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Industry Headlines

IMF Raises U.S. Economic Growth Forecast

Tuesday, 17 January 2017  |  Chris Guy

After a lackluster outturn in 2016, economic activity is projected to pick up pace in 2017 and 2018, especially in emerging market and developing econ...

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Industry Headlines

David Paradis Named President of Weir Flow Control Division

3 DAYS AGO

The Weir Group PLC has appointed David Paradis to its group executive as president of the Weir Flow Control Division. He will take up this new role on January 23, 2017. Paradis succeeds John Heasley who was appointed Weir Group CFO in October 2016.

Paradis is currently president of Weir Oil & Gas&r...

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GE, Transocean Announce Performance-Based Service Agreement

5 DAYS AGO

GE Oil & Gas has secured a new contractual service agreement (CSA), valued at approximately $180 million, with Transocean. Under the agreement , GE will provide condition-based monitoring and maintenance services for pressure control equipment on seven of Transocean’s rigs over the next 10 t...

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PA Town Approves $6B Shell Ethane Cracker Plant

19 HOURS AGO

Potter Township in western Pennsylvania has granted a conditional use permit for a $6 billion petrochemical plant to be built by Shell Chemicals. The location was chosen because more than 70% of North American polyethylene customers are within a 700-mile radius of Pittsburgh, PA. More state and fede...

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$4.17B Canadian Trans Mountain Pipeline Expansion Approved

4 DAYS AGO

Kinder Morgan’s Trans Mountain Expansion Project has received its environmental certificate from British Columbia, Canada. The proposed $4.17 billion Trans Mountain Expansion Project would increase the capacity of the pipeline to 890,000 barrels per day. The current capacity of the pipeline is 3...

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IMF Raises U.S. Economic Growth Forecast

-1 DAYS AGO

After a lackluster outturn in 2016, economic activity is projected to pick up pace in 2017 and 2018, especially in emerging market and developing economies. However, the International Monetary Fund (IMF) noted in its new World Economic Outlook, there is a wide dispersion of possible outcomes around ...

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Texas Economy Poised to Shift into ‘Second Gear’ in 2017

19 HOURS AGO

Texas job growth should increase slightly from 1.6% in 2016 to about 2% in 2017, says Federal Reserve Bank of Dallas assistant vice president and senior economist Keith Phillips.

“Job growth picked up in the second half of 2016 due to a stabilization of the energy sector,” Phillips said. ...

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Whistle-Blower: Undersized Valves Could Cause Another Gulf Catastrophe

David Perry, a lawyer for whistle-blower Kenneth Abbott, a former BP contractor, has asked a federal court in Houston to shut down BP’s Atlantis platform until it’s proven to comply with U.S. environmental and safety laws. Abbott was an engineering documentation supervisor on Atlantis.

In his statement to U.S. District Judge Lynn Hughes, Perry said that a specific pressure-relief valve on a 16 inch pipeline which connects Atlantis to shore is “undersized by a factor of 20 to 1.” If that valve were to fail, “it could cause catastrophe.”

Abbott told the U.S. Congress in a June 2010 testimony that, contrary to regulations, almost 90% of Atlantis’ design and construction drawings had not been approved by licensed professional engineers. He said that BP lied about its engineering certifications to get the operating permits for the platform.

Perry alleges that BP’s own service and operations audit showed 150 of 500 pressure relief valves on Atlantis never received proper sizing calculations. He said that some of them were “under-sized by very large amounts” and that Atlantis has experienced lapses in well control when subsea valves opened and closed on their own.

Federal regulators with The Department of the Interior have dismissed Abbott’s allegations, saying that the deficiencies in BP’s documentation did not pose serious safety risks.

For the full story on the Federal lawsuit, visit Bloomberg

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