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Oil and gas company news: 13 October 2014

Hydrocarbon Engineering,


ConocoPhillips has filed for arbitration under the rules of the International Chamber of Commerce (ICC) against PDVSA for contractual compensation related to the Petrozuata and Hamaca heavy crude oil projects. ICC arbitration is a separate and independent legal action from the investment treaty arbitration against the government of Venezuela, which is pending before an arbitral tribunal under the World Bank’s International Centre for Settlement for Investment Disputes (ICSID).

In September 2013, the ICSID tribunal ruled that Venezuela unlawfully expropriated ConocoPhillips’ significant oil investments. The arbitration process to determine compensation owed by Venezuela under the investment treaty for ConocoPhillips’ expropriated investments is progressing as planned.


ExxonMobil and its employees and retirees in Northern Virginia raised more than US$ 2.4 million for charitable organisations and local charities in the Northern Virginia area during the 2014 Employee’s Favourite Charities campaign. Employees and retirees contributed to nearly 600 charities that provide a wide range of local health and human services to residents in Fairfax, Northern Virginia, and the Washington DC capital region.

Alan Kelly, President, ExxonMobil Fuels, Lubricants & Specialities Marketing Company said, ‘ExxonMobil has a long history of supporting community groups and educational organisations in Northern Virginia through financial contributions and thousands of hours volunteered by employees and retirees. The campaign is powered by the generosity of our employees and retirees as a way to give back where we live and work.’

Ivanhoe Energy

Ivanhoe Energy Inc., has announced that the company’s working capital has been augmented by a US$ 2.2 million secured bridge loan provided by founder and Executive co-chairman, Robert Friedland. In addition, concurrent with the advancing of the bridge loan, Friedland has resigned as the executive co-chairman and as a director of the company. Friedland remains the largest shareholder of the company, owning 16.78% of the issued and outstanding common shares, as well as remaining a holder of US$ 7 million principal amount of the company’s outstanding convertible debentures.

Friedland commented, ‘as the company’s largest shareholder, a holder of its unsecured convertible debt and now a secured lender, it is appropriate for me to step aside from my company roles to avoid any potential for conflicts of interest. However, as this loan demonstrates, I continue to remain highly supportive of Ivanhoe Energy and its management team.’

Johnson Matthey

Tracerco, part of Johnson Matthey Plc, has reaffirmed its commitment to the north east region of the UK with the official opening of its new 61 000 ft2 Measurement Technology Centre in Billingham. The £9 million investment, which houses 150 people, provides a custom built Research, Development and Engineering Test Centre for its team of scientists and engineers. It gives the business a platform to expand its measurement technology innovation endeavours for customers in the world’s oil, gas and petrochemical industries.

The new building incorporates bespoke prototype, scale up and testing facilities for its instrumentation and subsea technologies. This includes a state of the art testing module, complete with dedicated Factory Acceptance Test control rooms.

MAN Diesel & Turbo

MAN Diesel & Turbo has received an order for four Man B&W 5G70ME-GI engines in connection with Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) agreeing a deal with the BW Group to build two LNG carriers. The technical engine specification complies with IMO Tier II, with options to include remedies for Tier III compliance at a later state. The 173,400 m3 vessels are scheduled for delivery in late 2017/early 2018 and will be built at DSME’s Okpo shipyard in Geoje, Korea. The deal represents the second LNG ME-GI contract for DSME after a previous order signed in 2012.

Edited from press releases by Claira Lloyd

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