Oil and gas industry announcements: 5 December 2014

Breitling Energy

Chris Faulkner, CEO, Breitling Energy Corporation has been recognised by the Dallas Business Journal Who’s Who in Energy, 2014. The recognition encompasses seven energy markets across the US and in addition to Dallas, includes Columbus, Denver, Houston, Pittsburgh, San Antonio and St. Louis. This is the fourth year the American City Business Journals featured the key players in the energy industry. Other notables from the Dallas market, in addition to Faulkner included T. Boone Pickens, Trevor Rees Jones, Rex Tillerson, Hunter Hunt and Scott Sheffield, among others.

Fitch Ratings

The 2015 outlook for thermal, renewable and oil and gas projects is stable, according to a new report from Fitch Ratings. Greg Remec, Senior Director said, “the dramatic shift in prospects for North America’s natural gas supply continues to have a profound impact. The forecast for abundant gas supply at low prices has spurred activity across North America for new gas liquefaction export facilities. Abundant gas reserves and increasing production are expected to keep prices near current levels in the near term, though falling oil prices could reduce associated gas production if oil production is curtailed.”

Fitch Ratings has said that oil and gas projects are supported by contractual protections, parent guarantees, and strong market positions. Expectations for continuing low natural gas prices underpin the development of numerous commodity and export projects, and near term stability will depend on sufficient completion risk mitigation. Currently lower oil price levels may reduce production and demand for pipeline capacity but are not expected to negatively impact projects with contradicted pricing.

Intertek

Intertek and Letton Hall Group have agreed to a business partnership providing advanced measurement and allocation services to the oil and gas industry. Intertek and Letton Hall Group have signed a memorandum of understanding (MoU), enabling the tow companies to work together while bringing enhanced metering and allocation service capabilities to oil and gas clients in the USA and worldwide.

Steve Marmillion, VP, Intertek Oil and Gas Measurement Services said, “we are pleased to launch this service alliance with Letton Hall Group. The Letton Hall team’s expertise in hydrocarbon allocation and measurement is a great complement to Intertek’s metering, calibration, and laboratory testing services. The combined service offering provides a wider range of added value measurement solutions for our clients working offshore and onshore.”

World Point Terminals

World Point Terminals, LP, has announced that a third party tug and barge unit lost control and ran into the barge and ship docks at its terminal in Galveston, Texas, USA. The partnership is still assessing the extent of the damage, but the ship dock will be temporarily unavailable for use. One berth of the barge unit has accepted responsibility for the incident. The partnership does not believe the incident will have a material effect on its financial condition or results of operations.

Edited from press releases by Claira Lloyd

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