Shell has announced it has begun production from the Mars B development through Olympus – the company's seventh, and largest, floating deep-water platform in the Gulf of Mexico. It is the first deep-water project in the Gulf to expand an existing oil and gas field with significant new infrastructure, which should extend the life of the greater Mars basin to 2050 or beyond. Combined future production from Olympus and the original Mars platform is expected to deliver an estimated resource base of 1 billion barrels of oil equivalent (boe)

"With two large platforms now producing from the deep-water Mars field, this project demonstrates our deep-water project delivery and leadership," said John Hollowell, Executive Vice President for Deep Water, Shell Upstream Americas. "We safely completed construction and installation of the Olympus platform more than six months ahead of schedule, allowing us to begin production early from the development's first well. Olympus is the latest, successful start-up of our strong portfolio of deep-water projects, which we expect to generate substantial value in the coming years. Deep water will continue to be a core growth opportunity for Shell." 

Image credit: Shell

In addition to the Olympus drilling and production platform, the Shell Mars B development (Shell 71.5% operator, BP 28.5%) includes subsea wells at the West Boreas and South Deimos fields, export pipelines, and a shallow-water platform, located at West Delta 143, near the Louisiana coast. Olympus sits in approximately 945 metres (3,100 feet) of water. Using the Olympus platform drilling rig and a floating drill rig, additional development drilling will enable ramp up to an estimated peak of 100,000 boe per day in 2016. The Mars field produced an average of over 60,000 boe per day in 2013.

Also in the Gulf of Mexico, progress on the 50,000 boe/d Cardamom project (Shell 100%) continues toward a 2014 production date, and work is underway on the 50,000 boe/d, deep-water Stones development (Shell 100%) following the final investment decision last May.

• The Olympus platform is located in Mississippi Canyon in approximately 945 meters (3,100 feet) of water.
• Olympus is positioned within a few miles of two other production platforms, Mars and Ursa.
• The Olympus tension-leg platform (TLP) has 24 well slots and a self-contained drilling rig.
• The Mars B development is located about 210 kilometers (130 miles) south of New Orleans.
• The Mars B development involved more than 25,000 personnel in 37 states, during the construction phase.
• 192 people will live and work on the Olympus platform.
• Shell discovered the Mars field in 1989; production began in 1996.
• The development's reservoirs are located at a subsurface depth of 3,050 to 6,700 meters (10,000 to 22,000 feet), which is approximately 3 to 7 kilometers (2 to 4 miles), below the sea floor.

Total announces the sale of its 15% participating interest in the offshore Angola Block 15/06 to Sonangol E&P.


The transaction is valued at 750 million dollars and remains subject to customary approvals.

“The sale of our interest in Block 15/06 is in line with Total’s global strategy to actively manage its portfolio and focus its investment capability on core assets in which it has more material interests, such as Block 17 with the CLOV project currently under development and the future development of Kaombo on Block 32 in Angola” said Jacques Marraud des Grottes, Senior Vice-President Africa at Total’s Exploration and Production.



 Block 15/06



Block 15/06 is located approximately 350 km northwest of Luanda in deep offshore Angola and covers approximately 2,984 square kilometers, with a water depth ranging from 220 to 1,700 m.

The north-western hub of the block, currently under construction, is expected to produce in 2015 and a final investment decision for a north-east project is expected to be taken in 2014.

The block is operated by Eni (35%) with partners Total (15%), Sonangol (15%), SSI (a joint affiliate of Sinopec and Sonangol, 25%), Statoil (5%) and Falcon Oil Angola Investimentos (5%).



 Total Exploration & Production in Angola



Total has been present in Angola since 1953. In 2013, Total’s SEC* equity production amounted to 186,000 barrels of oil equivalent per day (boe/d). Most of this production comes from Blocks 17, 0 and 14. At the end of 2013, Total’s operated production was around 600,000 boe/d, making it the country’s leading oil operator.



Block 17, where the Group is operator with a 40% interest, is Total's main asset in Angola. The block contains four major hubs: Girassol-Rosa, Dalia and Pazflor, which are currently in production; and CLOV pooling the discoveries of Cravo, Lirio, Orquidea and Violeta. CLOV’s development was launched in 2010 and is expected to start-up in 2014.



Total is also operator of the ultra-deepwater Block 32, in which it holds a 30% stake. Twelve discoveries have confirmed the block's potential for oil production, and studies are underway for a development in the central southeastern sector of the block, the Kaombo development project.



In addition, the Angola LNG project (Total 13.6%), near Soyo, is bringing the country’s natural gas reserves to market. The LNG plant will initially be supplied with associated gas from fields on blocks 15, 17 and 18 and later on from gas fields on blocks 0 and 14.



In Angola, as in all its host countries, the Group ensures that health, safety and environment are paramount priorities. Moreover, Total is committed to developing the Angolan oil industry by recruiting and training local workforce. Total is strengthening the local economy through its ambitious “Angolanization” and technology transfer plan.

Total E&P Angola implements a transparent, wide-reaching corporate social responsibility process focused on three main areas: health, education and local economic development.


Aberdeen-based Veripos, the leading GNSS offshore positioning organization, has appointed Richard Turner, hitherto its Executive Vice-President - Commercial, as Vice-President - Asia Pacific Region with directorial responsibility also for its Singapore and Australian subsidiaries as part of continuing development of regional operations. He reports to Chief Operating Officer, Philip Milne.

Concurrently, Stephen Browne, until recently, Vice-President of Veripos' Americas Region in Houston, assumes the post of Executive Vice-President - Commercial reporting direct to Chief Executive Officer, Walter Steedman.

As part of the reorganization, Steve Williams, General Manager – Americas and Gilles Bernardini , General Manager – Brazil now both report direct to Philip Milne.

Shell announces an agreement to sell a 23% interest in the Parque das Conchas (BC-10) project offshore Brazil to Qatar Petroleum International for approximately US $1 billion, subject to closing

The transaction is subject to approval by the National Petroleum and Gas Agency (ANP, Brazil's Oil and Gas regulator) and the Administrative Council for Economic Defense (CADE, Brazil's anti-trust authority).

Shell will continue to operate BC-10 with a 50% working interest and retains a significant upstream presence in Brazil. In addition to the recent entry into the Libra oil discovery, Shell is currently operating two floating, production, storage and offloading (FPSO) vessels in Brazil's offshore – the Espírito Santo at Parque das Conchas and the Fluminense at the Bijupirá/Salema fields.

Currently, BC-10 is producing approximately 50,000 boe/d. Since coming on-stream in 2009, BC-10 has produced more than 80 million barrels of oil equivalent (boe). Phase 2 of the project, to tie-in the Argonauta O-North field, came online on October 1st 2013, with an expected peak production of 35,000 boe per day. The final investment decision for Phase 3 of the BC-10 project was taken in July 2013 and once online is expected to reach a peak production of 28,000 boe.

Shell has also other interests in Brazil, particularly our Lubricants business and our joint venture Raízen, the leading sugar cane ethanol producer.

The Bureau of Safety and Environmental Enforcement (BSEE) confirmed t on Saturday that the flow of natural gas from the A-7 well, Vermilion Block 356, has been stopped by pumping weighted drilling fluids into the well. The well is located in the Gulf of Mexico, approximately 108 miles southwest of Lafayette, Louisiana.

While the natural gas flow has stopped, there is additional work required to secure the well that includes setting barriers to ensure that no natural gas is released. Barriers also ensure safety of the well and personnel during operations. BSEE will review all procedures for efforts to secure the well.
BSEE approved EnVen's procedures for the pumping operation, which began at 4:45 p.m. CST January 31, 2014. The well was monitored overnight to ensure that the flow did not resume.

BSEE is leading the coordinated response with the Coast Guard. BSEE will investigate the incident.

BACKGROUND: The operator, EnVen, reported Thursday that it was drilling from the jack-up rig, Rowan Louisiana, when the well began to flow natural gas. The flow was diverted overboard and work began to stop the flow. No visible sheen has been reported. All production from the A-Platform, which is located under the jack-up rig, remains shut-in. As a precaution, personnel onboard the platform were evacuated. No injuries have been reported.

NYC-based PIRA Energy Group believes that low inventories are currently supportive for oil prices. On the week, U.S. product stocks draw while crude builds, while in Japan crude and finished product stocks ease. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:

World Oil Market Forecast

Significant momentum in major developed economies should provide a lift for emerging markets, eventually easing financial market pressure. Low inventories are currently supportive for oil prices. Diesel cracks stay strong for two to three more weeks before seasonally weakening, while gasoline cracks will benefit from a substantial refinery maintenance program. Cushing crude stocks will drain, supporting WTI, while also weighing on LLS, but then back pressure on WTI will occur until refiners return from maintenance. Political risks were balanced in January and PIRA assumes disruptions remain high but will decline in 2014, although it is by no means a sure bet.

U.S. Product Stocks Draw While Crude Builds

Total commercial inventories decreased this past week with major draws in products partially offset by a large build in crude. The drivers behind this week were mostly due to a weather-related demand surge and a crude import surge to over 8 MMB/D for the first time since September (which was also partly weather-related as imports bounced back from earlier port delays). Products drew (and crude built) even with higher crude runs and higher product imports.

Japanese Crude and Finished Product Stocks Ease

Crude runs eased on the week and the crude import rate backed down from 4.2 MMB/D to 3.66 MMB/D. The 1.6 MMBbl crude stock draw was a reversal of the build seen the previous week. Finished products drew 1.5 MMBbls with a modest decline in gasoline and gasoil and more substantial declines in jet-kero and fuel oil. The indicative refining margin was modestly lower with all the major product cracks declining slightly.

U.S. Propane Continues to Lead the NGL Market

U.S. propane storage is at a new all-time period low for the latest week. The weather will remain quite cold with stocks drawing further. The imbalances in the Midcontinent are being somewhat relieved as movements are redirected. The flow of product from the USGC is expected to slow given current adverse trade economics.

U.S. Ethanol Prices and Margins Tumble

U.S. ethanol prices and margins tumbled in January. Higher corn and natural gas prices and lower co-product DDG credits also put downside pressure on margins. RIN prices soared due to uncertainty in the timing of the EPA finalizing the biofuel requirements for 2014. 

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. 

The Azerbaijan International Operating Company (AIOC), operated by BP, announced on Wednesday the start-up of oil production from the West Chirag platform as part of the Azeri-Chirag-Gunashli (ACG) field development in the Azerbaijan sector of the Caspian Sea. Start-up of the West Chirag platform completes the Chirag Oil Project (COP) sanctioned in 2010.
West Chirag production began from one of the pre-drilled wells - J05, on 28 January. The oil will first pass through the newly installed processing facilities on the platform and then will be exported to the Sangachal Terminal via a new in-field pipeline linked to an existing 30" subsea export pipeline. Production will increase through 2014 as the other pre-drilled wells are brought on line.

Gordon Birrell, BP's Regional President for Azerbaijan, Georgia and Turkey, said: "The start-up of COP marks a major milestone in the development of the super- giant ACG field. West Chirag is the eighth world-class offshore platform that we have built and operated in a safe and efficient manner in the Caspian. To date the ACG field has produced over 2.3 billion barrels of oil and with future continual major investments in new technologies and facilities, like the one we have today started up, it will continue to produce as a world-class reservoir for many decades. BP as the operator of the ACG field and our partners are committed to continuing the efforts that are expected to take us step by step towards optimization of production and maximization of the field recovery. We believe COP represents a big step forward towards stabilizing ACG's production and increasing recovery by drilling more wells from the new West Chirag facility.

"I would like to take this opportunity to thank the thousands of people, mostly from Azerbaijan, who built and installed the subsea pipelines, jacket and topsides unit of the new platform, for their dedication and outstanding performance over the past four years. I would also like to congratulate the government, our partners, employees, all the contractors, suppliers, and everyone else involved on this tremendous achievement. I would like to specifically highlight the outstanding performance of ACG's project, drilling, and operations teams in safely achieving First Oil. This demonstrates our ability to continue the impressive track record of planning, construction, and operations delivery in the Caspian Sea".
The West Chirag platform has been installed at a water depth of about 170 metres between the existing Chirag and Deepwater Gunashli platforms. The design oil capacity of the new platform is 183 thousand barrels per day. The gas export capacity is 285 million standard cubic feet per day.

CG participating interests are: BP (operator – 35.8%), SOCAR (11.6%), Chevron (11.3%), INPEX (11%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), ITOCHU (4.3%), ONGC Videsh Limited (OVL) (2.7%).

The Petrobras LNG Regasification Terminal in Bahia brings greater flexibility and assurances to natural gas supplies in Brazil, with regasification capacity now up to 41 million m³/day.

At precisely 1:13 pm on Friday (January 24, 2014), Petrobras added to the Brazilian gas pipeline network the first regasified LNG (Liquefied Natural Gas) from its new Regasification Terminal, located in Baía de Todos os Santos, Salvador, in the state of Bahia. The Bahia Regasification Terminal (TRBA) has a regasification capacity of 14 million m³/day of natural gas. With the new terminal now in operation, Petrobras' natural gas regasification capacity has risen from 27 million m³/day to 41 million m³/day, equivalent to almost one and half times the capacity to import gas from Bolivia.

The company is already operating the regasification terminals at Pecém (Ceará state) and Guanabara Bay (Rio de Janeiro state) with their respective regasification capacities of 7 million m³/day and 20 million m³/day of natural gas.

The LNG is imported from various suppliers around the world in order to meet the domestic demand for natural gas, with a view to providing greater flexibility and guaranteeing supplies, thereby increasing the country's energy security, which is essential to encourage new investment.

The TRBA involved an investment of around R$ 1 billion and is the country's third LNG regasification terminal. An ingredient of the federal government's Growth Acceleration Program (PAC), construction of the terminal was begun in 2012 and it was completed on time and generated 3,623 direct jobs in the region, while achieving a level of domestic content in its equipment and services of approximately 90%.

Charles and David Koch of Kansas are the wealthiest individuals in America’s oil and gas sector, with a combined net worth of US$83 billion, according to a Wealth-X Top 10 list that includes billionaires from Texas, New York and Oklahoma.

Charles, Koch Industries’ chairman and CEO, and David, executive vice president, are the principal owners of the Wichita-based company founded by their father Fred in 1940. Charles and David Koch each own 42% of Koch Industries, which is involved in the manufacturing, refining and distribution of petroleum, chemicals, polymer and other materials.

Four billionaires from Texas appear on the list: Milane Frantz (one of two females on the list), Ray Hunt, Jeffrey Hildebrand and William Hunt. Kansas is home to three oil and gas billionaires, the two Koch brothers as well as Elaine Tettemer Marshall, who inherited her fortune from her late husband, Everett Pierce Marshall, (who had holdings in Koch Industries).

Below are the top 5 wealthiest individuals in America’s oil and gas sector:

With a combined wealth of US$83 billion, the Koch brothers make up over half of the total, combined net worth of the 10 billionaires on the Wealth-X list.

Wealth-X President David S. Friedman notes: “It's interesting to see how the Koch brothers are leveraging their wealth in the political arena and how Anschutz has leveraged his in the media and entertainment industries.  It's also interesting to note that oil-driven wealth in North Dakota is creating millionaires, but we have yet to see a significant increase in the ultra wealthy in that area.”

For the full list, visit http://www.wealthx.com/articles/2014/top-10-wealthiest-individuals-in-americas-oil-and-gas-sector/

Editors Note: Wealth-X considers an UHNW individual to be located in a city where that individual has a primary business address.

About Wealth-X


Wealth-X is the definitive source of intelligence on the ultra wealthy with the world’s largest collection of curated research on ultra high net worth (UHNW) individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 12 offices in five continents. (www.wealthx.com)

Onsite accommodation specialist, HB Rentals, a Superior Energy Services company, has named Kristian Magar as director of health, safety and environment (HSE), announced Deidre Toups, HB Rentals president.

Based in Broussard, La., Magar’s responsibilities include strengthening, promoting and developing new processes and programs to foster a safety-focused culture throughout HB Rentals’ global operations.

In continuing with HB Rentals’ global focus, this role works closely with HB’s entire management team to ensure a commitment to, Work Safe, Live Safe and Protect the Environment, as HB Rentals supports its customers in remote site operations across the onshore and offshore remote living accommodations markets.

Magar, a certified safety professional (CSP), joins HB Rentals with prior experience in quality, operations and HSE, specifically within drilling and production systems at Cameron International. Recognized for his HSE expertise, Magar was also an adjunct professor at University of Louisiana – Lafayette (UL) and served as a platoon leader in the Louisiana Army National Guard.

“Kristian brings the necessary level of expertise and advocacy to enhance our HSE performance across our organization,” said Toups. “HB Rentals is investing toward building an HSE conscious culture in support of our global operations, and we truly believe that Kristian can propel our programs and initiatives to the next level.”

Magar received a Bachelor of Science in industrial technology and a Master of Science in engineering and technology management from UL. He also holds a doctorate in industrial engineering from the University of Houston.

Speaking to investors today, new Shell CEO Ben van Beurden updated on the company’s priorities: improving Shell’s financial results and achieving better capital efficiency, as well as continuing to strengthen operational performance and project delivery.

Van Beurden, who became the new CEO of Royal Dutch Shell plc (“Shell”) on 1 January 2014, said Shell’s strategy overall is sound. The company has a high quality portfolio and key strengths in technology and project delivery. Shell will continue to invest in new projects that deliver more energy to customers, and create value for shareholders. The strategy is designed to deliver through-cycle growth in cash flow, to drive competitive returns and a growing dividend.

Van Beurden said: “Our ambitious growth drive in recent years has yielded a step change in Shell’s portfolio and options, with more growth to come, but at the same time we have lost some momentum in operational delivery, and we can sharpen up in a number of areas.”

“Our overall strategy remains robust, but 2014 will be a year where we are changing emphasis, to improve our returns and cash flow performance”, he continued, highlighting three priorities:

•    Improved financial performance, including restructuring in some areas of the company

•    Enhancing capital efficiency, with hard choices on new projects, reduced growth investment,

    and more asset sales

•    Continued strong delivery of new projects, and integration of recent acquisitions.

The landscape the company had expected has changed. Factors such as the worsening security situation in Nigeria in 2013, and delays to non-operated projects in several other countries, have altered the outlook. Oil prices remain high globally, but North America natural gas prices and associated crude markers remain low, and industry refining margins are under pressure. Restructuring and improving profitability in North America Upstream resources plays, and Oil Products world-wide, is a particular focus for the company.

The recent Ninth Circuit Court decision against the Department of the Interior raises substantial obstacles to Shell’s plans for drilling in offshore Alaska. As a result, Shell has decided to stop its exploration program for Alaska in 2014. “This is a disappointing outcome, but the lack of a clear path forward means that I am not prepared to commit further resources for drilling in Alaska in 2014,” van Beurden said. “We will look to relevant agencies and the Court to resolve their open legal issues as quickly as possible.”

The company will increase the pace of asset sales, which are expected to be $15 billion for 2014-15 combined in Upstream and Downstream. “We are making hard choices in our world-wide portfolio to improve Shell’s capital efficiency”, van Beurden said.

With a changing operational landscape and the streamlining of Shell’s portfolio, the company will no longer be updating against previous cash flow and net spending targets. “I want Shell to be measured on our competitive performance”, van Beurden said.

Capital spending will be reduced. In 2013, this totaled $46 billion, including $8 billion of acquisitions. In 2014, Shell expects total capital spending of around $37 billion, including $2 billion of previously announced acquisitions.

Innovative large-scale projects such as Pearl gas-to-liquids have been the main drivers behind Shell’s recent increase in cash flow, which reached over $87 billion in 2012-13 combined, an increase of 35% on 2010-11. Recent start-ups and Shell’s latest projects and acquisitions – dominated by liquefied natural gas, and deep-water oil in the Gulf of Mexico, Brazil and Malaysia – are expected to build on this growth in 2014.

Shell has distributed more than $11 billion to shareholders in dividends and repurchased $5 billion of shares in 2013. Reflecting confidence in the potential for free cash flow growth in 2014, the company is expecting the Q1 2014 dividend to be $0.47/share, an increase of over 4% compared to Q1 2013, and total dividends announced in respect of 2014 to be potentially over $11 billion.

NYC-based PIRA Energy Group reports that Brent crude prices have stayed strong this month. On the week, U.S. products draw while crude stocks build, while in Japan crude stocks jumped. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:

Brent Prices Strong This Month

Brent crude prices have stayed strong this month supported by relatively tight global supply-demand balances and low inventories but will trend lower later this quarter as refinery maintenance cuts crude demand, crude supply continues its unrelenting growth in the United States, and supply disruptions elsewhere directionally ease. 

U.S. Products Draw While Crude Stocks Build

Surprisingly low crude runs were largely responsible for the first crude inventory increase in eight weeks. They also contributed to a larger product stock draw versus the week earlier. A reported demand increase and increased product imports were also factors in the week-on-week product stock change. This past week's overall inventory change was 1.3 million barrels larger than the inventory decline for the same week last year, thereby widening the year-on-year stock deficit. U.S. commercial oil inventories are declining significantly this January and this has happened just once in the last ten years.

Another Jump In Japanese Crude Stocks

Another relatively high crude import rate produced a crude stock build on slightly lower runs. Modestly higher stock builds were registered on all the major products (mogas, gasoil, naphtha, jet, and fuel oil), though kerosene stocks drew seasonally. Margins were slightly softer with weaker light product cracks overshadowing higher fuel oil cracks. 

U.S. Propane Is Continuing To Exert Price Leadership

U.S. Propane is continuing to exert price leadership although developments in the mid-continent are certainly in a state of disequilibrium given high demand for tight supplies. The wide gap to the Gulf Coast is certainly encouraging flows north with the price level leading to demand destruction. 

Ethanol Prices and Margins Decline

U.S. ethanol prices resumed their downward trend the week ending January 17 as improving weather in the Midwest led to higher operating rates and reduced transportation problems. Manufacturing cash margins fell as a result of the decrease in ethanol and co-product values. 

China Quarterly Oil Demand Monitor

China’s apparent oil demand disappointed in 2013, as growth slowed meaningfully from 2012. Reasons for the slowing were not immediately apparent. The pace of GDP growth did not change between the two years, and physical indicators that can directly be tied to oil demand (such as vehicle sales, ethylene production, and air travel) recorded healthy increases last year. Looking to 2014, the key story for China is an ongoing push for structural reform. 

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. 

Milbank, Tweed, Hadley & McCloy LLP has represented international lenders Mizuho Bank, Ltd. and Itaú BBA International plc in providing approximately $150 million in financing for the purchase of an innovative compact semi-submersible multi-service vessel destined for Brazil's most productive offshore oil and gas location.

The support unit, named Olympia, represents a groundbreaking new vessel design, which suppliers believe will change the long term landscape of the offshore vessel market. It was developed to help increase production in Brazil's Campos Basin, source of some 80% of the country's substantial oil reserves. DP-3 rated, meaning it has redundant systems designed to hold it in place in virtually all weather and sea conditions, the 276-foot (84.25 meters) craft was built in Fujian Province in southern China and holds up to 500 people.

Olympia is the first of a group of three sister vessels ordered by Rio-based oil and gas firm GranEnergia and will be leased to state-owned energy major Petrobras. Olympia is part of Petrobras'$5.6 billion program to increase operating efficiency in the Campos Basin, a 44,000-square-mile area off the coast north of Rio de Janeiro. The vessel, whose primary function is to act as a floating accommodation unit for rig personnel, will begin operating in the Campos Basin in the second quarter of 2014.

New York-based project finance partner Daniel Bartfeld led the Milbank deal team, which included London-based partner James Cameron, and associates Fernando Capellão, Russell King and Caroline Rasmussen. Milbank has previously advised on the financing of a new fleet of deepwater drillships produced in South Korea that are also on the frontlines of Brazil's burgeoning offshore oil recovery sector.

"

We're delighted to participate in this important financing for a new generation of advanced support and maintenance vessels for the Campos Basin, site of significant ongoing investment by Petrobras,, Mr. Bartfeld said. "

The Olympia is one part of a larger effort to increase productivity and efficiency in this mature drilling area, which, despite challenging conditions, remains Brazil's most productive offshore oil field."

Sonardyne International Ltd. is pleased to announce the promotion of Anthony Gleeson to the position of Vice President Sonardyne Asia Pte, based in Singapore.

Anthony joined Sonardyne in 2009 and brought with him a wealth of knowledge and experience from his previous sales and offshore engineer roles at Teledyne TSS and Seistech Offshore. During his time so far with Sonardyne, he has been highly influential in developing business opportunities in the region, particularly in China. As Sonardyne Asia's new regional head, Anthony will draw on this experience, his industry connections and knowledge of the subsea marketplace to develop strategies that will lead the company into the next stage of expansion.

Commenting on the appointment, John Ramsden, Sonardyne's Managing Director said, "We're delighted that Anthony has accepted this new position as head of our Asian operation. He is an integral part of our global commercial team, developing new business opportunities and supporting clients from our base in Singapore."

Anthony added, "I'm honored to have been selected for the role and am relishing the opportunity to guide Sonardyne Asia to the next level of success by expanding our profile and network within the region. The company has great technology and a dedicated team so I'm confident we can continue to grow and achieve our goals."

Angola LNG has announced the sale of its first LPG cargo from its plant in Soyo, the facility built to create value from Angola's offshore gas resources.
The first cargo was sold to Sonangol, Angola's state oil & gas company, on a Free on Board (FOB) Soyo basis and shipped by the LPG carrier BW Broker. All LPG and condensate products have been committed for sale to the shareholder affiliates of Angola LNG.

The LPG and condensate jetty was commissioned immediately prior to commencement of loading operations. Commissioning included the testing of safety devices, mooring arrangements and loading arms.

Commenting on the first cargo Artur Pereira, CEO, Angola LNG Marketing, said: "In addition to LNG production for international markets propane, butane and condensate production at Angola LNG is an important part of our operational and commercial activity. Our LPG and condensate production will help to supply both domestic and export markets with their energy needs."

In addition to its LNG facilities Angola LNG's liquids infrastructure at its production plant in Soyo includes storage tanks for 88,000 m3 of propane, 59,000 m3 of butane, and 108,000 m3 of condensate. It has a jetty dedicated to propane, butane and condensate loading and a second jetty for pressurised butane loadings which will serve the domestic market.

Today's announcement marks a further milestone in the continued development of Angola's oil and gas resources and provides a new source of energy for Angola and export markets.

Angola LNG Limited is an incorporated joint venture between Sonangol, Chevron, BP, ENI and Total that will gather and process gas to produce and deliver LNG and NGLs. The plant has an expected life of at least 30 years.

Angola LNG will gather, process, sell and deliver 5.2 million tons per year of LNG - plus natural gas, propane, butane and condensate - from its plant in Soyo, Angola; one of the world's most modern LNG processing facilities. Angola is the second-largest oil producer in sub-Saharan Africa. Historically associated gas has been flared or re-injected into the reservoirs, but Angola LNG provides a solution to reduce emissions and establish a new source of clean energy.

Shareholders of Angola LNG Limited are Sonangol (22.8%), Chevron (36.4%), BP (13.6%), ENI (13.6%), and Total (13.6%).

At $10bn the Angola LNG infrastructure is one of the largest ever single investments in the Angolan oil and gas industry. Offering a dedicated fleet of seven LNG vessels and three loading jetties (LNG, liquids and compressed butane) Angola LNG's mission is to contribute to the elimination of gas

Nabors Industries Ltd. (NYSE: NBR) has announced plans to appoint Mr. William Restrepo asChief Financial Officer (CFO) following his upcoming departure from Pacific Drilling S.A. (NYSE: PACD).

"Nabors has been seeking to fill the CFO role with someone possessing financial management and operational skills and experience who can meaningfully add to our senior management team. We believe William Restrepo is that person. He brings nearly 30 years of financial and operational management experience in the global energy industry to Nabors. William has an extensive portfolio of proven domestic and international capabilities in corporate finance, financial accounting, internal audit, treasury, operations, and mergers and acquisitions, as well as planning and analysis. We are very pleased to have him join our executive leadership team," said Chairman, President and Chief Executive Officer Anthony Petrello.

Restrepo, 54, most recently served as CFO at Pacific Drilling. In this role, Restrepo provided leadership for Pacific's initial public offering and listing on the New York Stock Exchange and helped the company grow by raising $4.5 billion in bank debt, bonds and equity.

Restrepo also previously served as CFO at Seitel, Inc. and at Smith International until its acquisition by Schlumberger. Prior to that, Restrepo spent over 20 years with Schlumberger in various senior financial and operational positions, including operational responsibility for all product lines in the Continental Europe and the Arabian Gulf markets, as well as senior financial executive roles in Corporate Treasury and worldwide controller positions with international postings in Europe, South America and Asia.

Restrepo's employment is expected to begin on February 28, 2014.
Restrepo holds bachelor's degrees in economics and civil engineering as well as an MBA from Cornell University.