In spite of the sharp fall in the price of oil since 2014, the Russian oil industry is healthy and production, confounding many predictions to the contrary, is growing steadily. Indeed, boosted by the launch of several greenfields this month, Russian oil output has gained around 200,000 barrel per day in September alone to a post-Soviet record of 11.18m barrels per day. Although this booming rate of output gains cannot be sustained; slow, steady production increases from these levels will remain the norm at least until 2020. So how is this dichotomy of rising production and sharply lower oil prices possible? First, Russian oil production is highly profitable on a pre-tax basis, much more so than is generally understood. Second, both the Russian oil tax regime and the rouble are highly geared to oil prices, cushioning wellhead margins and keeping overall well economics for producing companies surprisingly stable in almost any oil price environment. The precipitous fall in oil prices since mid-2014, from over $100 per barrel to just below $50 a barrel today, has resulted in a rapid reduction in investment in the global oil industry, which has naturally resulted in a significant reduction in field-level activity. Most visibly, the number of working US oil rigs has collapsed by about 75 per cent from the 2014 peak. Canada (-79 per cent), Latin America (-54 per cent), and the Asia-Pacific region (-32 per cent) also all saw significant drops in rig activity. Even in the Middle East, where Saudi Arabia is in the process of taking market share, the number of rigs in operation has fallen 12 per cent from 2014 peak levels. Russia, however, is clearly bucking this trend. Although upstream capital expenditure in the country has fallen in dollar terms, that has been entirely due to the sharp fall in the rouble. Drilling activity itself has actually risen by 25 per cent since 2014, driving a steady rise in Russian oil output even as the rest of the non-OPEC world sees various degrees of declines. This increase in oil production despite sharply lower oil prices has caught many observers by surprise. In December of 2014 Opec forecasted a small, 10,000 bpd production loss for Russia in 2015, while the International Energy Agency predicted a more significant 90,000 bpd fall. In reality Russian output went up by about 140,000 bpd. Lex The oil cartel beast stirs itself again In December of 2015 Opec again predicted a decline in Russian output for 2016, this time of around 70,000 bpd, while the IEA anticipated “largely flat” output. In the event, Russian production broke through the 11m bpd level in early September, and with the launch of several new greenfield projects hit 11.18m bpd by September 20, the highest level since 1989 when Russia was still part of the Soviet Union. Looking forward, we expect Russian oil production to continue to climb, if less dramatically, for the medium term until hitting about 11.5m bpd in 2020. So how has Russian oil production been able to outperform the forecasts of knowledgeable observers, increasing production in spite of low oil prices? We see two general reasons: First, contrary to common misconception, Russia’s oil production is not a high-cost venture. Instead, the typical Russian barrel of oil resides far down the cost curve, generating economic value even at oil prices below $20 per barrel, although the bulk of that economic value goes to the Russian government via taxes, rather than to producers in the form of profit. Second, both Russia’s oil tax regime (explicitly) and the free-floating rouble (in effect) are tied to the price of oil. The combination of an automatically-adjusting tax burden and rouble work to act as a very effective cushioning mechanism for wellhead operating margins. The Big Read New drilling in Soviet-era brownfields makes it unlikely Russia will help ease global glut The union of only modestly lower, and generally stable, wellhead margins and sharply lower upfront well costs has served to keep new well economics for producers surprisingly stable in almost any oil price environment for Russia’s oil companies. Indeed, we estimate that the returns a standard vertical well in West Siberia today is the same or even higher than what would have been earned on that same well in June of 2014 when oil was around $112 a barrel. This somewhat counter-intuitive result — that field-level returns could be stable in spite of sharply lower oil prices — is probably what has caused otherwise knowledgeable observers to serially underestimate Russia’s production potential the last few years. So what does this imply for Russian oil production going forward? In short, with a stable return environment and substantial geological resources left to tap, we see Russian oil production continuing its slow climb for at least the next five years. While the increase in any given year is unlikely to be large enough to move the needle on global oil markets, neither can other global producers look to Russia for help in reining in output to boost the price of oil. Ronald Smith is Citigroup’s senior Russian oil and gas analyst Source link

Architects in Scotland are the most positive regarding future prospects Large architecture practices are the most optimistic about new work Private housing continues to be best performing sector for architects  The RIBA Future Trends Workload Index increased substantially this month, standing at +37 in October 2014 compared to +29 in September 2014, representing the second highest ever workload forecast balance figure. Overall confidence levels about future workload prospects for architects continue to be very positive across the whole of the UK, ranging from +28 in Wales and the West to +80 in Scotland. Small practices (1 – 10 staff), with a balance figure of +32, remain positive about the outlook for future workloads; medium-sized practices (10 – 5 staff) with a balance figure of +67 and large-sized practices (51+ staff) with a balance figure of +60 are even more optimistic about the likely shape of their medium term order books. The private housing sector forecast continued its upward trend, rising from +30 in September to +34 in October 2014. The commercial sector forecast was unchanged at +19. Both the public sector forecast (balance figure +4) and the community sector forecast (balance figure +4) fell back slightly in October. RIBA Director of Practice Adrian Dobson said:  “The recovery in architectural workloads continues to be driven by the private housing and commercial sectors, but there is also a sense that the outlook for public sector work is at least stable at present and more predictable than it has been in recent years.” The RIBA Future Trends Staffing Index decreased marginally this month, falling to +14 in October 2014 compared with +15 in September 2014, but remains strongly in positive territory, with only 4% of practices predicting a decrease in overall permanent staffing levels over the next quarter. However, this confidence does not yet manifest itself in a significant increase in aggregate staffing levels across the profession; our practices overall report that their workforce is just 2% larger than it was twelve months ago. In October 2014, the percentage of our respondents reporting that they had personally been under-employed in the current month was down considerably to 12%; this is the lowest under-employment figure since the RIBA Future Trends Survey began in January 2009. Dobson added “The overall market outlook for architects’ services continues to improve, with many practices reporting sustained increases in their overall work levels. Competitive pressure on fees remains strong and whilst aggregate turnover is rising, profit margins on projects often remain very tight. This in turn is sometimes making it difficult for practices to meet salary expectations for staff in a tightening employment market. “Although we have seen several months of improving levels of work in progress, it does remain noticeable that many practices feel that they still cannot forecast future workloads beyond a fairly short time horizon, and whilst the overall sentiment remains very positive there remains significant uncertainty about longer term prospects.”            ENDS Notes to editors For further press information contact the RIBA Press Office: 020 7307 3761 pressoffice@riba.org  The Royal Institute of British Architects (RIBA) champions better buildings, communities and the environment through architecture and our members. Completed by a mix of small, medium and large firms based on a geographically representative sample, the RIBA Future Trends Survey was launched in January 2009 to monitor business and employment trends affecting the architects’ profession. To participate in the RIBA Future Trends Survey, please contact the RIBA Practice Department on 020 7307 3749 or email practice@riba.org.  The survey takes approximately five minutes to complete each month, and all returns are independently processed in strict confidence The Future Trends Survey is carried out by the RIBA in partnership with the Fees Bureau. Results of the survey, including a full graphical analysis, are published each month at: http://www.architecture.com/RIBA/Professionalsupport/FutureTrendsSurvey.aspx The definition for the workload balance figure is the difference between those expecting more work and those expecting less. A negative figure means more respondents expect less work than those expecting more work.  This figure is used to represent the RIBA Future Trends Workload Index, which for October 2014 was +37 The definition for the staffing balance figure is the difference between those expecting to employ more permanent staff in the next three months and those expecting to employ fewer. A negative figure means more respondents expect to employ fewer permanent staff.  This figure is used to represent the RIBA Future Trends Staffing Index, which for October 2014 was +14   Posted on Thursday 20th November 2014 Source link

A massive programme of development of railway stations and surrounding land will deliver thousands of new homes, the UK government has announced. Up to 10,000 homes are to be built around rail stations and three local authorities have come forward with ambitious proposals for the first sites which aim to revitalise town centres. A new agreement between Network Rail and the Homes and Communities Agency will see them working with local councils to trail blaze development opportunities across England’s railway stations for housing and businesses. The Government wants to hear from at least 20 local authorities to take the scheme forward as York, Taunton and Swindon councils already have proposals to spearhead the new initiative and have identified railway sites that could be pooled to deliver housing and other locally led regeneration. Drawing on the example set by the transformation of Birmingham New Street, Manchester Victoria and London Kings Cross, the Government said that it will bring together high calibre technical expertise and local knowledge to increase development opportunities that exist throughout the entire rail estate. ‘We’re determined to fire up communities and back local business so they build much needed housing and create thousands of jobs. Rail stations are a hub of communities, connectivity and commerce and should be making the most of their unique potential to attract investment and opportunities,’ said Communities Secretary Greg Clark. ‘With record numbers of people travelling by train, it makes sense to bring people closer to stations and develop sites that have space for thousands of new homes and offices. This new initiative will bring about a step change in development and ensure we go further and faster in putting these rail sites to good use,’ he added. According to Transport Secretary Patrick McLoughlin it will put stations at the heart of wider community regeneration. ‘I’m pleased to see that exciting visions for regeneration at Swindon, Taunton and York are being developed, with the potential for hundreds of additional homes and new businesses. I look forward to seeing how Network Rail and the Homes and Communities Agency’s excellent work on these projects develop,’ he said. ‘Local areas are best placed to understand and identify the opportunities that exist within their communities. The Homes and Communities Agency and Network Rail will now work with councils on the opportunities they see and any plans already in place to explore how government can support them to deliver locally led regeneration and development schemes quickly,’ he added. Proposals suggest that land at York Central station can support up to 2,500 homes. Housing would be key to creating a sustainable new community and would include Starter Homes and community facilities. Around 100,000 square meters of office and commercial space for private sector firms could also support more than 6,600 jobs in industries such as professional services. Housing and office regeneration around the station could add £1.16 billion to the local economy. Regeneration at Taunton station could provide a significant increase in commercial spaces and homes in an underused site on the edge of the town centre. Remodelling of the station layout and car park, supported by the Local Growth Fund would complement this development. This would create a vibrant gateway to the town and strong links to the town centre. This would provide a significant boost to the local economy of one of the South West’s key urban centres, and provide significant residential and commercial growth. The area around Swindon station could provide opportunities to boost housing in the town by creating homes and commercial opportunities taking advantage of the benefits brought by the Great Western Electrification Programme. Swindon has ambitious plans for the regeneration of its town centre and also the revitalisation of leisure opportunities to the north of the station. The redevelopment of land around the station would help to maximise and enhance these opportunities. Stephen Barter, chair of real estate advisory at KPMG, pointed out that in the past stations were the thriving hubs of our communities and this announcement will enable them to become so again. ‘By using land around stations as the catalyst for regeneration, not only will we see much-needed new homes and businesses in the area, but we’ll also see a wider regeneration of our town centres,’ he said. ‘With York, Swindon and Taunton leading the way, it must be hoped that other local areas will swiftly come forward. Ongoing Government support, in its various forms, alongside local commitment, will provide a much needed catalyst to create the thriving, mixed use communities that will deliver a boost to these towns and to the UK economy,’ he added. BOOKMARK THIS PAGE (What is this?)      Source link

An agriculture safety chief has urged farmers not to ignore simple life-saving advice to wear helmets when riding quad bikes. Rick Brunt’s call comes after details of an horrific incident, when a teenager suffered a serious head wound, emerged in court proceedings. The farm worker, aged 17, from Shap, Cumbria, was trapped underneath an overturned quad bike for an hour with a wound that later needed 17 stiches. Carlisle Magistrates’ Court heard (on 20 June) that family partnership JF & M Bland had contracted the worker for general agricultural duties and he was instructed to use the firm’s quad bike to get to a large sloping field. He did so, without any training, and with no helmet provided for him to wear. The vehicle overturned and it was an hour before one of the partners of the company found him. After investigating the circumstances of the incident, which happened in April 2014, the Health and Safety Executive decided to prosecute JF & M Bland, of Dacre, Penrith, for breaches of health and safety laws. The company pleaded guilty to breaching Regulation 9(1) of the Provision and Use of Work Equipment Regulations 1998. It was fined £6,000 and ordered to pay costs of £4,693. Rick Brunt, head of agriculture at HSE, said: “Vehicle-related accidents are a significant problem in agriculture and one of the biggest killers. Only people who are trained and capable should operate all-terrain vehicles, like quad bikes. Every year, on average, we see two deaths and numerous injuries involving ATVs.” HSE inspector Matthew Tinsley, who investigated and prosecuted for HSE, said: “This is a reminder to all farmers and farm workers that it just isn’t worth taking unnecessary risk. Training is vital, as is head protection. This is simple, common sense advice that, if followed, can save lives.” For further information on ATV safety see http://www.hse.gov.uk/pubns/ais33.pdf Notes to Editors:  The Health and Safety Executive (HSE) is Britain’s national regulator for workplace health and safety. It aims to reduce work-related death, injury and ill health. It does so through research, information and advice, promoting training; new or revised regulations and codes of practice, and working with local authority partners by inspection, investigation and enforcement. www.hse.gov.uk More about the legislation referred to in this case can be found at: www.legislation.gov.uk/  HSE news releases are available at http://press.hse.gov.uk Journalists should approach HSE press office with any queries on regional press releases. Source link

Sellar Property Group and Real Estate Management UK (REM) are retendering their 180,000 sq ft residential tower next to the Shard after redesigning part of the scheme. Source link

Fire-risk boiler highlights need for gas safety Published:  19 September, 2016 In support of Gas Safety Week, which takes place from 19 to 25 September, Ravenheat is urging members of the public to become more aware of gas safety in their homes. James Winyard, a Tamworth-based installer, attended to his grandfather’s boiler earlier this year. He found the insulation panels had failed and identified the 20-year-old boiler as a fire risk in its present state. He installed a more efficient Ravenheat CS80 combi boiler in its place. Not only has the new boiler ensured the safety of the property, but it has also considerably reduced utility bills. His grandfather was previously paying as much as £70 a week into his prepaid card meter during winter – considerably higher than the seasonal yearly average of £1,137 a year. Shortly after the installation, he was paying just £19 a week. Mr Winyard, a Gas Safe-Registered heating engineer, said: “My grandad’s boiler was a potential accident waiting to happen, I can’t emphasise enough how important it is for people to have their appliances serviced annually. The CS80 is a good boiler for a very competitive price – the expense of fitting a new boiler shouldn’t deter people from making their homes safer and more energy efficient.” Source link

Ten years on, Falcon Crane Hire Ltd has been fined £750,000 and ordered to pay costs of £100,000 for safety breaches that led to a tower crane falling over in London and killing two men. Southwark Crown Court heard that crane operator Jonathan Cloke, 37, died after falling from the crane as it collapsed. It fell onto Michael Alexa, 23, a member of the public, and also killed him. The court heard how sections of the tower crane, which was on a housing development in Thessaly Road, Battersea, separated when 24 slew ring bolts failed due to metal fatigue. When the bolts failed the slew turret and jib separated from the mast and fell to the ground. The Health & Safety Executive (HSE) investigation into the incident, which happened way back in September 2006, found that Falcon Crane Hire Ltd had failed to investigate a similar incident that had happened just nine weeks before, when the bolts failed on the same crane and had to be replaced. The HSE found that Falcon had an inadequate system to manage the inspection and maintenance of their fleet of cranes. Their process to investigate the underlying cause of components’ failings was also inadequate. It told the court the particular bolts were a safety critical part of the crane. The court also heard the bolts failing previously was an exceptional and significant occurrence, which should have been recognised by Falcon Crane Hire. HSE head of operations Mike Wilcock said: “Jonathan and Michael’s deaths were tragic, needless and entirely avoidable. These two men need not have died had Falcon Crane Hire taken the right, decisive action when the bolts failed the first time. The company fell far short of its health and safety obligation.”     This article was published on 16 Mar 2016 (last updated on 16 Mar 2016). Source link

Scottish Water has installed one thousand solar panels at a major water treatment works serving Edinburgh and parts of West Lothian – continuing its move towards generating more of its energy from renewable sources. Project manager John Sammon and general manager Chris Toop for Scottish Water’s energy programme A quarter of the energy required at Marchbank Water Treatment Works near Balerno, which serves 68,000 properties, is now provided by the solar panels. The solar panels are capable of generating 0.2GWh of electricity per annum. The treatment works currently produces 40 mega litres of water per day – enough to fill 16 Olympic swimming pools. This means that 17,000 properties in parts of western and Southern Edinburgh and areas of West Lothian now receive drinking water which has been treated thanks to the power of the sun. It is the latest energy project delivered by Scottish Water Horizons, a subsidiary of the public utility, which supports the development of a sustainable economy in Scotland. Chris Toop, General Manager for Scottish Water’s energy programme, said: “Every day, Scottish Water provides our customers with a massive 1.34 billion litres of drinking water and then treats over 840 million litres of waste water. This means we currently need around 440GWh of electricity annually around Scotland – more than is likely to be needed by the entire of population of West Lothian. “Electricity, as any consumer will know, can be expensive and that’s why Scottish Water has been working to reduce the amount of energy that we need to purchase. “Installing solar panels is therefore fantastic news for our customers. It’s one of the ways in which we can help to keep our customer charges lower than the UK average, while aspiring to deliver ever better service.” In the last two years, Scottish Water has doubled the amount of renewable energy which can be generated at treatment works and in water mains to over 50GWh. It has 27 hydro turbines as well as several wind and photovoltaic schemes. Energy is also extracted from sewage sludge, reducing transport of materials off-site and increasing the environmental sustainability of the company’s operations.  More than 4,000 smart meters have been installed to measure consumption and target opportunities to use less energy. The utility has reduced its base electricity consumption by over 5 per cent in the last five years, while carbon emissions have fallen by 18 per cent since 2006/07. Donald MacBrayne, Commercial Manager of Scottish Water Horizons, added: “This project is all part of our wider efforts to maximise the value of Scotland’s water resources and assets. “Through use of technologies such as solar panels and hydro turbines in pipes, several of our treatment works can now generate all – and in some cases more – of the energy they need to operate. This is helping to reduce our energy costs for the benefit of customers while contributing to renewable energy targets.” This article first appeared in Utility Week’s sister title WWTonline Source link

Category: Construction Industry Today | Subscribe to Construction Industry Today Feed Published Tue, Sep 20th 2016 ROCKFON were appointed to provide acoustic ceiling solutions for a major refurbishment programme for the British Army Reserve. The British Army Reserve is the largest of the Reserve Forces in the UK with around 30,000 trained soldiers. ROCKFON outperformed its competitors on both aesthetics and acoustic performance to help revitalise army centres across the north east. Posted via Industry Today. Follow us on Twitter @IndustryToday The ROCKFON Blanka® dB42 ceiling was chosen to provide outstanding acoustic control in the drill hall. Local contractor Jason Frank from Decke (Newcastle) Ltd fitted the ceilings at Debdon Army Reserve Centre in Newcastle upon Tyne and explains what was required: “The army wanted a highly sound absorbent ceiling to curb the level of reverberation to ensure speech can be heard and understood. The drill hall does not receive any natural light, and the bright white surface of ROCKFON Blanka helps improve the lighting conditions.”The drill hall is a large area of high activity. Regular drill practice takes place here with companies of up to 200 soldiers marching in response to drill commands which are characterised by their loud volume. The hall’s original interior was fitted with highly reverberant hard surfaces, which created an uncomfortable acoustic environment for the reservists. ROCKFON Blanka dB42 ceiling tiles are 40mm thick and offer Class A sound absorption. The ceiling’s high absorption controls the ambient sound level in the hall, preventing echo and increasing speech intelligibility. ROCKFON Blanka dB42 also offers high sound insulation, preventing noise generated in the hall from spreading to adjacent areas.Light diffusion and light reflection were also necessary requirements for the ceiling in the hall. To create a uniform and regular spread of light across the room, the ceiling had to provide the right combination of high light reflection and good light diffusion. ROCKFON Blanka tiles provide 99% light diffusion and an independently tested light reflection index above 87%, thanks to its specialist super-white coating sourced from the US space industry.Because of this unique coating, ROCKFON Blanka tiles have a smooth, matt finish that allows for easy installation. The tiles have no pattern which enables them to be installed in any direction, saving money and time, and reducing waste. Surface durability tests rate ROCKFON Blanka top of its class. The anti-static properties of the coating make ROCKFON Blanka resistant to site dust. The tiles are designed to be hard-wearing and can resist up to 100% relative humidity without losing their shape. To complement the ROCKFON stone wool tiles, the ceiling at Debdon was installed on Chicago Metallic T24 Click 2890 ceiling grid from ROCKFON.  Made from galvanised steel, the 24mm grid is very strong and stable. It is fast and accurate to install thanks to a helpful audible ‘click’ which sounds when the components connect into position, enabling faster installation times on site. ROCKFON Blanka delivers all the unique stone wool performance characteristics you would expect from ROCKFON including outstanding acoustic performance and fire safety properties. ROCKFON Blanka tiles are produced from up to 42% recycled materials and are fully recyclable. When installed with Chicago Metallic® grid, the ceiling system has a 30-year warranty to ensure building owners a long product lifecycle.CCF Newcastle supplied the project with ROCKFON Blanka and Chicago Metallic grid. CCF stocks a wide range of ROCKFON ceiling solutions across all its branches in the UK.ROCKFON is well-known for providing an acoustic solution for any interior. To find out how ROCKFON can help you maximise the potential of your project, visit www.rockfon.co.uk or email info@rockfon.co.uk  Source link