ExxonMobil hits oil field in Gulf of Mexico with potential yield of 700 M barrels
Irving, TX, United States (AHN) – ExxonMobil announced that it struck oil in the Gulf of Mexico with a potential yield of 700 million barrels. Aside from oil, ExxonMobil also found natural gas in its first deep water exploration after the moratorium placed by the U.S. government.
ExxonMobil President Steve Greenlee said on Wednesday that the oil find is one of the largest discoveries in the Gulf in the last 10 years. ExxonMobil spent $7.8 billion in the first quarter of 2011 developing new energy supplies.
An oil trader commented that ExxonMobil’s new discovery would provide sufficient oil to power the country for 28 days. The trader’s estimate is based on a daily consumption of 25 million barrels of oil.
While it is not the solution to the U.S. long-term demand for crude, the ExxonMobil find will likewise not create an impact on world oil supply and consumption.
Global use is 72 million barrels of crude oil daily. The ExxonMobil discovery could power the world for only 10 days, an industry expert reckoned.
However, it would definitely boost further ExxonMobil’s profits. The exploration firm registered profits of $10.7 billion last year. The 69 percent rise in profit is partly due to higher world oil prices. The soaring profits translated into $7 billion Q1 dividends for ExxonMobil stockholders.
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British Labour Party seeks curb to spending cuts
London, England, United Kingdom (AHN) – Britain’s Labour Party called on Chancellor George Osborne to curb the coalition spending cuts because of the economic slowdown the austerity measures caused.
The party cited the major dip in manufacturing and mortgage approvals as proofs of the threat of a double-dip recession. Britain’s purchasing managers’ index went down to 52.1 in May from 54.4 in April. The May figure is the weakest month in about two years, which indicates modest expansion only by the manufacturing sector.
For April, the Bank of England reported that mortgage approvals went down to a four-month low, amid a dip in business lending. Mortgage approvals decreased to 45,166 while consumer credit went up by only $750 million (GBP 500 million).
With these weak figures, the British Chambers of Commerce cut its growth forecast for the U.K. The chamber downgraded on Wednesday its outlook for 2011 to a 1.3 percent growth from 1.4 percent, and 2.2 percent from 2.3 percent for 2012.
In the same week, the Organization for Economic Cooperation and Development cut its 2011 growth forecast for Britain to 1.4 percent from 1.5 percent. The two forecasts are much lower than the 1.7 percent projection by Britain’s Office for Budget Responsibility.
While BCC lowered its growth forecast, the chamber increased its forecast for the country’s inflation rate to 4.5 percent this year from 4.2 percent in March. The BCC predicts unemployment will go up by about 150,000 for the next 15 months.
The BCC explained its revised outlook to inflation and the coalition government’s austerity program.
However, not all the declines were because of the coalition government’s spending cuts. Some of its are because of an extra bank holiday in April and the impact of the Japanese industrial shutdown after the March 11 earthquake.
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Southern Cross chiefs netted £35m
Top executives sold their entire stakes in the care home company in late 2007, just before its shares began to plunge
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Libya’s opposition offers amnesty to Gaddafi supporters
Libya’s opposition provisional government has raised the pressure on Gaddafi, promising amnesty to his supporters if they switch sides immediately
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Philippines raises typhoon warning over seven provinces as Tropical Storm Songda approaches
Manila, Metro Manila, Philippines (AHN) – The Philippine weather bureau raised storm warnings over seven provinces as tropical storm Songda fast approaches the country.
According to the weather bureau, the storm was centered as of 4 a.m. of Wednesday 365 kilometers (227 miles) east of Catarman, Northern Samar.
Songda has maximum sustained winds of 105 km (65 miles) per hour near the center and gusts of up to 135 kph (84 mph).
Storm signal no. 2 was placed over Northern and Eastern Samar, Catanduanes, Albay, Camarines Norter, Camarines Sur and Sorsogon.
Storm signal no. 1 was raised over Marinduque, Masbate, Burias Island, Ticao Island, Southern Quezon, Polillo Island and Biliran Island. The weather bureau forecast winds of 45 to 60 kph (28 to 37 mph).
The weather bureau said Songda is expected to intensify into a typhoon within the next 24 hours. If the storm stays on its present course, Songda is forecast to make a landfall in the Cagayan-Isabela area on Friday afternoon.
Forecasters cautioned the storm could still change path because of the presence of a high-pressure area that could block it from hearing further north, but instead push it to the west and hit the provinces in Bicol region.
The regions Bicol and Eastern Visayas started to feel the effects of the storm on Tuesday. The weather bureau predicted heavy rains would hit the provinces of Isabela, Quezon and Aurora.
However, Metro Manila would likely be spared by the storm, but may experience moderate to heavy rains later this week because the southwest monsoon is expected to dump 4.17 millimeters (0.16 inches) per hour of rainfall in the national capital region.
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AMISOM displays young adolescents defected from al Shabaab
Mogadishu, Somalia (AHN) – The African Union peacekeeping mission in Somalia (AMISOM) on Monday afternoon paraded at least four very young adolescents whom they said had defected from Somalia’s al Qaeda inspired group.
In a news conference held in the seaside Somali capital, Paddy Akunda, the spokesman of AMISOM forces noted that the defected youngsters became isolated in al Shabaab military trenches after their companions ran away from their battlefield in Mogadishu’s Hodan district.
“These brothers of ours defected from al Shabaab this morning. They surrendered with four guns and we are happy they came to us (Somali government and AMISOM)” Akunda told reporters here in Mogadishu. The defected ones are well treated, he spelled out.
“We did not call them, but they decided to surrender and come to us, and we urging other young brothers to leave from that militant group and join us” the spokesman mentioned.
The teenagers, whose ages ranging were between 10 and 16 years, looked exhausted and haggard.
One of defected adolescents, who identified his name as Abdulkadir, said that they were 15 fighters in Hodan war zones, adding that 11 of them escaped after firefight intensified on Sunday.
“We were four and hid ourselves in a decimated house in Hodan district. Last night, we all agreed to yield after daybreak to save our lives” Abdulkadir said.
The event comes as Somali army with the help of African Union peacekeepers has redoubled combat operations against al Qaeda linked group al Shabaab.
On Saturday, Somali forces penetrated into new al Shabaab trenches and managed to seize Wadnaha road, a key routine at the center of Mogadishu and very close to Bakaara market.
In the last two months, more than 80 al Shabaab militants surrendered to Somali government. All young defected fighters said they deserted the terrorist group after they failed to tolerate so longer.
In Feb. al Shabaab has lost key military trenches in Mogadishu and border town of Belet-Hawo in Gedo region in southern Somalia.
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Land Securities rebuilds its City standing
For Francis Salway, Land Securities’ latest numbers were a vindication of his strategy of focusing on London developments as the capital’s economy recovers.
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Fishing contest could net anglers $2.2 million
Pratt, KS, United States (AHN Sports) – A fishing contest with the largest payout for tagged fish that could reach as much as $2.2 million is expected to attract more anglers as the fishing challenge continues through the middle of July.
The contest, dubbed “Wanna Go Fishing for Millions?”, is sponsored by Cabela’s and Wanna Go Fishing TV, and is open only to legal U.S. residents who are eighteen years of age or older.
The Kansas Department of Wildlife and Parks (KDWP) is among those participating in the challenge that involves hundreds of fish that were tagged in 19 states in roughly 60 lakes, including the Sunflower State’s Milford, Glen Elder, Cheney, Hillsdale, Cedar Bluff, Kanopolis, Clinton, and El Dorado reservoirs.
Up to 1,060 fish each tagged were randomly released.
A fish caught by a registered participant in eligible waters could yield the Grand Prize if it matches the Grand Prize winning number. Winners may also qualify for the additional bonuses based on the promo rules.
The eligible species of freshwater fish include: Largemouth Bass, Smallmouth Bass, Walleye, Cutthroat Trout, Rainbow Trout, Brown Trout, and Striped Bass.
The fishing period began May 14 and runs to July 14.
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Hurricane season 2011: U.S. will likely take direct hit
Miami, FL, United States (AHN) – The National Oceanic and Atmospheric Administration announced its forecast for the 2011 Atlantic hurricane season Thursday morning. Experts say it is unlikely the U.S. will escape a direct hurricane hit during this busy Atlantic season.
Arlene, Bret, Cindy and Don are just a few of a long list of North Atlantic storms that could deluge the country and Caribbean this season.
Experts are predicting three to six major hurricanes, six to 10 hurricanes and 12 to 18 named storms. A major hurricane is defined as any Category 3 to Category 5 storm, or sustained winds of 111 mph and up.
NOAA’s predictions were similar to those of a prominent group of forecasters from the University of Colorado, who said they expect 16 named storms, nine hurricanes and five major hurricanes.
The National Hurricane Center said the average hurricane season has 11 named storms, six hurricanes and two major hurricanes.
This season, however, has a 65 percent chance of being above normal, a 25 percent chance of being near normal and a 10 percent chance of being below normal.
Colorado State University scientist Phil Klotzbach, who issues seasonal predictions, said warm sea surface temperatures in the tropical Atlantic Ocean, which favor storm formation, combined with sea level pressures that likely will be lower than normal, could spawn more activity.
“The United States was fortunate last year,” said Jane Lubchenco, administrator of the National Oceanic and Atmospheric Administration in a Houston Chronicle report. “We can’t count on luck to get us through this season.”
Hurricane season begins June 1.
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Gender gap of £6,500 for women’s pensions
Women still second-class citizens when it comes to pension provision.
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