Dictionary of Oil and Gas Production

Total Page:16

File Type:pdf, Size:1020Kb

Dictionary of Oil and Gas Production Dictionary of Oil and Gas Production Clifford Jones Whittles Publishing Published by Whittles Publishing, Dunbeath, Caithness KW6 6EG, Scotland, UK www.whittlespublishing.com © 2012 J.C. Jones ISBN 978-184995-047-3 Distributed in the US by CRC Press Cover photo: Øyvind Hagen/Statoil All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, recording or otherwise without prior permission of the publishers. The publisher and authors have used their best efforts in preparing this book, but assume no responsibility for any injury and/or damage to persons or property from the use or implementation of any methods, instructions, ideas or materials contained within this book. All operations should be undertaken in accordance with existing legislation and recognized trade practice. Whilst the information and advice in this book is believed to be true and accurate at the time of going to press, the authors and publisher accept no legal responsibility or liability for errors or omissions that may have been made. Printed and bound in England Contents Preface ………………………………………………… v Foreword ……………………………..………………… vii Dictionary of Oil and Gas Production …........………… 1 Postscript ………………………………………….… 281 Endnotes ……………………………………….….… 283 iii Dedicated to: Dr. Hyun-key Kim Hogarth A woman of erudition and humanity Preface This is the third in my series of dictionaries, following those on Energy and Fuels (co-authored by Nigel Russell) and Fire Protection Engineering. It is a satisfying experience for the compiler of a specialist dictionary to organise the information and to link the entries to provide a balanced coverage of value to a wide range of readers. Oil and natural gas are in historical terms quite recent: the inevitable benchmark date is the drilling of the Drake Well in Titusville PA in 1859. That was just a few years before King George V, grandfather of the present Queen, was born, so although the beginning of the oil industry is not within living memory it is within the range of oral tradition. Most of us know something about our families a couple of generations ago and the circumstances of their lives1. Two to three generations – a short enough interval in the sweep of history – have seen oil and gas develop from a new industry to one upon which every living soul is dependent and which has a very strong effect indeed on politics and world finance. Over thirty-five years ago I heard the journalist John Pilger say on the BBC: ‘A man can live without oil: he cannot live without food’. If for ‘A man’ we substitute ‘The world’s population’ (probably not a misrepresentation of what Pilger was saying) that statement might need reconsidering today. Who can deny that oil and natural gas have brought incalculable benefits to the world? In the pre-industrial era the same would have been said of agriculture and, as with any asset, abuse entails loss. The term ‘superannuation’ is now just about synonymous with ‘post-retirement income’, but the concept of superannuation goes deeper than that. In times long before the discovery of oil and gas when people depended on ‘the land’ for their livelihood a field was ‘superannuated’ when it was in need of lying fallow for one or more seasons to allow nutriment replenishment and prevent erosion. The dust bowls of the 1930s are a sad reminder of the effects of neglecting to apply ‘superannuation’ in that sense. I have gone into this detail of difficulties in the agricultural milieu because, over months of close study and evaluation of oil production in the 20th and early 21st Centuries, I have developed a deep conscious- v Dictionary of Oil and Gas Production ness that social responsibility has prevailed. I believe that any informed individual making a similar study could not but reach the same conclusion. This impression, encouraging though it is, is not in any way intended to be the thrust of this volume. It is simply that it has arisen in my own mind so often over the research and writing periods that I want to include it in this preface. Notwithstanding its being a ‘dictionary’, this volume does contain much close engineering reasoning and indeed some related calculations. I hope that students, professionals in the oil and gas industry and policymakers will benefit from it. I shall be delighted to receive feedback from readers. As always, my thanks go to Whittles Publishing. J.C. Jones, Aberdeen vi Foreword It is a pleasure to be able to write a foreword for another of Clifford Jones’ dictionaries, though the name dictionary does not fully describe the little gems of information and explanation which accompany each listing. Each profession has its own combination of jargon and ‘things everybody knows’ which can be very hard for the newcomer to pick up. This mini-encyclopaedia will, we are sure, be a great help. However, the oil and gas industry is particularly diverse, ranging from drilling to end use of fuels, so that even people in one part of the business will not be aware of some items in other areas. This book will also be of great help to experienced people wishing to broaden their knowledge or anticipating a move within the industry – an increasingly likely event in today’s flexible labour market and global pattern of industry. It is truly impressive how much information has been condensed into these pages: geological terms, information about oil and gas fields, equip- ment and even in many cases methods of calculation explained with an example. We may both claim some years of professional experience in different areas of the oil and gas industry, and were therefore pleased to find many things we did know, but slightly surprised at the amount we did not. We shall certainly make use of it in the future. Prof Vida N. Sharifi, CEng FInstE Dr Martin J. Pitt, CEng FIChemE Chemical & Biological Engineering, University of Sheffield, UK vii A Abqaiq, crude oil stabilisation at This location in Saudi Arabia is the scene of the world’s largest plant for crude oil stabilisation, with a capacity of 7 million barrels a day. Off-gas from the stabilisation process is refined for use and ethane is totally separated from it. There is also hydrogen sulphide removal from the oil which, in the stabilised and sweetened state in which it emerges from the process, is taken to one of three refineries. Two of these are in Saudi Arabia and the other, a Bapco facility, is in Bahrain. Aceh In North Sumatra, Indonesia. There is abundant natural gas in the region but activity was, in the early 2000s, strongly affected by war there. It was also affected by the tsunamis in 2004. Gas from one block offshore Aceh supplies part of the requirement of the Arun LNG plant. The block is oper- ated by Mobil and has a pay of 335 m. There is a condensate refinery in Aceh, although this takes only a fraction of the total condensate, most of which is sold at a spot price. Across the industry, spot price sale of conden- sate has become prevalent only relatively recently and regional, e.g. Texan, rather than national or international spot prices apply. The author has no details of the basis of spot prices for condensate to hand, but one would expect intuititively that the density of the condensate either as produced or after stabilisation would be the determining factor, more probably the latter. (See also Gajah Baru Field; Sulawesi.) Acergy Condor Pipe laying vessel, built in 1982. Maintenance over the years has included SPS Overlay treatment in November 2006. In September 2010 it commenced a contract for pipe laying at water depths up to 2000 m offshore Brazil. Pipe laying vessels of the Acergy fleet have used bothS-Lay and J-Lay but neither will apply to the current activity of Acergy Condor as it is flexible pipe that is being laid. Such pipe obviously owes its flexibility to its structure, which comprises a non-metallic outer layer (‘sheath’) with spirally wound metal 1 Acid fracturing pumper spring wire along its inside surface. About 75% of such pipe internationally is made by Technip. It can be recovered and re-used, making its use attrac- tive in decommissioning, as has indeed been the case in the North Sea. It has been used at the Etame Field, which has a life expectancy of only a few years, and so its retrieval will be an option. Its flexibility means that a pipeline on the seabed and a riser to the production facility can be linked without a joint. (See also Casablanca Field; Conkouati; Lula Field.) Acid fracturing pumper Offshore acid stimulation of a well is done from a well intervention vessel. Onshore it is done from a pump mounted on a chassis and cab, and an example of such a device is the NOV Rolligon Acid Fracturing Pump unit. Its specifications are that its pumping power is 1350 b.h.p. to 1500 b.h.p. for acid treatment, and it can provide part of the power required for hydraulic fracture. Here the semantics issue apropos of ‘acid’ and ‘fracture’ explained in an endnote in this volume arises. The unit is known as an acid fracturing unit even when (as will be so for most of the time) it is only admitting acid for chemical treatment of the formation. One can understand why the unit under discussion cannot on its own perform a hydraulic fracture by comparing it with one expressly built for hydraulic fracture, with pumping fluid containing proppant.
Recommended publications
  • Seismic Reflections | 5 August 2011
    1 | Edison Investment Research | Seismic reflections | 5 August 2011 Seismic reflections Confidence in Kurdistan grows Iraq, including the autonomous Kurdistan region, probably has the world’s largest concentration of untapped, easily recoverable oil reserves. Pioneering moves were made into Kurdistan in the 2000s by the likes of Gulf Keystone and Hunt Oil, with considerable drill-bit success. In late July, two important Kurdistan exploration and development deals were announced. These involve Afren acquiring interests in two PSCs with sizeable contingent reserves and a Hess-Petroceltic partnership signing two PSCs for exploration purposes. With increasing production and Analysts improving relations between the regional and Iraqi federal governments, Ian McLelland +44 (0)20 3077 5756 these deals reflect growing confidence in Kurdistan’s potential as a major Peter J Dupont +44 (0)20 3077 5741 new petroleum province. Elaine Reynolds +44 (0)20 3077 5700 Krisztina Kovacs +44 (0)20 3077 5700 Anatomy of the Kurdistan oil province [email protected] 6,000 Kurdistan is located in the North Arabian basin and is on same fairway as the 5,500 prolific oilfields of Saudi Arabia’s Eastern Province, Kuwait, southern Iraq and Syria. 5,000 4,500 The geological backdrop to Kurdistan tends to be simple and is characterised by 4,000 3,500 large anticlinal structures, deep organic-rich sediments and carbonate reservoirs 3,000 mainly of Jurassic to Cretaceous age. Drilling commenced in the region in 2006. So far, 28 wells have been drilled, of which 20 have been discoveries, resulting in A pr/11 Oct/10 Jun/11 Fe b/11 Aug/10 Dec/10 Aug/11 estimated reserves of over 5.8bn boe.
    [Show full text]
  • Departamento De Malvinas, Antártida E Islas Del Atlántico Sur
    Instituto de Relaciones Internacionales (IRI) - Anuario 2011 Departamento de Malvinas, Antártida e Islas del Atlántico Sur Considerando que este pequeño aporte puede ser de gran ayuda para todos aquellos que tengan interés en este sector geográfico, que por otra parte integra el problema de soberanía que mantenemos con el Reino Unido, y por ende de nuestros intereses en la Antártida, retomamos – como lo habíamos hecho con anterioridad – con la transcripción textual de las noticias aparecidas en el periódico MercoPress - South Atlantic News Agency (http://mercopress.com/), abarcando todos los temas que - a criterio de la suscripta – puedan tener relación tanto con el tema antártico como con las Islas Malvinas María Elena Baquedano Departamento de Malvinas, Antártida e Islas del Atlántico Sur MERCOPRESS. Monday, January 4th 2010 - 07:56 UTC Argentina recalls events of 1833 and reiterates Malvinas claim On the 177th anniversary of the “illegitimate occupation” by the United Kingdom of the Malvinas Islands, Argentina “repudiates” events of 3 January 1833 and calls on the UK to comply with the mandate of the international community and find a peaceful solution to the conflict. Liberation monument dedicated to the British troops that recovered the Falklands in June 1982 Liberation monument dedicated to the British troops that recovered the Falklands in June 1982 1 Instituto de Relaciones Internacionales (IRI) - Anuario 2011 An official communiqué from the Foreign Affairs Ministry released Sunday in Buenos Aires states that Argentina considers “incomprehensible the British negative to address the heart of the matter and to find a peaceful and definitive solution to the sovereignty controversy”, according to the international community mandate.
    [Show full text]
  • 2013 Financial and Operating Review
    Financial & Operating Review 2 013 Financial & Operating Summary 1 Delivering Profitable Growth 3 Global Operations 14 Upstream 16 Downstream 58 Chemical 72 Financial Information 82 Frequently Used Terms 90 Index 94 General Information 95 COVER PHOTO: Liquefied natural gas (LNG) produced at our joint ventures with Qatar Petroleum is transported to global markets at constant temperature and pressure by dedicated carriers designed and built to meet the most rigorous safety standards. Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans, are forward-looking statements. Actual future results, including demand growth and energy mix; capacity growth; the impact of new technologies; capital expenditures; project plans, dates, costs, and capacities; resource additions, production rates, and resource recoveries; efficiency gains; cost savings; product sales; and financial results could differ materially due to, for example, changes in oil and gas prices or other market conditions affecting the oil and gas industry; reservoir performance; timely completion of development projects; war and other political or security disturbances; changes in law or government regulation; the actions of competitors and customers; unexpected technological developments; general economic conditions, including the occurrence and duration of economic recessions; the outcome of commercial negotiations; unforeseen technical difficulties; unanticipated operational disruptions; and other factors discussed in this report and in Item 1A of ExxonMobil’s most recent Form 10-K. Definitions of certain financial and operating measures and other terms used in this report are contained in the section titled “Frequently Used Terms” on pages 90 through 93. In the case of financial measures, the definitions also include information required by SEC Regulation G.
    [Show full text]
  • World Oil Production and Peaking Outlook.Pdf
    Peak Oil Netherlands Foundation (PONL) was founded in May 2005 by a group of citizens who are concerned about the effects of a premature peak in oil and other fossil fuels production. The main aims of PONL are to carry out research and to raise awareness with respect to the depletion of non-renewable energy sources. PONL currently relies on volunteers for its activities. To safeguard its independency, PONL does not accept donations from companies involved in the development of either fossil fuels or alternative sources. The author of this report, Rembrandt Koppelaar, would like to thank the editors of this report, the other people in the Peak Oil Netherlands Foundation for their work, peakoil.com & the oildrum community, C. Campbell for raising the peakoil issue since the early days, R. Heinberg for providing the first Peak Oil book the author did read, J. Laherrère for his splendid papers, M. Simmons for raising awareness regarding peakoil to new heights and writing his book, M. Lynch for his fresh insights regarding peakoil, C. Skrebowksi and CERA for making their oil project reports and last but certainly not least his family from whom he has learned a considerable amount . © 2005 Peak Oil Netherlands Foundation. All rights reserved. Reproduction for non-commercial purposes is allowed. Table of Contents EXECUTIVE SUMMARY --------------------------------------------------------------------------------------------------------- 3 - GLOSSARY OF TERMS -----------------------------------------------------------------------------------------------------------
    [Show full text]
  • Royal Dutch Shell and Its Sustainability Troubles
    Royal Dutch Shell and its sustainability troubles Background report to the Erratum of Shell's Annual Report 2010 Albert ten Kate May 2011 1 Colophon Title: Royal Dutch Shell and its sustainability troubles Background report to the Erratum of Shell's Annual Report 2010 May 2011. This report is made on behalf of Milieudefensie (Friends of the Earth Netherlands) Author: Albert ten Kate, free-lance researcher corporate social responsibility Pesthuislaan 61 1054 RH Amsterdam phone: (+31)(0)20 489 29 88 mobile: (+31)(0)6 185 68 354 e-mail: [email protected] 2 Contents Introduction 4 Methodology 5 Cases: 1. Muddling through in Nigeria 6 1a) oil spills 1b) primitive gas flaring 1c) conflict and corruption 2. Denial of Brazilian pesticide diseases 14 3. Mining the Canadian tar sands 17 4. The bitter taste of Brazil's sugarcane 20 4a) sourcing sugarcane from occupiers of indigenous land 4b) bad labour conditions sugarcane harvesters 4c) massive monoculture land use 5. Fracking unconventional gas 29 6. Climate change, a business case? 35 7. Interfering with politics 38 8. Drilling plans Alaska’s Arctic Ocean 42 9. Sakhalin: the last 130 Western Gray Whales 45 10. The risky Kashagan oil field 47 11. A toxic legacy in Curaçao 49 12. Philippines: an oil depot amidst a crowd of people 52 3 Introduction Measured in revenue, Royal Dutch Shell is one of the biggest companies in the world. According to its annual report of 2010, its revenue amounted to USD 368 billion in 2010. Shell produces oil and gas in 30 countries, spread over the world.
    [Show full text]
  • Creating Value Through Building a Well-Funded
    REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2019 ROCKHOPPER EXPLORATION ROCKHOPPER ROCKHOPPER EXPLORATION PLC 4th Floor Telephone +44 (0)207 486 1677 5 Welbeck Street [email protected] London www.rockhopperexploration.co.uk W1G 9YQ Twitter @RockhopperExplo PLC Company Reg. No. 05250250 Creating value through building a well-funded, full-cycle, exploration-led E&P company Report and Accounts for the year ended 31 December 2019 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION CONTENTS SHAREHOLDER INFORMATION STRATEGIC REPORT FINANCIAL STATEMENTS KEY CONTACTS CONCERNS AND PROCEDURES 1 Rockhopper – Who we are Group financial statements 2 2019 highlights 55 Consolidated income statement Registered address and head office: General emails 4 Rockhopper – timeline 55 Consolidated statement of comprehensive income 4th Floor [email protected] 6 Rockhopper at a glance 56 Consolidated balance sheet 5 Welbeck Street 7 Vision, strategy and business model 57 Consolidated statement of changes in equity London Audit committee emails 8 Chairman and Chief Executive Officer’s review 58 Consolidated statement of cash flows W1G 9YQ [email protected] 11 Key Performance Indicators (KPIs) 59 Notes to the consolidated financial statements 12 Industry overview NOMAD and joint broker Website 14 Sea Lion Phase 1 development overview Parent company financial statements Canaccord Genuity Limited www.rockhopperexploration.co.uk 16 Financial
    [Show full text]
  • Leveraging Our Global Capabilities
    Subsea 7 S.A. Annual Report and Financial Statements 2010 Leveraging our global capabilities Subsea 7 S.A. (Formerly Acergy S.A.) Annual Report and Financial Statements 2010 Leveraging our global capabilities Subsea 7 S.A. is a global leader in seabed-to-surface engineering, construction and services. The Combination of Acergy S.A. and Subsea 7 Inc. in January 2011 created a global leader in seabed-to-surface engineering, construction and services able to offer clients access to a high end, diversified fleet, comprising 42 vessels supported by extensive fabrication and onshore facilities able to deliver the full spectrum of subsea engineering, construction and services. Subsea 7 S.A. is well positioned to take advantage of future growth opportunities in the global seabed-to-surface market. We are leveraging our global capabilities through our greater depth of project management, engineering and technical expertise along with our high-end diversified fleet to secure and deliver complex offshore projects on behalf of our clients, in safe and sustainable ways. For all the latest up-to-date information visit www.subsea7.com Subsea 7 S.A. Registered office: 412F, route d’Esch L-2086 Luxembourg Registered number: B 43 172 Creating a new force in seabed-to-surface May 2010 Awarded $120 million Dec 2009 Dec 2009 contract, offshore Acquires Borealis Awarded three-year Nigeria Acergy acquired Borealis, a DSV contract Awarded Conventional state-of-the-art deepwater Awarded three-year project for the removal construction and pipelay contract for the provision of existing risers, vessel. Borealis is ideally of Dive Support Vessel the installation of new suited to meeting the services to the DSVi pipelines and associated exacting requirements of Collective of companies risers, together with ultra-deep and deepwater in the North Sea.
    [Show full text]
  • Its Impact on Atlantic Basin Energy and Energy Relations with the Non-Atlantic World 1
    Chapter Two The African Hydrocarbons Boom: Its Impact on Atlantic Basin Energy and Energy Relations with the Non-Atlantic World 1 Benjamin Augé Over the past decades the oil sector has changed drastically, thanks to geologists who placed their trust in the potential of new zones that had long remained underexplored. The increase in the price of Brent crude after 2003 (rising from $28/bbl to $94/bbl by 2008, and then climbing to $110/bbl in 2012) helped oil firms raise funds to explore new regions and allowed them to take more risks. This relatively high price level resulted from several geopolitical disruptions which con - tinue to have global repercussions. These have included: (1) the Iraq war; (2) rising tensions with Iran over its nuclear program; (3) Venezuela’s massive strike in 2006 and its long-term effects; (4) the wave of violence since 2006 in Nigeria’s Niger Delta; (5) recurring terrorist attacks in Saudi Arabia; and (5) Hurricane Katrina in 2005, among others. In any case, the seemingly-secular rise in the price of oil in the past decade reflects, to a large degree, a thirst for oil in emerging countries, particularly in China and India. By 2012, the worldwide market was demanding 10 million more barrels per day of oil (mbd) than it had a decade earlier, bringing total global oil demand to its current level of 90 mbd. Editor’s note: this chapter was written when oil prices were around $100 /bbl— before their recent decline. Although a long period with prices at their current levels— $50-$60 /bbl— would price out of the market much of Africa’s new potential supply— the central subject of this chapter— it is likely that prices will actually stabilize within a higher range, somewhere between $70 and $80/bbl.
    [Show full text]
  • FOGL Scheme Document
    THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. PART TWO (EXPLANATORY STATEMENT) OF THIS DOCUMENT TOGETHER WITH THE REST OF THIS DOCUMENT COMPRISES AN EXPLANATORY STATEMENT IN COMPLIANCE WITH SECTION 207 OF THE COMPANIES ACT. This document contains a proposal which, if implemented, will result in the cancellation of the admission of FOGL Shares to trading on AIM. If you are in doubt about the Merger, you should consult an independent financial adviser authorised under the Financial Services and Markets Act 2000 (as amended) if you are in the United Kingdom or another appropriately authorised independent financial adviser if you are in a territory outside the United Kingdom. If you sell or have sold or otherwise transferred all of your FOGL Shares, please send this document and the accompanying documents at once to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was effected, for delivery to the purchaser or transferee. However, such documents must not be forwarded, distributed or transmitted in, into or from any jurisdiction in which such act would constitute a violation of the relevant laws or regulations of such jurisdiction. If you sell or have sold or transferred only part of your holding of FOGL Shares, please retain these documents and consult the bank, stockbroker or other agent through whom the sale or transfer was effected. The distribution of this document in certain jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe such restrictions.
    [Show full text]
  • Innovation in Non Destructive Testing
    Innovation in Non Destructive Testing Entrepreneurship Casper Wassink Innovation in Non Destructive Testing Proefschrift Ter verkrijging van de graad van doctor aan de Technische Universiteit Delft, op gezag van de Rector Magnificus prof.ir. K.C.A.M. Luyben, voorzitter van het College van Promoties, in het openbaar te verdedigen op donderdag 12 januari 2012 om 12:30 uur door Casper Harm Philip WASSINK Natuurkundig Ingenieur geboren te Aalsmeer Dit proefschrift is goedgekeurd door de promotor: Prof. dr. ir. A.J. Berkhout Copromotor: Dr. J.R. Ortt Samenstelling promotiecommissie: Rector Magnificus, Technische Universiteit Delft, Voorzitter Prof. dr. ir. A.J. Berkhout, Technische Universiteit Delft, Promotor Dr. J.R. Ortt, Technische Universiteit Delft, Copromotor Prof. dr. A.H. Kleinknecht, Technische Universiteit Delft Prof. dr. ir. J.G. Slootweg, Technische Universiteit Eindhoven Prof. dr. B.J.M. Ale, Technische Universiteit Delft Prof. dr. U. Ewert, Bundesanstalt für Materialforschung und -prüfung Dr. ir. M. Lorenz, Shell Global Solutions Prof. dr. ir. P.M. Herder, Technische Universiteit Delft, reservelid ISBN 978-90-8570-795-0 Copyright © 2011 Casper Wassink, Rotterdam, The Netherlands Printed by: Wöhrmann Print Service All rights reserved, No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior consent of the author. Samenvatting Innovatie is vandaag de dag geen activiteit meer die kan worden overgelaten aan een aparte afdeling of een kennisinstituut. Het is een kerncompetentie van succesvolle ondernemingen. Echter, in veel gevestigde ondernemingen is de snelheid van innovatie laag. De Niet Destructie Onderzoek sector is een voorbeeld van een sector waar de snelheid van innovatie zeer laag is.
    [Show full text]
  • Nigeria's Oil and Gas Revenues
    Briefing December 2017 Nigeria’s Oil and Gas Revenues: Insights From New Company Disclosures Alexander Malden Nigeria is one of the largest and oldest oil producers in Africa, with over 50 years of commercial extractive activity. Until recently, however, citizens within the country have not had sufficient information to hold companies or government entities accountable for billions of dollars of oil and gas revenues, nor to begin to assess the costs, benefits and management of the country’s extractive activities. Box 1. Summary of European and Canadian mandatory disclosure laws Which companies must Oil, gas or mining companies1 registered in or listed on a regulated stock disclose? exchange in Canada, the European Union or European Economic Area.2 What must they Payments made to governments (including state owned enterprises) in disclose? relation to extractive activities. Payments should be attributed to projects where applicable.3 1. Production entitlements 2. Taxes (on income, production or profits) 3. Royalties 4. Dividends 5. Signature, discovery and production bonuses 6. License fees 7. Payments for infrastructure improvements What is the threshold Single, or series of, payments that amount to EUR 100,000 in the EU/EEA for payment reporting? or CAD 100,000 in Canada. When must they EU. The date of the first required report from a company depends on when disclose? the EU Member State enacted the relevant provisions of the European Accounting and Transparency Directives.4 Canada. The Extractive Sector Transparency Measures Act came into force on 1 June 2015 and applies to any financial year starting after this date. Companies have 150 days after the end of their financial year to file their Payments to Governments Report.
    [Show full text]
  • Acergy S.A. Announces Second Quarter Results
    Acergy S.A. Announces Second Quarter Results London, England – July 14, 2010 – Acergy S.A. (NASDAQ-GS: ACGY; Oslo Stock Exchange: ACY), announced today results for the second quarter which ended on May 31, 2010. The Group’s accounts are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union and were approved by the Board on July 14, 2010. Highlights - Revenue from continuing operations was $581 million (Q2 2009: $526 million) - Adjusted EBITDA(a) from continuing operations was $121 million (Q2 2009: $113 million) corresponding to an Adjusted EBITDA margin of 20.9% (Q2 2009: 21.5%) - Income from continuing operations was $63 million (Q2 2009: $76 million) - Strong cash and cash equivalents position of $631 million (February 28, 2010: $667 million) - Awarded $120 million Conventional contract, offshore Nigeria - As part of our ongoing fleet development programme, Acergy acquired two vessels post quarter end; the Polar Queen and the Antares, a shallow water barge for the West African Conventional market - Post quarter end, on June 21, 2010 the Boards of Directors of Acergy S.A. and Subsea 7 Inc. announced that they had agreed to combine the two companies Jean Cahuzac, Chief Executive Officer, said: “We have delivered a solid quarterly performance driven by excellent project execution, additional variation orders on ongoing projects and strong Conventional activity. We remain on track to deliver our 2010 expectations. In line with our strategy to develop the fleet, we acquired the Antares and Polar Queen, reinforcing our commitment to capture opportunities and invest in the business.
    [Show full text]