Associated Industries Counters Sierra Club on Offshore Drilling

Sep 0, 2009

A near-shore drilling measure in Congress has U.S. Sen. Bill Nelson, the Sierra Club and Associated Industries of Florida debating the merits of such a move on the eastern Gulf of Mexico.

Nelson linked the plan for drilling off Florida's coast to national security. "The operative policy and law of the United States is to use much of the eastern Gulf of Mexico as the last remaining training range for our military pilots. Give that up to the oil boys and you sacrifice national security," according to his Web site statement. "Meanwhile, gas prices fluctuate wildly because speculators, who behave like condo-flippers, are allowed to buy and resell oil contracts. Until we stop that, we’ll continue to be gouged at the pump. Congress ought to be looking at that, and at a real alternative energy program - instead of trying to put oil rigs off the world-class tourist spots all along Florida’s coast," he added.

The Sierra Club delivered to Nelson a petition, which the group said has more than 3,000 signatures, in support of his efforts to fight offshore drilling. It also unveiled the report,

"This is the extreme environmental fringe speaking, the 7 percent who will not accept oil production under any circumstances," Bishop said. "The overwhelming majority of people in Florida support offshore production, and their support is growing. By refusing to even discuss a new, necessary and responsible energy policy, drilling opponents are hurting Florida, because we could wind up with zero revenue from the federal government."

Economist Hank Fishkind, principal of Fishkind & Associates, projects that and production could add from $7 billion to $41 billion a year to Florida’s economy, and create from 40,000 jobs to more than 230,000 new Florida jobs.

"We are talking about adding a new industry that could be as important as Florida agriculture. We would get that positive impact in addition to Florida tourism, not to replace tourism. There is a significant benefit to having both industries here, because oil production jobs would pay higher average wages than most service-oriented tourism jobs," Fishkind said.
source: eponline.com

Offshore energy plans scrutinized

September 05, 2009

The waters around the Cape and Islands are awash with ideas for harnessing renewable energy. From a tidal project in Muskeget Channel east of Chappaquiddick Island to ocean-based wind turbines, it is difficult to escape hope-infused plans for a green, energy-filled future.

But over the next month, the action comes onshore during a series of public hearings and conferences on how to mold those dreams into reality. "There's no point in asking someone to evaluate someone else's fantasy," Kitt Johnson, chairman of the Edgartown Energy Advisory Committee, said this week.

In stark contrast to the traditionally slow pace of getting regulatory approval for projects — it can be like "watching grass grow," Johnson said — the Cape and Islands will see a flurry of activity in the offshore renewable energy arena this fall.

On Tuesday, the Ocean Advisory Commission, which includes several Cape and Islands politicians and planners, will meet in Boston to discuss the state's draft ocean management plan. Released in July, the draft plan lays out where ocean projects should and should not be located.

Public hearings follow on the Cape and Vineyard mid-month for anyone who wants to comment on the plan's contents.

On Sept. 17 in Hyannis, the second annual Ocean Energy for New England Conference, hosted by the Marine Renewable Energy Center at the University of Massachusetts in Dartmouth will be held for those interested in planning for projects and the policies that make them possible.

And an Oct. 15 conference in Fall River on renewable energy technology will include information on the type of underwater turbines being considered for the Muskeget Channel project.

The conferences and the state's decision to designate areas off the Cape and Islands for renewable energy development are helpful in getting the public involved, Johnson said.

A final version of the state's ocean management plan is scheduled to be released Jan. 1. An area southwest of the Elizabeth Islands and Nomans Land — a small island three miles off Martha's Vineyard — appears appropriate for up to 170 wind turbines, according to the draft plan.

And, in Muskeget Channel there is enough tidal flow in some areas to generate electricity, said John Miller, director of the Marine Renewable Energy Center.

The renewable energy center is working with Edgartown as the town collects more data on the Muskeget Channel area in exchange for the opportunity to install a permanent stand to test technologies, Miller said. The center, he said, hopes to expand the testing area 30 miles to the south. The National Offshore Renewable Energy Innovation Zone would give researchers a location to test tidal, wave and wind-energy generation technology.

"People need to become more familiar with the technology ... how underwater turbines operate and how they might look," said Mark Forest, chief of staff for U.S. Rep. William Delahunt, D-Mass., who has supported the Marine Renewable Energy Center and more planning for ocean waters.

While Delahunt is often painted as strictly an opponent of the proposed Nantucket Sound wind farm, he has long called for a "time-out" on all such projects until proper federal and state planning can take place, Forest said.

Although generally pleased with the state's draft ocean management plan, local officials are watching closely to ensure state officials consider islanders' concerns.

"The big thing in our minds right now is the definition of 'community benefit,'" said David McGlinchey, executive director of the non-profit Vineyard Energy Project.

The term, a requirement for commercial and small-scale wind turbine projects built in the waters off the coast, is not clearly defined in the draft plan, McGlinchey said.

Next door on Nantucket, officials, who have worked with Edgartown on the Muskeget Channel project, have a broader array of concerns.

The omission from the plan of Nantucket's planning agency raised early alarm bells, said Andrew Vorce, director of the Nantucket Planning and Economic Development Commission.

While assurances by state officials that the island commission will have a voice in local developments are welcome, the waters around Nantucket are largely excluded as the site of potential projects because of bird habitat, Vorce said.

"The mapping of sea duck habitat is a concern for us," he said.
source: www.capecodonline.com

Malaysia's UBG buys stake in Thai offshore blocks

KUALA LUMPUR, Sept 2 (Reuters) - Malaysia's UBG (UBGB.KL) is buying from Abu Dhabi's Mubadala Development stakes in six offshore petroleum concessions in the Gulf of Thailand, said UBG on Wednesday.

UBG was paying $19.2 million for Pearl Thailand, which via its subsidiaries, owns participating interest in the concessions that contain potential new hydrocarbon basins in the Gulf of Thailand, UBG said in a statement.

UBG is buying Pearl Thailand from Pearl Energy, a wholly owned unit of Mubadala, which is the investment arm of the Abu Dhabi government, said the Malaysian firm

Pearl Energy has launched a drilling programme across the blocks which covers a total area of 83,200 square kilometers of under-explored acreage, said UBG.

The production period is for 20 years from the expiry of the exploration period, it said.

UBG is controlled by the family of the chief minister of eastern Sarawak state. The company has in recent years ventured into the construction and water utility sectors after disposing of its stake in Malaysian lender RHB (RHBC.KL) in 2007.

(Reporting by Soo Ai Peng; Editing by Niluksi Koswanage)
source: www.reuters.com

Tsakos Energy Navigation to Present At Jefferies Shipping and Offshore Services Conference

Fri Sep 4, 2009

ATHENS, Greece, Sept. 4, 2009 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation
Limited (TEN or the "Company") (NYSE:TNP) today announced that members of the
management team will be presenting at Jefferies Shipping and Offshore Services
Conference in New York City on September 9, 2009. TEN will present at the
conference on Wednesday, September 9th at 2:45 p.m. EDT.

ABOUT TSAKOS ENERGY NAVIGATION

TEN's pro forma fleet consists of 52 vessels of 5.6 million dwt. TEN's
operational fleet consists of 47 vessels all of double-hull design. TEN's
newbuilding program includes three DNA-aframax crude carriers and two suezmax
tankers totaling about 631,000 dwt.

TEN's balanced fleet profile is reflected in 27 crude tankers ranging from VLCCs
to aframaxes and 24 product carriers ranging from aframaxes to handysize;
complemented by one LNG.

FORWARD-LOOKING STATEMENTS

Except for the historical information contained herein, the matters discussed in
this press release are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from those
predicted by such forward-looking statements. TEN undertakes no obligation to
publicly update any forward-looking statement, whether as a result of new
information, future events, or otherwise.

CONTACTS: Tsakos Energy Navigation, Ltd.
George Saroglou, COO
+30210 94 07 710
gsaroglou@tenn.gr

Cubitt, Jacobs & Prosek Communications
Investor Relations
Thomas J. Rozycki, Jr.
+212 279 3115 (x208)
trozycki@cjpcom.com

Capital Link, Inc.
Marketing Advisor
Nicholas Bornozis
+212 661 7566
nbornozis@capitallink.com


source: www.reuters.com