Energy & Industrials News by GLG Council Members

Rigzone News reported on November 18 a summary of a report prepared by AFX News Limited regarding possible participation in a Russian liquefied natural gas (LNG) project by U.S. majors Exxon Mobil (XOM) and ConocoPhillips (COP). Alexander Medvedev, deputy chairman of Gazprom said that the project in the Yamal region of Russia’s Arctic could give the two companies access to gas deposits in exchange...

The problem with Detroit is arrogance and know it all..for years now the leadership at Detroit three auto makers insisted on not briniging new and fresh blood from the outside..you do not the autombile industry , you are no good. Yet there are  tremendous talents out there that can can help bring about new ideas and approaches for automaking.Except for A. Mullaly and by accident Nardelli..look...

The RFS as mandated by the EISA (2007) called for 11.1 billion gallons of Ethanol (Etoh) to be blended in 2009. This and the yearly mandated escalations of biofuels volumes until 2022 hasn't changed. What does change is yearly gasoline consumption and therefore the resulting % of the whole that the blended Etoh is projected to represent. The number, in this case 10.21%, is required to be entered into...

The Senate of the Australian Commonwealth has passed a modified version of the bill to regulate use of CCS offshore.  This has been welcomed by the oil industry for its recognition of the need for the government to take over responsibility for the stored CO2 20 years after injection ceases.   This avoids the risk of the operator of the storage site having responsibility in perpetuity...

Navios' prediction that up to half of the dry bulk orderbook through 2010 will be canceled won't happen.

Jad Mouawad reported in the November 22 issue of the International Herald Tribune that a United States appeals court blocked Royal Dutch Shell from drilling the Sivulliq well 16 miles off the shore of Alaska’s North Slope. The court found that the Interior Department was derelict in the conduct of an environmental study. It was a violation by the Minerals Management Service (MMS) of the 1970 National...

Whilst it is true that there are numerous cancellations in the pipeline, the impact depends on the size range of the tonnage. In the end, however, the markets will not return to health until greater demand for cargo carried. 

TOP Ships has done some very timely restructuring over the past few months, selling vessels restructuring debt and terminating lease obligations.  They have improved liquidity and contained leverage.  They have increased secured employment cover. Given that TOPS was in technical loan default with their asset coverage ratio's from the beginning of the year and there was pressure...

As per the article, financial-statement fraud increases during recessions as management teams grow ever-more desperate to make their numbers. A private CRM software company in Seattle had raised over $50 million from VC firms like Ignition Partners and Sigma Partners, deliberately overstating annual revenue to the board and investors . In 2000 and 2001 similar fictitious revenue were declared by software...

On November 18 the Rigzone Newsletter reported on an article by Peter Millard of the Dow Jones Newswires concerning the intention of Petroleos de Mexico (Pemex) to lift crude oil production in the complex Chicontepec basin. The national oil company is getting ready to drill at 68 locations. The company has put out tenders for roads and other infrastructure to support the effort. Chicontepec spans...