as England, Australia, Sweden, and Turkey. The listing is based on four criteria: the size and importance of the business in the global economy, the success and management of the business, the executive's career trajectory and her social and cultural influence.



Maria das Graças Silva Foster qualified as a chemical engineer and was first woman to be appointed to head Petrobras, taking the helm in February 2012. Prior to that, she was the director of the Gas & Energy division and CEO of Petrobras Distribuidora, and had already held several other executive positions. Graça Foster has been on the company's staff of career professionals for 32 years.

To view the Fortune International Power 50, the list of the Most Powerful Women in Business outside the US, click here http://money.cnn.com/magazines/fortune/most-powerful-women/2013/global/


Awards - In addition to topping the Fortune listing, in August this year Graça Foster was named Best CEO in the Latin American Oil, Gas and Petrochemicals Industry by Institutional Investor magazine . In May, she was listed by Forbes Magazine as the most powerful women in Brazilian business and one of the top 20 most powerful women in the world . In April, she appeared on Foreign Policy magazine's FP Power Map, listing the 500 most powerful people in the world. 

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A decline in production among Malaysia’s shallow-water reserves has prompted the country to shift its focus towards new development opportunities in deepwater areas and marginal fields. However, incentives designed to attract investors have only recently been introduced, indicating that further fiscal changes are unlikely to come soon, according to research and consulting firm GlobalData. 

The company’s latest report* states that as most of Malaysia’s oil production has historically come from shallow-water areas, the government has been pushed to introduce a number of tax incentives this year to help improve the attractiveness of the country’s fiscal terms and promote further development activity.

Under Production Sharing Contracts (PSCs), marginal fields – defined by reserves of up to 30 million barrels of oil, or 500 billion cubic feet of natural gas – are subject only to petroleum income tax at a rate of 25% instead of the usual rate of 35%.

Meanwhile, under Risk Service Contracts (RSCs), which are also offered for marginal fields, contractors only pay a corporate income tax of 25%, rather than the petroleum income tax.

GlobalData believes that the additional investment allowance introduced by recent legislation should prove to be a significant improvement to Malaysia’s fiscal regime.

Jonathan Lacouture, GlobalData’s Lead Analyst for the Asia-Pacific region, says: “Numerous measures have been involved in the government’s drive to increase production from its marginal fields. Since the introduction of RSCs in 2011, there have been two forms of contract into which investors may enter, and this, combined with reductions in the tax liability afforded to marginal fields under 2013 legislation for PSCs, should increase the attractiveness of investment opportunities.”

However, due to these recent changes to Malaysia’s fiscal terms, it is expected that any further alterations will be unlikely over the next few years.

If the terms do not achieve their desired investment amounts in the medium to long term, the government may decide to make additional changes, but this will depend on short to medium-term results. It is most probable that terms will remain stable until the effects of these recent policies can be assessed,concludes Lacouture.

*Malaysia Upstream Fiscal and Regulatory Report

By Steven Kopits, Douglas-Westwood, New York

Alaskan oil production peaked in 1988 at around 2 million bpd and has been falling since, possibly down to 510kbpd this year. Virtually all of this production flows through the 800 mile Trans-Alaska Pipeline (TAPS), to Valdez, in southern Alaska. But TAPS is struggling, operating below a quarter of its capacity, with fears that it will lose its viability below 300kbpd.

In the wake of the run-up in oil prices before the recession, then governor Sarah Palin brought in a 75% tax rate from 2007. This stalled investment and production decline rates increased to nearly 7% from 4% a decade earlier. Alarmed by this, the current governor, Sean Parnell reduced the top tax rate to 35%. This brought promises of investment by BP and ConocoPhillips. However, expectations remain modest, at best to reduce declines to 20kbpd / year from the current 40kbpd pace. If expectations are met, TAPS will reach the 300kbpd threshold in 2024, rather than 2020. Many Alaskans are unimpressed and are forcing a referendum to re-instate the higher tax rates – they see the end of the state’s golden age of oil and want to get all they can, while they can.

On the other hand, Shell has big plans, as much as 1.8 mbpd from Alaska’s Outer Continental Shelf, 40% more than Gulf of Mexico production today. But cost to first oil is in the $40-60 bn range, and one has to wonder whether Shell has the fortitude to hold out until initial production in 2025. Indeed, Goldman Sachs spent much of a recent report berating Shell for “overspending in low return assets and unproductive capital”. Shell’s incoming CEO, Ben van Beurden, comes from the chemicals division, where he managed to increase profitability and lower Capex. Will a downstream manager feel the exotic lure of Alaska as much as the upstream team has? Or will he decide that 2025 is just too long for investors who are looking for cash quarter by quarter? Alaskans have good cause to feel nervous.

T.D. Williamson (TDW), a worldwide provider of equipment and services for operators of pressurized piping systems, announced that Chad C. Fletcher has joined the executive management team as Vice President of Western Hemisphere Operations. As of August 12, Fletcher is responsible for overseeing the fulfillment of strategic initiatives, as well as driving day-to-day execution of all business in the Western hemisphere.

Chad brings TDW a valuable entrepreneurial skill set and an impressive career history,” says Bruce Thames, Senior Vice President and Chief Operating Officer. “He possesses all of the characteristics you would expect in an executive at this level, but it’s  Chad’s commitment to performing as a servant leader  selflessly investing in the growth and development of the company – that makes him the right person for TDW.”

Fletcher has more than 25 years of experience in the energy business, beginning his career in the pipeline industry as an engineer and technical services manager for Tenneco Gas Corporation. Fletcher later founded a technology solutions firm, Enginuity International, Inc., that became the dominant market share leader for combustion and emission solutions for the pipeline industry. Enginuity was purchased by Dresser-Rand in 2008, where Fletcher was retained and made responsible for creating a new global business unit serving the midstream market. Fletcher then moved to Paris, France, where he led the service and engineered solutions business, covering Europe, Russia and the Commonwealth of Independent States, Middle East and Africa, into a $400 million Profit and Loss (P&L) success. Fletcher’s  most recent position was Vice President of Marketing & Global Business Solutions for Dresser-Rand, which posted $2.7 billion in sales for 2012.