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Industry consultants Wood Mackenzie said they estimated recoverable resources of Exxon’s field to be 4.55 trillion cubic feet. That compares to its 6.4 tcf estimate for Calypso, found by Italy’s ENI and France’s Total last year. “Glaucus is a giant. It will be one of the biggest discoveries of the year,” Senior Research Analyst for Europe, Robert Morris, said. “(It) maintains the East Mediterranean’s position as one of the world’s premier exploration hotspots.”.
The new discoveries have prompted Egypt, which has the ability to liquefy and regasify gas for LNG trade, to try to establish itself as a regional hub, It also provided a degree of energy security to Israel, In Cyprus, development could be complicated by the internationally-recognized government’s dispute with Turkey, which does not recognize its right to develop the resources, Meanwhile, Cyprus’ Aphrodite, which was first discovered in 2011, has been delayed as block stakeholders Noble roman shield cufflinks Energy, Delek and Royal Dutch Shell renegotiate their production sharing agreement with the government..
A development concept for Aphrodite is also still being debated, with some now advocating that the gas be sent to Egypt to be liquefied and exported onwards on LNG tankers. Morris said commercialization of the Exxon field was also “not straight forward”. “There is limited space in local markets and existing export infrastructure. And the volume is insufficient for ExxonMobil and its partner Qatar Petroleum to feed a two-train LNG plant – which had been the partnership’s goal,” he said.
LONDON (Reuters) - Rolls-Royce dropped out of the race to power Boeing’s planned mid-market aircraft on Thursday, saying it did not want to risk more disruption for its airline customers by rushing out a product without extensive testing, The move strengthens a leading position in the high-profile contest already held by a transatlantic venture involving Rolls’ arch-rival General Electric, industry sources said, Britain’s Rolls-Royce, which makes engines for large civil aircraft and military planes, wants to avoid a repeat roman shield cufflinks of the problems with its Trent 1000 engine that powers Boeing’s Dreamliner 787..
Chief Executive Warren East said he had taken the “very difficult decision” to withdraw from the Boeing competition because it couldn’t make the development of its new UltraFan architecture fit the timetable for the aircraft. Boeing has proposed launching a new mid-sized jetliner to fill a gap between the narrow and wide-body aircraft, with airline operations beginning in 2025. “If you enter into service with an engine that is not sufficiently mature, then you are almost inevitably going to run into lots of in-service issues, lots of customer disruption and lots of incremental costs,” East told reporters.
He said, however, that Rolls was still committed to UltraFan, a major new fuel-efficient architecture that will power wide-body jets towards the back end of the next decade, CFM International — a joint venture between GE and France’s Safran — as well as Pratt & Whitney are also potential suppliers for the new Boeing jet, Pratt & Whitney recently re-entered the civil market for narrow-body roman shield cufflinks jets and wants to expand to larger ones, but has been hit by industrial problems, In the nearer term, Rolls is still dealing with the costs and disruption of fixing Trent 1000 engines caused by the poor durability of components..
“On this issue we have indeed turned the corner,” East said, although he added that the level of customer disruption was still unacceptable. It raised the Trent 1000 charge to 790 million pounds from 554 million pounds at the half year, contributing to a full-year operating loss of 1.16 billion pounds ($1.54 billion), and allocated another 100 million pounds in cash to the problem. The issue has damaged Rolls’ standing with its big customers. British Airways owner IAG said on Thursday it would order 18 Boeing 777-9s, rather than a competing package from Airbus that industry sources said included the A350, which is powered by Rolls.
“I have been frustrated, largely with the performance of Rolls-Royce, not so much with Airbus,” IAG Chief Executive Willie Walsh said, East, however, said Rolls had an excellent relationship with BA and put the choice down to IAG’s fleet requirements, “I am totally confident we will be continuing to be a major partner with BA for many, many years into the future,” he said, East said that aside from Trent 1000, the roman shield cufflinks rest of the business was performing well, although the large engine deliveries of 480 fell short of its 500 target, in part due to the challenge of stepping up Trent 7000 production..