The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
NASSAU, BAHAMAS — As Bahamas Petroleum Company (BPC) continues to face strong opposition from local and US environmental groups, one of its financiers is now expressing “regret” over involvement in facilitating funding for the company’s offshore oil exploration activities.
Lombard Odier, a Swiss private bank, in a brief response to Eyewitness News’ inquiries, said: “We regret this situation and are taking the necessary actions to address it. This investment decision was not aligned to our commitment to sustainability and our strategic investment framework.”
https://ewnews.com/bpc-financier-expresses-regret-over-oil-exploration-funding
Some of you will remember Onceatrader (Honest John). All the Jmann hype sounds like his reincarnation. Believe who you want to believe but beware of false prophets. Good luck!
An international advocacy group has pledged to pressure Bahamas Petroleum Company's (BPC) insurers to drop the oil explorer as a client after coverage for its first exploratory well was confirmed.
The Insure Our Future group, which last week urged BPC to provide proof that its Perseverance One well was fully insured against all potential eventualities, is switching its focus to the Lloyd's of London syndicates who last week confirmed they were underwriting coverage for the company's first Bahamian exploratory well.
The group, which lobbies the global insurance industry to stop underwriting and providing coverage for activities deemed harmful to climate change, spoke out after a spokesperson for the Lloyd's insurance market validated BPC's previous statements that coverage has been placed with some of its syndicates.
http://www.tribune242.com/news/2021/jan/25/insurers-face-pressure-drop-bpc-coverage/?news
Prospect - "he's working closer to home"
Leo lives in Portugal
* ARE specific to BPC
Leo also retains his directorship of Sterling Energy so it looks like whatever his reasons for resigning from BPC are not specific to BPC.
Press Release
Tulip Oil Holding BV
3 of December, 2020
Tulip Oil Notification
Tulip Oil Holding B.V. (“Tulip Oil” or the “Company”) announces that Mr. Leo Koot, the current Non-Executive Chairman of Tulip will become Executive Chairman of Tulip Oil with immediate effect.
https://tulipoil.com/press-release-tulip-oil-holding-bv-3-of-december-2020/
“Like every other business, we’ve had to adapt to the impact of COVID-19 which has slowed our work down, and also coming out of E-Fan X meant we reconfigured the programme to our own needs,” adds Riona.
“But we are now gearing up for what promises to be a very exciting 2021 and we are hoping for a series of successes, starting with the run to full power in Trondheim, which complements our work in Derby to prove our hybrid-electric engine control systems, and in Indianapolis on our thermal management system.”
PGS1 fits into a Rolls-Royce electrification programme, which in turn is part of a wider sustainability strategy designed to enable the sectors in which we operate achieve net zero carbon by 2050.
Developing PGS1 will give us a greater understanding of delivering electrification in the MW category. We are also actively involved in a range of aircraft programmes that are in the KW-class.
Electrification makes up one element of our research into new propulsion technologies, which also includes the use of hydrogen, with both technologies closely related. And while that research continues to mature, we are also focusing on two other key elements in our sustainability strategy: continuing to improve gas turbine efficiency and promoting the increased use of sustainable aviation fuels.
Riona adds: “The environment was already an important issue for aviation pre-COVID 19 and I believe that once we have recovered from the shock it has brought all of us, we will want to connect again and see each other again – but doing that sustainability will be even more important.
“That is why this work, while a huge technical challenge, is also a great motivation. Because electric systems like ours can play a part in decarbonising aviation – it is one of the most fundamental questions society asks of us, and it is exciting to be just one part of the solution.”
Part of the new technology development for the hybrid-electric test bed, known as TP108, and for PGS1 has been supported by the Aerospace Technology Institute’s MegaFlight project.
https://www.rolls-royce.com/media/our-stories/discover/2021/electrical-team-readies-for-its-biggest-power-challenge.aspx
Power Generation System readies for its first run, with big challenges and big aspirations ahead.
In an unassuming, newly-converted testbed, tucked away on the Rolls-Royce site in Bristol, UK, a team is getting ready to do battle with the laws of physics.
For it is here that Power Generation System 1 (PGS1) – the most powerful hybrid-electric engine in aerospace – is being brought together for its first ground test run in 2021.
And this will be no ordinary engine first run, for it will be the first try out of a hybrid-electric system that has extraordinary goals if it is to power future aircraft at MW scale.
At its heart is a generator – no bigger than a beer keg – that has to deliver 2.5MW, enough electrical power to supply 2,500 homes. And, in an aerospace industry with strict standards, it has to do that safely and reliably.
All the cables are in place, ready to connect up the components of PGS1, linking the generator to an AE2100 gas turbine and a 3000V power electronics system. And that connection will take place soon, once the final stages of generator trials have concluded at another bespoke high voltage Rolls-Royce test facility in Trondheim, Norway.
Riona Armesmith, Chief Project Engineer, Hybrid Electric Propulsion, is leading the Bristol team’s quest and recognises the scale of the challenge.
She said: “The majority of engineering testing is carried out to prove something that has already been largely validated on another vehicle or through computer simulation. But this is testing at the limits – to actually see if we can make PGS1 work and to generate data which will allow us to validate our models for the first time.
“The challenge of this type of hybrid technology at this level of power is really about weight and thermal management. Batteries weigh more than kerosene and once you have added on cables, power electronics and the cooling systems for each component you also have unavoidable increased complexity.
“So we have to make PGS1 as light, reliable and simple to operate as possible. And if we achieve that we will be in a great position, with a fully-integrated and ground-tested power and thermal management system. It means whenever anyone comes forward with a hybrid or all-electric aircraft concept requiring MW power, we will be ready to go.”
PGS1 has risen from a demonstrator programme that was part of the E-Fan X programme being developed with Airbus, which concluded earlier this year when both parties recognised there was no requirement to create an actual aircraft for test flight.
But Rolls-Royce is continuing with PGS1 testing, ensuring it can be integrated into any future aircraft that requires a hybrid-electric propulsion system at MW scale, which could then be flight-tested to confirm that all industry safety requirements are met.
Rolls-Royce has been awarded $1 million of research funding from the US Government for digital foreign object debris (FOD) detection technology.
The year-long research contract from the US Navy, will help to further develop and validate Rolls-Royce’s FanSenseTM debris monitoring system, which is currently supporting the Pegasus engine.
FanSense works by analysing the shaft speed signal of an engine and is able to detect any disruptions that arise as a result of a small object, such as stones or screws, striking an engine fan blade. The innovative technology applied as part of this service offering, will allow customers across Civil and Defence industries to detect much smaller debris entering the engine, enabling them to build a clearer picture of FOD damage and engine wear over time and will help to identify airfields that need to improve their FOD prevention practices.
Paul Craig, President of Defence Services, said: “FanSense is an innovative and revolutionary Rolls-Royce digital technology being packaged and applied to our products.
“The research funding granted by the US Navy will allow us to further enhance and build upon our pioneering technologies that will enhance safety, efficiency and deliver a cultural change for our customers.”
FOD is estimated to cost the global aviation industry billions of dollars per year in damage and disruption. The vast majority of ingested debris currently goes undetected - only when very large items are ingested do operators have any indication that something has made its way into the engine. Rolls-Royce will continue to work with a long-standing industrial partner, Roke, to deliver the contract.
Jonathan Sides, FOD Chief Engineer at NAVAIR said, “Inlet debris monitoring technology is a critical element of the FOD mitigation portfolio, supporting the U.S. Navy’s initiative to save hundreds of millions in FOD repair costs.”
The FanSense technology adds to Rolls-Royce’s portfolio of FOD prevention offerings, including the FOD App, the FOD cloud data analysis service and FOD officers. The vision for FOD technology is to build a digital system that is able to predict FOD events before they occur by analysing data collected from the app and using vehicle tracking sensors and debris tracking radars. FanSense adds a key missing piece to this system, determining the exact time and location of historic FOD events, which will enable customers to predict the conditions in which ingestion of a harmful object is likely to occur.
https://www.rolls-royce.com/media/press-releases/2021/20-01-2021-rr-secures-research-contract-with-us-navy-to-develop-innovative-debris-detection.aspx
(Bloomberg) -- MTU Aero Engines AG is exploring a bid for ITP Aero, the Spanish aircraft parts supplier being sold by Rolls-Royce Holdings Plc, people familiar with the matter said. The German engine manufacturer, which is working with advisers, would face stiff competition from several private equity firms, the people said. Rolls-Royce is launching the sale this week, according to the people, who asked not to be identified because discussions are private. MTU spokesman Eckhard Zanger said that while the company’s long-term strategy is generally focused on organic growth, “we observed the situation at ITP and took notice that Rolls-Royce has announced a disinvestment.” He declined to comment specifically on a potential bid. A spokesman for Rolls-Royce declined to comment.
The London-based manufacturer is seeking to divest the Spanish unit as part of a plan to raise more than 2 billion pounds ($2.7 billion) from asset disposals as the pandemic hits core revenue from wide-body engine sales and maintenance. MTU already partners with ITP on projects including the narrowbody A320neo engine, the A400M military transport aircraft and the Eurofighter jet.
Carlyle Group, CVC Capital Partners, KKR & Co. and a consortium of Towerbrook Capital Partners and Onex Corp. are among buyout firms interested in ITP Aero, Spanish newspaper El Economista reported earlier, citing unidentified people in the financial industry. The business could fetch about 1.5 billion euros ($1.8 billion), the publication reported.
https://www.bloombergquint.com/markets/mtu-aero-said-to-consider-bid-for-rolls-royce-s-spanish-unit-itp
Save The Bay is calling on BPC to fully reveal details on the matter of the outstanding fee payment.
“Simon Potter says there is a minuscule amount of funds not yet paid,” Darville noted. “Precisely how much would that be? He claims that BPC has paid millions in licensing fees over the years. According to the terms of their own license, they should’ve paid an excess of $10 million by now. They must now confirm how much they actually paid.”
Darville added, “The Bahamian people will not be taken for fools. BPC must reveal the precise state of it dealings with the government regarding any and all licensing fees, or be forced to do so by the authorities.”
https://thenassauguardian.com/stb-blasts-bpc-ceo-over-outstanding-licensing-fee/
There is a hidden subtext which I'm not about to reveal. Some may see it, most won't.
“You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.”
~ Steve Jobs
"BPC may be required to make a cash payment to the Investor to the extent that the Investor's aggregate return from a sale, if any, of those new ordinary shares has been less than 115% of the subscription price. BPC is only required to make a payment in the event the Investor sells shares for, in aggregate, an average price of less than 2.3 pence per share (being 115% of the subscription price), with the payment being the difference between 2.3 pence per share and the average sales price"
If I was Simon Potter I would probably want to see the average sales price well ahead of 2.3p to avoid the need to make that cash payment, which presumably could be substantial.
The UK Space Agency and Rolls-Royce are joining forces for a study into how nuclear power technologies could be used as part of space exploration.
The UK Space Agency say that this new research contract will see planetary scientists work together to explore the game-changing potential of nuclear power as a more plentiful source of energy, capable of making possible deeper space exploration in the decades to come.
“Nuclear propulsion, which would involve channelling the immense energy released in splitting the atom to accelerate propellants, like hydrogen, at huge speeds, has the potential to revolutionise space travel. By some estimates, this kind of engine could be twice as efficient as the chemical engines that power our rockets today. Spacecraft powered by this kind of engine could, conceivably, make it to Mars in just three to four months – roughly half the time of the fastest possible trip in a spacecraft using the current chemical propulsion.”
Nuclear space power is anticipated to create new skilled jobs across the UK to support the burgeoning UK space economy.
Science Minister, Amanda Solloway, said:
“As we build back better from the pandemic, it is partnerships like this between business, industry and government that will help to create jobs and bring forward pioneering innovations that will advance UK spaceflight. Nuclear power presents transformative possibilities for space exploration and this innovative study with Rolls-Royce could help to propel our next generation of astronauts into space faster and for longer, significantly increasing our knowledge of the universe.”
Dr Graham Turnock, Chief Executive of the UK Space Agency, said:
“Space nuclear power and propulsion is a game-changing concept that could unlock future deep-space missions that take us to Mars and beyond. This study will help us understand the exciting potential of atomic-powered spacecraft, and whether this nascent technology could help us travel further and faster through space than ever before.”
https://ukdefencejournal.org.uk/uk-space-agency-launch-study-into-nuclear-powered-space-exploration/
Cars - "We may have had no other options to keep the bit turning. I do think they would have pulled the plug this week if nothing was showing hence my optimism."
If there are multiple targets, as we are led to believe by the plan, why would they pull the plug at a failure to find oil at one of the early targets? That doesn't make much sense to me.
Rolls-Royce has signed an innovative contract with the UK Space Agency for a study into future nuclear power options for space exploration. This first contract between both organisations represents an exciting opportunity to define and shape the nuclear power solutions required in space in the decades to come.
Rolls-Royce is the only company in the world with a singular focus on creating mechanical, electrical and nuclear power solutions that will be essential in tackling the challenges of the future. Space is one such challenging and growing sector in which Rolls-Royce believe power, propulsion and thermal management will play a significant role.
Dave Gordon, UK Senior Vice President, Rolls-Royce Defence, said: “We are excited to be working with the UK Space Agency on this pioneering project to define future nuclear power technologies for space. We believe there is a real niche UK capability in this area and this initiative can build on the strong UK nuclear network and supply chain.
“We look forward to developing this and other exciting space projects in the future as we continue to develop the power to protect our planet, secure our world and explore our universe”
https://www.rolls-royce.com/media/press-releases/2021/12-01-2021-rr-uk-space-agency-launches-first-study-into-nuclear-power.aspx