Derail

An estimated $10 billion of floating production systems (FPS) designed to explore offshore for oil and natural gas failed to materialize as the global economy began to derail last year, but a recovery in the sector should begin in 2010, energy consultant Douglas-Westwood said in a new report. Projects worth an estimated $46 billion total are forecast to begin ramping up through 2013. Africa, North America and Latin America are expected to take 59% of the forecast global FPS capital expenditures, with an estimated 121 FPS facilities expected to be installed worldwide through 2013. Brazil’s national oil company Petroleo Brasilerio (Petrobras) is expected to be the biggest spender. Last year Petrobras was given approval by the Minerals Management Service to develop the first floating production storage offloading (FPSO) facility in the deepwater Gulf of Mexico (see NGI, May 5, 2008). The FPSO is to be built in the Cascade-Chinook area in the Walker Ridge region of the Lower Tertiary trend, which is 165 miles offshore Louisiana in 8,200 feet of water.

An estimated $10 billion of floating production systems (FPS) designed to explore offshore for oil and natural gas failed to materialize as the global economy began to derail last year, but a recovery in the sector should begin in 2010, energy consultant Douglas-Westwood said in a new report. Projects worth an estimated $46 billion total are forecast to begin ramping up through 2013.

A federal appeals court has breathed new life into a lawsuit brought by six members of the Pleasant Point Passamaquoddy Reservation who are seeking to derail the Quoddy Bay liquefied natural gas terminal (LNG) proposed for development on tribal land in Maine.

A federal appeals court has breathed new life into a lawsuit brought by six members of the Pleasant Point Passamaquoddy Reservation who are seeking to derail the Quoddy Bay liquefied natural gas terminal (LNG) proposed for development on tribal land in Maine.

A federal district court judge in Maine has dismissed a lawsuit brought by six residents of the Pleasant Point Passamaquoddy Reservation who were seeking to derail the Quoddy Bay LNG facility proposed for development on tribal land. The judge ruled the residents lacked standing and their claims were not ripe for adjudication.

A federal district court judge in Maine has dismissed a lawsuit brought by six residents of the Pleasant Point Passamaquoddy Reservation who were seeking to derail the Quoddy Bay LNG facility proposed for development on tribal land. The judge ruled the residents lacked standing and their claims were not ripe for adjudication.

A committee in Massachusetts’ House of Representatives held a public hearing Tuesday on a bill introduced by Rep. David B. Sullivan (D-Fall River) designed to derail the Weaver’s Cove liquefied natural gas (LNG) import terminal, which has been proposed for location in Fall River by Amerada Hess and Poten & Partners.

Aquila. Inc. said late Wednesday that the recent credit ratings downgrades of Dynegy Inc., “together with other adverse circumstances and events, have decreased the likelihood” that its acquisition of privately held Cogentrix Energy can be completed as planned. Aquila charged that the downgrades by Standard & Poor’s, Fitch Ratings and Moody’s Investors Service “are expected to cause a Dynegy subsidiary to default under a sizeable agreement to purchase power from a Cogentrix subsidiary, calling into question the Aquila-Cogentrix agreement.”

The U.S. Senate last Thursday shot down a bid by Sen. Jon Kyl (R-AZ) to eliminate a Democrat-backed federal requirement included in the omnibus energy bill (S. 517) that electric utilities generate 10% of their electricity using renewable energy fuels, such as solar energy, biomass and wind.