Osaka Gas withdrawal may kill planned 1.2GW coal plant development in Japan

first_imgOsaka Gas withdrawal may kill planned 1.2GW coal plant development in Japan FacebookTwitterLinkedInEmailPrint分享Reuters:Japan’s Osaka Gas Co Ltd said on Wednesday that it will pull out of a plan to build a coal-fired power plant in Yamaguchi, western Japan, citing changes in the electricity market and future business risk.Osaka Gas had planned to build a 1.2-gigawatt (GW) coal-fired power station in the city of Ube in Yamaguchi prefecture, aiming to start operations around 2026. Electric Power Development (J-Power) and Ube Industries Ltd are partners in the project.J-Power said it and Ube Industries have agreed to continue the plan to build a coal-fired power plant, but they will halt an environment access process to revise the plan. “We will consider scaling down the size to a single 600-megawatt ultra super-critical (USC) power plant or building a few 300-megawatt integrated gasification combined cycle (IGCC) plants,” J-Power Executive Managing Officer Hitoshi Kanno told a news conference.A spokesman at Osaka Gas said the company’s decision reflected concerns over tighter regulations on coal power stations after 2030 and intensifying competition after the liberalization of the power market in Japan.The move by Osaka Gas comes after other Japanese companies have withdrawn from new coal-fired power projects amid growing global pressure for companies to divest coal assets due to environmental concerns.More: Osaka Gas to withdraw from coal-fired power station projectlast_img read more

How CUs can leverage ‘Big Data 2.0’ with OnApproach’s Paul Ablack

first_imgThe term “Big Data” was thrust upon us a few years ago, hitting us like a Rob Gronkowski haymaker in the waning seconds of the Super Bowl. At that time we had all this consumer data, but what do we do with it? Fast forward a few years later and we’ve learned pretty quickly and effectively what do with this information, as the usage of Big Data continues to evolve — allowing credit unions to provide more refined products and services for enhanced value.To get the inside scoop on how today’s Big Data has evolved, we invited OnApproach’s Founder and CEO Paul Ablack on the program to divulge his expertise in this area. Paul not only provides great insight on this information evolution, but he also gives us a couple of eye-popping examples of how credit unions are benefiting from this customized content. Really good stuff here. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Bali governor closes beaches a day after reopening for foreign surfers

first_imgBali Governor I Wayan Koster has said he would revoke Badung Tourism Agency’s decision to reopen two beaches in Badung regency for foreign surfers.”I’ll inform the head of [Badung] tourism agency that we haven’t reopened our tourism yet. I disagree [with the reopening] and the decision should be annulled,” Koster said on Tuesday as reported by kompas.com.Koster said he had issued a circular that regulates the closure of tourist destinations in Bali until further notice and he had not yet revoked it.”We had instructed to close tourist attractions through a circular and we have not reopened them yet,” he said.On Monday, Badung Tourism Agency opened access to two beaches in Badung regency, Canggu Beach and Labuan Sait beach, for foreign surfers.Read also: Hotels in Bali brace for travel-restriction relaxation, ‘new normal’The agency head, I Made Badra, said the beaches were still off limits to domestic tourists and non-surfers.”The foreign surfers are stressed-out after staying indoors for three months, so we gave them a little leniency as long as they follow health protocols,” Badra said. “[Before entering the beaches], they had to be examined in Balawista posts and by the [COVID-19] task force of the two villages where the beaches are located.”He also said that all foreign surfers were required to wear face masks.”We’ll check the temperature of each visitor, those who have a high temperature will be taken to the nearest community health center [Puskesmas] immediately,” Badra said.As of Monday, Bali recorded 482 cases of COVID-19 with five fatalities and 334 recoveries. (nal)Topics :last_img read more

Pertamina to drill up to 180,000 bpd from Rokan oil block after takeover

first_img“At this time, we are collaborating closely with SKK Migas to prepare the technical implementation,” a CPI spokeswoman told The Jakarta Post on Thursday.“We are grateful for the government’s direction and initiative to provide solutions to invest to optimize national oil production,” she added.SKK Migas had previously ordered Chevron to drill 11 new oil wells in November this year. The new wells are expected to boost block output by 3,000 bopd, prior to the takeover.Despite being one of the country’s most celebrated blocks,  Rokan block’s output has steadily declined over the past few years due to the natural exhaustion of reserves.The government expects nationalizing the block to maintain production levels, which saw a landmark decline of 9.2 percent year-on-year to 190,131 bopd in 2019. Prior to 2019, the oil block was the country’s most productive.Topics : He went on to say that PHE, a subsidiary of state-owned oil giant Pertamina, would continually drill new wells in the aging Rokan block in pushing production up to 200,000 bopd. He did not mention a timeline.The block yielded 190,131 bopd last year under the helm of PT Chevron Pacific Indonesia (CPI), a subsidiary of one of the world’s biggest oil companies, Chevron.Pertamina will be taking over the 50-year-old block, which is the country’s second-most productive oil block, from CPI next year, when the latter company’s permit is slated to expire.Pertamina, Chevron and the Indonesian government, through the Upstream Oil and Gas Special Regulatory Taskforce (SKK Migas), have formed a steering committee to ensure Rokan’s smooth takeover, defined as one without a sharp drop in output. Pertamina Hulu Energi (PHE) aims to produce between 170,000 and 180,000 barrels of oil per day (bopd) from the celebrated Rokan block in Riau once it takes the block over next year.PHE president director Budiman Pahursip said on Wednesday the company aimed to maintain such output levels by drilling new oil wells starting “the first day” of the takeover, which is on Aug. 8, 2021.“This is important during a takeover to ensure production does not drop sharply,” he said during a webinar hosted by extractive industry watchdog Publish What You Pay (PWYP) Indonesia.last_img read more

KAS looks to ‘export’ Dutch transparency standards to Germany

first_imgVogel acknowledged that the bank, after holding talks with the industry, could conclude that this would make sense only for certain Durchführungswege – including Pensionskassen and Pensionsfonds – but this, he said, “remains to be seen”.He stressed that KAS Bank would take “small steps” on the question of transparency in Germany, as the industry was “not nearly as experienced” in collecting these data sets as its Dutch counterpart.Vogel said that, eventually, more in-depth data such as, for example, target fund costs in fund-of-hedge-fund structures, could be used in a portfolio optimisation analysis.“The pension industry knows it has to increase cost transparency,” he said.“The question is how.” The financial assessment framework (FTK) for second-pillar pensions in the Netherlands could be successfully “exported” to Germany with a few “adaptations”, according to KAS Bank.Frank Vogel, managing director of KAS Bank Germany, told IPE the banking group’s Germany subsidiary was now considering to “bring Dutch expertise” to the country.One of the models he wants to apply is the FTK’s cost-transparency regulation, which includes “a simple catalogue on how to collect data on costs”.“We are now in talks with German pension funds and associations trying to gauge which data can be reported, which makes sense and what is possible for which form of pension fund,” he said.last_img read more

PRI consults on challenges to ESG, active ownership in passive investing

first_imgThe Principles for Responsible Investment (PRI) has launched a consultation to try to identify ways of overcoming challenges to incorporating environmental, social and governance (ESG) factors and active ownership into passive investing.The organisation hopes to obtain feedback from asset owners, investment managers, and index providers.According to Toby Belsom, director of investment practices at the PRI, the growth of ESG in passive investing was facing two challenges. One category of challenges had to do with technical issues surrounding ESG data quality and index construction, while the other was about how investors could ensure they remained active owners while following a passive strategy.For example, passive asset managers may not be incentivised to recall any shares on loan to vote at annual general meetings because of the bigger difference stock lending makes in terms of income for passive funds compared with active funds. The organisation intends to collect feedback via a short survey and events. The survey is not restricted to PRI signatories; questions are also being asked on the organisation’s “collaboration forum”, which is only for signatories. The consultation process will run until the end of October.The survey asks respondents to rank challenges, in order of significance, to ESG incorporation as well as active ownership. The challenges named include consistency of corporate data, complexity of benchmarks and indices, and unintended portfolio skews. For the active ownership question, challenges named include lack of research and resourcing, “free-riding”, and divestment.The survey also asks what impact the EU’s taxonomy of environmentally sustainable activities will have on the passive investment market. In a discussion paper, the PRI itself said the full implications of the taxonomy would not become clear for some time, but it was likely to influence the construction of ESG indices and passive funds. The PRI has already published research and case studies focusing on the integration of ESG into passive, quantitative and smart-beta strategies, but said it was launching the consultation because it was interested in “developing market thinking in this area due to its rapid development over the last couple of years and the increasing importance of passive strategies”.Signatories had registered significant interest on the topic, according to the PRI.last_img read more

Netherlands roundup: ICT scheme to continue pensions accrual with PNO Media

first_imgThe €475m Dutch pension fund for the digital sector (TrueBlue) is to place its pensions accrual with PNO Media, the much larger scheme for the creative industry.It said the €6.7bn PNO Media scheme would take over both TrueBlue’s defined benefit and defined contribution arrangements as of 1 April 2020.TrueBlue added that at PNO Media, the identity of the ICT sector would be guaranteed, and that PNO would be able to implement both pension arrangements almost unchanged and against lower costs.Rob de Ridder, TrueBlue’s chair, said his scheme had been facing increasing costs, in part because of insufficient growth on the number of participants. “PNO Media offered certainty and continuity,” he said.Nelly Altenburg, chair of PNO Media, noted that part of TrueBlue’s participants could benefit from PNO’s new proposition of DC life cycle arrangements, a hybrid pension plan.The ICT scheme adds 2,700 workers, 5,100 deferred participants as well as 600 pensioners affiliated with 99 employers.Currently, PNO Media has 17,000 active participants, 31,000 deferred members and 10,000 pensioners affiliated with 400 companies.The coverage ratio of both schemes stood at 97.1% and 98.9%, respectively, at the end of October.NN IP enters partnership with Venn on residential mortgagesThe €287bn Dutch institutional investor Nationale Nederlanden Investment Partners has taken a majority stake in mortgage investor Venn Hypotheken.It said the acquisition would broaden its proposition for institutional players that want to invest in Dutch residential mortages.The majority stake in the UK and Spain-based company enabled NN IP to come up with mortgage products for clients that prefer an investment mandate rather to an investment fund, it argued.Since 2015, NN IP offered investments in its Dutch Residental Mortgage Fund, which has attracted €2.7bn of institutional assets so far.Venn Hypotheken has been established by property financier Venn, who has invested €1bn in residential mortgages issued by Venn Hypotheken.NN IP said Venn Hypotheken would keep on issuing loans to Venn’s Cartesian securitisation programme.last_img read more

ConocoPhillips wraps $350M Greater Sunrise Fields stake sale

first_imgWorth noting, apart from the maritime border disputes between Timor-Leste and Australia, the companies and the Timor-Leste gov’t have differed in the view on how to develop the field. While the companies involved in the Woodside-operated project prefer the offshore facility development, Timor-Leste has been leaning towards an onshore LNG facility development in the country.Following the sell-off by Conoco and Shell, the onshore facility in Timor-Leste is the most likely way forward.Energy Intelligence firm Wood Mackenzie in October 2018 said the development via an onshore LNG plant in Timor-Leste would require the construction of a new liquefaction plant and associated infrastructure; an FPSO to process and handle the condensate, and construction of a pipeline connecting the FPSO to shore. Related: Timor-Leste, Australia settle border dispute, opening path for development of Sunrise gas fields“Timor-Leste authorities are determined to harness the economic benefits of an onshore development. The Timor-Leste government is also pursuing the development of Sunrise to replace declining revenues from the mature Bayu Undan field,” Wood Mackenzie’s analyst David Low said in October.“We believe the key onshore project risk is the construction of a greenfield LNG project in a country that has historically lacked large-scale infrastructure projects. The next step is for the project to put forward a viable development plan that all the project participants would be willing and happy to commit too,” Low added.Woodside: Sunrise is a keeper, but offshore option preferredIn its recent annual report, Woodside, the operator of the project with a 33.44 percent stake, said that while the new PSC arrangements are being negotiated, the Sunrise Joint Venture will meet its obligations under existing PSCs (JPDA 03-19 and JPDA 03-20) and Retention Leases (NT/ RL2 and NT/RL4), continue ongoing social investment activities in Timor-Leste and maintain an office in Dili. According to the report, production from the Sunrise project is not expected before 2027.Asked in February if Woodside had been approached to sell its stake too, at what are believed to be good prices received by Shell and Conoco, Woodside CEO Peter Coleman said: “We’ve been very clear that we’re not a seller in Sunrise. And if you look at it, yes, the pricing on an equity basis looks fine… Our view is […] that Sunrise is a keeper for us.”He also said that Woodside was happy to invest in the offshore development, “but we’re certainly not comfortable in putting any significant capital into an onshore development at this point.”“But we’ve also offered that, if Shell and ConocoPhillips do exit, then we would be the technical operator for the onshore part of it.” Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options. By Bartolomej TomićThe Greater Sunrise fields, comprised of the Sunrise and Troubadour gas and condensate fields, are located some 150 kilometers south-east of Timor-Leste and 450 kilometers north-west of Darwin, Northern Territory. Woodside is the operator of the project.The offshore gas fields were discovered in 1974 and hold gross (100%) contingent resources (2C) of 5.13 Tcf of gas and 225.9 million barrels of condensate. The development has been hampered by a dispute on the maritime border between Timor-Leste and Australia. On March 6, 2018, Timor-Leste and Australia signed their new Maritime Boundaries Treaty opening path for development of the Sunrise gas fields.Negotiations between the two Governments and the Sunrise Joint Venture on the new Greater Sunrise PSC started in November 2018.ConocoPhillips has sold a 30 percent share to the Timor-Leste government for $350 million and is no longer involved in the project.“We are pleased to complete this transaction with the government of Timor-Leste,” said Matt Fox, executive vice president, and chief operating officer. “ConocoPhillips recognizes the importance of the Greater Sunrise Fields to the nation of Timor-Leste, and this sale gives them a significant working interest in this important development.”To remind, ConocoPhillips first announced the agreement to sell off its Greater Sunrise interest in October 2018. Come November, Shell also announced it would exit the long-stalled project by selling its 26.6 percent interest to the Timor-Leste government for $300 million.Onshore development optioncenter_img U.S. oil and gas firm ConocoPhillips has wrapped up the previously announced sale of its interest in the Greater Sunrise Fields in the Timor Sea.last_img read more