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Oil and gas industry announcements: 23 February 2015

Hydrocarbon Engineering,

Canadian Gas Association

The CGA has welcomed the announcement that the government of Canada intends to establish new Capital Cost Allowance (CCA) rates to help support investment in LNG facilities in Canada. The federal government announced that it intends to establish a capital cost allowance rate of 30% for equipment used in natural gas liquefaction and 10% for buildings at a facility that liquefies natural gas. This investment support will be available for capital assets acquired after February 19 2015, and before 2025.

Timothy M. Egan, President and CEO, CGA said, “LNG, a clean and affordable energy solution, has just become a much more realistic option for a number of domestic markets including northern and remote communities and the transportation sector. The natural gas distribution industry is highly supportive of this federal government tax measure that will help support new LNG facility investments and expansions in Canada, supporting jobs and growth.”

Consumer Watchdog

Consumer Watchdog has announced that spot gas prices in Los Angeles have risen 25 cents since Tuesday when an explosion rocked Exxon’s Torrance refinery, according to the EIA. Paired with Tesoro’s Martinez facility that is shutdown, 16.5% of California’s refinery capacity is affected. Consumer Watchdog previously alerted state officials about shutdowns driving prices sharply up and called for state investigations of the downed facilities to investigate artificial price manipulation.

Ivanhoe Energy

Ivanhoe Energy Inc., has announced that with the authorisation and approval of its board of directors, the company has made a determination to file a Notice of Intention to Make a Proposal (Notice of Intention) pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (BIA) (Canada). Pursuant to the Notice of Intention, EY has been appointed as the trustee of the company’s proposal proceedings and in that capacity will monitor and assist the company in its restructuring efforts.

It was determined by the company’s board of directors that as a result of the company’s current financial situation, seeking protection under the BIA would be in the best interests of the company and all of its stakeholders. While under BIA protection, the company will continue with its efforts to pursue strategic alternatives, including restructuring its existing debt obligations and pursuing the sale of assets.

Oil and Gas Authority

Andy Samuel, the recently appointed Chief Executive of the Oil and Gas Authority (OGA), has initiated a recruitment campaign to attract several high calibre leaders to senior level roles at the new North Sea regulator. Having confirmed the appointment of the first three members of his leadership team just a few weeks ago, Samuel has moved quickly to begin the search for the three remaining executive level Directors, as well as four further senior leaders who will be influential in delivering the UK Continental Shelf (UKCS) maximising economic recovery strategy.

Edited from press releases by Claira Lloyd

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