‘Concerned About Self-Bonding, Top Federal Mining Regulator Wonders About Collusion’

first_img‘Concerned About Self-Bonding, Top Federal Mining Regulator Wonders About Collusion’ FacebookTwitterLinkedInEmailPrint分享By Benjamin Storrow in the Casper Star Tribune:The top federal mining regulator expressed “grave concerns” with the country’s coal reclamation program on Wednesday and openly questioned whether states and mining firms were colluding to avoid their cleanup obligations.Joe Pizarchik’s comments represent a notable escalation in the debate over self-bonding, or coal companies’ unsecured cleanup liabilities. The director of the U.S. Office of Surface Mining Reclamation and Enforcement has kept a low public profile since questions began to mount last year over mining firms’ ability to pay for reclamation.But in a conference call with reporters Wednesday, Pizarchik said a wave of bankruptcies called the self-bonding program into question. Self-bonded companies are allowed to post their assets as collateral on future reclamation costs, provided they can pass a financial stress test.Two companies, Arch Coal and Peabody Energy, notably retained their self-bonding status in Wyoming right up until they filed for bankruptcy.“People are concerned whether disturbed coal mines will be reclaimed by the bankrupt companies, whether the bankrupt companies will use bankruptcy court proceedings to abandon their legal obligations to restore the land and water, whether the cost to restore the land and water will be shifted to taxpayers, and whether the existing regulations are adequate to protect people, society and the environment from the adverse effects of coal mining, as was envisioned by Congress when it enacted (the Surface Mining and Reclamation Act) nearly 40 years ago,” Pizarchik said.Self-bonding has emerged as a national issue in recent months, as mining firms filed for Chapter 11 and environmentalists voiced concerns about companies’ ability to pay for cleanup.Yet it is arguably most pressing in Wyoming, the country’s top coal mining state, where three bankrupt mining firms have a combined $1.6 billion in self-bonds…..Pizarchik, in his remarks, did not single out any state for criticism. But he did applaud states that have transitioned away from self-bonds.In 2014, Texas required a subsidiary of Luminant Mining to replace $1.01 billion in self-bonds with cash bonds. Colorado regulators last month required Peabody Energy to provide replacement bonding for $27 million in cleanup costs.“Why were the states like Texas and Colorado successful in getting replacement bonds from bankrupt companies, and other states did not,” he said. “Was there any kind of collusion, malfeasance out there? I think the public needs to know the answers to those questions.”Full article:  http://trib.com/business/energy/concerned-about-self-bonding-top-federal-mining-regulator-wonders-about/article_f5f5565a-2a8b-52e9-8d4f-c68d28f76c39.htmllast_img read more

Kuwait Oil Company hires Halliburton for offshore drilling services

first_imgKuwait Oil Company has signed an offshore drilling services contract with U.S. oilfield services major Halliburton.Pictured left to right: Halliburton Eastern Hemisphere President Joe Rainey, KOC CEO Emad Mahmoud Sultan, KOC Deputy CEO Drilling and Technology Nayef Al-Enezi and KOC CEO Exploration and Gas Ahmed Al-Eidan. (Photo: Business Wire)The contract is for six high-pressure high-temperature (HPHT) exploration wells on two jack-up rigs in the Arabian Gulf within Kuwait territorial water. While the parties did not share the financial details of the deal, Bloomberg has reported that the value is around $597 million.Halliburton will provide and manage drilling, fluids, wireline and perforating, well testing, coring, cementing, coiled tubing, and all offshore logistical services. Additionally, Halliburton said it would provide the offshore rigs and supply vessels for the project.KOC CEO Emad Mahmoud Sultan: “As part of KOC’s plan to increase production capacity by charting new territory in Kuwait’s offshore reserves, our Company is pleased to announce that we will be working on this ambitious project alongside one of our closest business partners, Halliburton, who will be assisting us through the provision of their many years of experience in the field of offshore exploration and production.”“We are grateful for the opportunity to collaborate with KOC and implement our integrated services and innovative technologies to accelerate offshore development, reduce drilling and completions costs and increase recovery,” said Halliburton Eastern Hemisphere President Joe Rainey.The contract includes a 3-year term with a 6-month extension option. Work will begin in mid-2020. The expected start date for the first rig is July 2020 and the second rig is January 2021.KOC’s Sultan said the offshore drilling project is one of the most important projects to be implemented within KOC’s 2040 strategy.Offshore Energy Today Staff Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today please contact us via our advertising form where you can also see our media kit.last_img read more

Severin McKenzie wants manufacturers to be treated differently from merchandisers

first_img Share Share 29 Views   no discussions Share Sharing is caring!center_img Tweet LocalNews Severin McKenzie wants manufacturers to be treated differently from merchandisers by: – August 5, 2011 In photo: Emerald Touch, a locally manufactured bathroom tissue. Photo credit: visitdominica-wordpress.comSeverin McKenzie the Public Relations Officer of the Dominica Manufacturers Association, wants manufacturers to be treated differently than merchandisers.Mr. McKenzie reported to the media after a situational analysis workshop held for the members of the Manufacturers Association, that the Government should view manufacturers differently as manufacturing has the ability to assist in developing the country.“You cannot treat a manufacturer the same way that you treat somebody who imports finished products and just put it on a supermarket shelf. There is a very big difference and there is a very high risk in fact that manufacturer’s take. A manufacturer for example goes into the process of purchasing machinery, purchasing raw materials converting those raw materials, paying for the location whether it is rent or whether it is a mortgage that you have on the venue, transportation, workers, utility, you just name it and at the end of the day the only thing that you have is the final product that you are going to sell.Mr. McKenzie also highlighted the significant risk which manufacturers take when beginning this venture, as the success of the business depends on whether the consumers like the product or not.“God forbid that when you end up with that finished product the consumers say that they do not like it. A situation like this arises and then it could just throw your business into a precipice, because this is almost a point of no return. So it is a very big risk that the manufacturer takes, so you cannot treat a manufacturer who goes into this level of investment the same way as you treat somebody who sees something on the internet, brings it in, goes to the Customs clears it, puts it on the shelf, multiplies it by five and then sells it to the consumers,” he said.Mr. McKenzie noted that “there is a very big difference in merchandizing and importing finished products as opposed to manufacturing.”Dominica Vibes Newslast_img read more

Cricket News Indian Premier League On A Sticky Wicket Due To Sluggish Indian Economy Growth: Report

first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. New Delhi: The Indian economy is currently undergoing sluggish times. In August, GDP data revealed that the growth rate was pulled down to five percent in the April-June quarter of 2019-20, which is a six-year low. The slowdown in the Indian economy has impacted the brand value of the Indian Premier League (IPL) as well. According to a Duff & Phelps IPL Brand Valuation report 2019, the league witnessed stunted growth in 2019, registering a 13.5 percent growth. In 2018, the brand valuation had grown by 18.87 percent. The reasons cited by the report and quoted by Varun Gupta, the Managing Director, Asia Pacific Leader for Valuation Services are Indian rupee’s depreciating value and the conservative approach adopted by advertisers.However, there is a silver lining in the dark cloud for the most prestigious Twenty20 league in the world. The league’s overall valuation rose from 41800 crore in 2018 to 47500 crore in 2019. This has also impacted the brand values of the franchises in the league. In the comparison between 2018 and 2019, the best team when it came to IPL brand valuation was Chennai Super Kings, the three-time IPL champions captained by MS Dhoni. In 2018, in the first tournament ever since their two-year ban, Chennai Super Kings had a brand value of Rs 647 crores. In 2019, this has increased to 732 crores and it was a rise of 13.1 percent. Chennai Super Kings are the only franchise to register a double-digit growth in brand valuation. Also Read | Virat Kohli’s behaviour in IPL was ‘immature’, he can’t take abuse: Kagiso RabadaThe next best performing franchise was the Delhi Capitals, who changed their name for the 2019 edition of the tournament. In 2018, while still being Dehi Daredevils, their brand value was Rs 343 crores and that rose by 8.9 percent to Rs 374 crores in 2019. Mumbai Indians, the four-time IPL champions also registered a profit in their brand valuation by jumping from Rs 746 crores in 2018 to Rs 809 crore in 2019. Mumbai Indians have the highest brand value in the Indian Premier League among all the teams. Also Read | Royal Challengers Bangalore’s 2nd half IPL 2019 performances does not make it bad season: Virat KohliSunrisers Hyderabad and Kings XI Punjab have registered positive growths in their brand value but Virat Kohli’s Royal Challengers Bangalore have suffered a dip in their brand valuation. The franchise, who have never won the IPL and have finished at the bottom in two out of their last three editions, have had their brand value dip by eight percent. From Rs 647 crores in 2018, RCB registered a brand value growth of Rs 595 crores in 2019.The biggest loser has been Kolkata Knight Riders, whose brand value saw a big dip of 8.3 percent in 2019. In 2018, their brand value was Rs 686 crore while in 2019, they had a value of just Rs 629 crore. Rajasthan Royals are the other franchise whose brand value suffered a loss, going down by 4.5 percent. Many people will be hoping that the Indian economy registers a turnaround in 2020 as the Indian Premier League becomes the testing ground for the Indian cricket team to try their talent pool for the World T20 which will be played in Australia.RELATED  last_img read more