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SYDNEY (Reuters) – Exxon Mobil said it faces a $3.3 billion spike in costs at its LNG project in Papua New Guinea, the latest Asia-Pacific project to be hit by cost overruns as competition is set to grow from new gas supplies coming on tap in North America and Africa.
The more than 20 percent jump in costs to $19 billion was blamed on unfavorable foreign exchange rates and delays caused by disgruntled workers and landowners, and comes after costs to develop liquefied natural gas (LNG) projects in neighboring Australia to supply the Asian market have also shot up.
Exxon told its partners in a letter published on Monday the project remained on schedule for start-up and delivery of gas in 2014 and forecast production capacity had been increased by 5 percent to 6.9 million tons per year.
The PNG LNG project is the impoverished nation’s biggest-ever resources development and could lift GDP by 20 percent.
Papua New Guinea has struggled to attract foreign investment to exploit its abundant natural resources due to corruption and unclear regulations.
Shares in the two Australian partners in the project, Oil Search and Santos , tumbled 5.2 percent and 2.4 percent, respectively.
“International groups partnering with Australian companies into these projects are starting to feel the high cost environment,” Peter Esho, chief Market analyst at City Index Group Sydney, said in a note.
LNG plants are notorious for running overbudget and missing schedules. In Australia, three out of seven projects under construction have announced hikes of an average of over 20 percent, while a fourth is conducting a cost and schedule review.
Developments in Australia have primarily faced cost jumps due to increased labor costs, a high Australian dollar, and stiff competition for resources.
Strong demand from Japan and other Asian countries has helped lift the prospects of LNG projects in Asia-Pacific, but competition is also heating up with new supplies set to emerge from North America and East Africa.
Oil Search said the increase in the final estimated costs at PNG LNG was “considerably beyond the upper end” of its expectations.
“Oil Search intends to fully review the revised estimates and is committed to working with the operator to seek to mitigate these estimated cost increases,” Oil Search Managing Director Peter Botten said in a statement.
The firm said it expected the increase would be funded in line with the project’s existing finance terms of 70 percent by debt and 30 percent by equity contributions from the projects partners.
FX BIGGEST PART OF COST RISE
Santos said it had ample liquidity to fund its higher share.
“With over $6 billion in cash and undrawn debt facilities, Santos is in a strong position to fund all of its capital programs,” Santos Chief Financial Officer Andrew Seaton said.
“Even including the higher costs, PNG LNG remains a highly robust economic project.”
Exxon said that foreign exchange was the single biggest cause of the cost increase at $1.4 billion at PNG LNG.
The Papua New Guinea kina has risen 20 percent against the U.S. dollar in the last 19 months, while the Australian dollar has held above parity to the U.S. currency.
Delays from work stoppages and land access issues had pushed up construction and drilling costs, adding $1.2 billion to the total.
Landowner protests against the project this year prompted the government to deploy troops to “restore law and order”, according to local media reports.
Also, the impact of above average rainfall for most of the last two years, was estimated to have added $700 million.
“Despite the cost increase, project economics are helped by the 5 percent increase in plant capacity and approximately 30 percent increase in commodity pricing since project funding in 2009,” Decie Autin, PNG LNG Project Executive, said in a statement.
Exxon Mobil five years ago shelved a troubled PNG-to-Australia gas pipeline project after cost overruns pushed the cost of development to more than $3.5 billion. Exxon and its partners at the time said they would focus on more profitable gas projects in the country, including PNG LNG.
The energy major said last month it would make a decision on developing the Scarborough gas field, considered one of the toughest projects in Western Australia, around the second half of 2013. Exxon has said it will weigh the development of Scarborough and any other new LNG project against potential exports of cheaper North American LNG.
(Reporting by Jane Wardell and James Regan; Additional reporting by Rebekah Kebede in PERTH; Editing by Ed Davies)
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Marc, Seth, and Rene iterate through Google’s Project Glass, upgrade pricing, and Instagram’s sale to Facebook, and interrogate Tweetie creator Loren Brichter of Atebits. This is Iterate!
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The Software Consultant is responsible for managing software consulting engagements for customer accounts from inception to completion. This position serves as liaison between the company and client in order to ensure that all targets and requirements are met and that projects are successfully completed.
We are seeking mid- to senior-level candidates with a minimum of 4 years of relevant experience in construction project management or accounting. The successful candidate for this position will have a college degree in business, accounting, construction project management, training, or technology and the ability to quickly master implementation software consulting skills. Must be willing and able to travel up to 75%.
The position requires development of broad and deep product knowledge, a high level of industry business process knowledge, and ability to provide consulting services and customized training to customers. Candidates must have proven ability to provide business process consulting services to construction industry customers and manage multiple, complex projects. Our headquarters is located in Portland, Oregon with offices in Charlotte, NC and Melbourne, Australia. However, we are currently seeking Consultants to work remotely across the US and Australia.
APPLY ONLINE @ WWW.COAXIS.NET
The Software Consultant works on multiple software consulting projects as assigned, focusing on the analysis of the customer?s business goals, objectives and needs.
? Analyzes customers? business requirements and objectives; develops a project design to meet customers? business needs. Guides customers through project management methodology.
? Estimates time frames, quality and quantity of resources required to successfully implement project; develops project plan incorporating all project variables.
? Coordinates assignment of appropriate company resources to complete project tasks according to plan.
? Responsible for monitoring project plans, schedules and reports and manages all documentation pertaining to assigned projects.
? Conducts periodic status checks with customers and team to assess progress against plan. Performs re-forecasts of project variables as necessary throughout project.
? Insures provision of ?account management? services to customers including scheduling of initial classes and ongoing remote and on-site training, tracking of progress, and involvement in issue resolution as needed.
? Provides consulting services related to use of software applications such as business process review, planning sessions, setup, testing, readiness assessment, data import/conversion, custom report needs, and documentation.
? Provides some software application training services.
? Excellent knowledge of project management methodology and practices and experience managing project teams in a matrix environment.
? Accomplished client-management skills, relationship-building skills, requirements gathering experience, and negotiating skills. Must be able to successfully drive multiple projects in parallel.
? Must be able to consistently perform assigned work within established deadlines.
? Solid working knowledge of Microsoft Office and Microsoft Project is required.
? This position requires both domestic and international travel up to 75%. Travel requirements may vary depending on assigned number of customer projects and project timing. The successful candidate will be willing and able to meet travel requirements. A valid driver?s license and ability to qualify for a US Passport are required. Also required is the ability to qualify for a company credit card or possession of a personal credit card with sufficient limits to charge travel expenses.
? Subject matter expertise in one or both of the following areas:
o Accounting principles and practices (e.g. payroll, accounts payable, accounts receivable, inventory, purchase orders, general ledger)
o Construction project management principles and practices (e.g. project set-up via estimate, project buy-out, project documents, project change orders, job costing, job billing).
? Project management experience with ERP software implementations.
? Familiarity with the construction industry.
? PMP certification a plus but not required.
Rock Solid is our business style
With more than 260 software professionals, Viewpoint Construction Software, a division of Coaxis based in Portland, Oregon, has developed leading software solutions and delivered support to the construction industry since 1976. Combining that solid history with a driving innovative spirit, we are building a company at the forefront of innovation. We developed a set of features and functionality that resonates with the needs of users in the construction industries and these qualities are embodied in software that is comprehensive and user-friendly; it?s flexible, scalable and adaptable. We are proud of our product and proud of our extraordinarily productive work teams.
Viewpoint is committed to providing its employees with a rich selection of benefits, generous paid time off, and a variety of employee-experience enhancements that make it a great place to work ? a workplace based on creativity, innovation, collaboration.
NO RECRUITERS PLEASE!
Coaxis is an Equal Opportunity Employer
- Location: remote ? Washington D.C.
- Compensation: Competitive!
- Telecommuting is ok.
- Principals only. Recruiters, please don?t contact this job poster.
- Please, no phone calls about this job!
- Please do not contact job poster about other services, products or commercial interests.
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Major home improvement projects infrequently go as smoothly as expected. With some arrangement done in advance, most common home improvement disasters can be avoided.
Few citizen?s who have knowledgeable a BASIC home improvement case will admit that the complete thing went as hoped for, or was complete ahead of bill and without difficulties. There are just too many individuals cosmopolitan up in such an task, and so many different things can go wrong. You can ward off the body of home improvement hassles by arrangement in advance, to help make certain work goes the length of as easily as possible.
It?s smart to have somebody direct the complete home improvement project. Because the general outworker can ascertain everything that will have to be executed to complete the project, they?re often an excellent alternative to have administration the show.
Create a economic budget and keep to it. The whole job can develop into a disaster if you find manually short on finances. If you do not prepare for everything beforehand, and set a budget that you will not go over, you can quickly start toting up together things that you have not put aside funds for. You might find that you can?t find the money for the work following all, if you do not control your spending. When you engage a general outworker to work on your project, make certain that you find one that agrees to a fixed bill contract. That way you will know carefully what the assembly will cost you, no matter how long it takes them to breakup your home improvement project.
This can keep you from receiving an unpleasant surprise when you receive the final bill, and will also encourage them to breakup as fast as they are able. It might take a little time for you to acquire a builder who will consent to these conditions, anyway they are out there. Just be positive that you are arrangement on paying a fair bill for the job to be performed. Be sure to call around and acquire a enumerate of estimates before you sign a contract.
Don?t get active with hiring a bouquet of department contractors for all bachelor allotment of the assembly that needs done. Permit your outworker to take care of this area of the job. They can hire alternative citizen?s that they already know and work with regularly, to complete the parts that must be performed by a extra skilled contractor.
Your builder or general outworker will without a doubt be aware of who is experienced, does the best work, and is smallest amount difficult to work with. Let your builder hire their favored department subcontractors, instead of becoming active and undertaking it yourself. The individuals you retain might not be very good ones, and could take an excessively long amount of time to breakup the work.
The more you can refrain from needing to be active in the everyday advance of the home improvement project, the easier it will be on you. Let your builder cope with the scheduling and installation of the various rudiments of the case that require active on.
They will have taken care of this sort of thing many different age previously, and will recognize directly what needs carried out and the best time to take action. Letting your general outworker be the boss will help make sure the total of the work is carried out on time, and moves the length of without a problem.
By sticking to your budget, and not trying to include all kinds of extras to your home improvement project, and let your general outworker or builder approach all the logistics, you won?t look back on your home improvement case with a sour taste in your mouth.
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When a construction project is planned, whether it be a large commercial construction project, a new residence, or even a renovation to an existing property, to decrease future problems, care must be taken to include essential terms in the contract. The failure to properly address essential terns will lead to project confusion, extended completion time and expenses, as well as raise the likelihood of legal disputes arising.
Identify Parties and their responsibilities.
With the number of parties involved in a typical construction project, a clear understanding of who is involved is essential.
Scope of Work
In addition to knowing the parties involved in the work, it is also necessary to determine what each person will be performing on the project, also known as their Scope of Work. To avoid confusion between contractors, subcontractors, and suppliers the Scope of Work should clearly state what each party is responsible for.
Nothing causes misunderstandings faster on a construction project then having work performed before a clear understanding and approval of the corresponding price to be charged is reached. By clearly defining the payment terms these potential misunderstandings can be avoided.
Scheduling and Delays
The orderly, efficient, and timely completion of a construction project rests with the proper advance scheduling of the trades, and anticipating potential delays. Proper contract language may be used to assign financial liability for any delays caused by parties failure to perform in their agreed time frame.
There are times that parties to a construction project must proceed on certain assumptions as to existing conditions. Often conditions needing to be examined are either hidden or otherwise concealed. After work has commenced however it may be discovered that those basic assumptions as to conditions may be quite wrong. Who should bear the risk of any unseen conditions?
Changes to the Work
It would be nice once ‘final plans’ are issued to think that no subsequent changes were to be made, but that is not realistic. Typically there may be multiple changes introduced after the approval of ‘finished designs’. Sometimes the Owner has made a change, or perhaps approved materials are not available and substitutions must be used, or there may be changes to accommodate an incomplete design. An effective construction contract will include provisions to allow for these later changes.
Termination and Dispute Resolution
Having taken the time to properly address what should happen should the parties choose to terminate the agreement, is one of the biggest benefits provided in having a proper construction contract drafted. The strength or weakness of any construction contract is tested when a dispute arises that requires the contract to be enforced in Court. These provisions may guide and dictate how any subsequent legal actions or arbitrations may be commenced and these provisions can provide you an opportunity to determine this process.
The author, John Caravella Esq., is a construction attorney and formerly practicing project architect at The Law Office of John Caravella, P.C., representing architects, engineers, contractors, subcontractors, and owners in all phases of contract preparation, litigation, and arbitration, and is admitted to the courts of New York and Florida.
John Caravella is a member of the Suffolk County Real Property and Arbitration Committees, the Nassau County Bar Association Construction Law and Arbitration Committees, the American Institute of Architects, Long Island Chapter, the U.S. Green Building Council – Long Island Chapter, Advocacy Committee, as well as being appointed to the panel of Construction Industry Neutrals for the American Arbitration Association to serve as a construction arbitrator.
The Law Office of John Caravella, P.C., has offices in Manhattan and Uniondale, New York, and can be reached via web: http://www.LIConstructionLaw.com
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International construction business is the kind which embodies with serious economic, social, and political ramifications leading to the failure of the international project success in term of time, quality and cost (Walewski, 2003). The difficulties such as client communication, understanding new market, avoiding local politics and supervising the diverse group of professionals are confronted by the international construction business (Kangari and Lucas, 1997). Moreover, the inability to understand the clients? requirement affects the project success in international business (Ling et al., 2006). The increasing of the misunderstanding, delay and costs resulting from unfamiliar environment and different institution such as regulations, norm, and cognitive-cultural belief with diverse participant are critical things (Will and Levitt, 2010). As Han et al.,(2005) stated that the risk factors associated with overseas construction projects can diminish project profitability .There are many researchers found that the delay and cost are increased due to the confusion among project participants (Flyvberg et al., 2003; Miller and Lessard, 2000; Orr, 2005), and due to dispute resulting from different cultures (Ghopshal, 1987).
Mr. Hout Venghong made a research on an international construction contractor (ICCs) doing business in Cambodia in order to: (1) investigate the current practices of the factors affecting the performance of the international construction contractors doing business in Cambodia; (2) develop the causal relationships affecting the performance of ICCs model of each investigated factors and figured out how each contractor copes with; and (3) propose the recommendation and a framework to the international construction contractors to take into account in order to do business in Cambodia.
Investigated factors affecting the performance of the International Construction
Contractors (ICCs) doing business in Cambodia
Based on the data gathered, there are five factors influencing the decision making of the international construction contractors doing business in Cambodia taking to the account to strategize accordingly in order to execute the project lucratively. The current practices of the factors affecting the performance of ICCs doing business in Cambodia are:
(1) condition of the host country and project owner,
(2) international construction contractors? ability,
(3) characteristic of organization and participation,
(4) entry mode, and
(5) Uncontrollable variables with nineteen sub-factors.
Develop the causal relationships affecting the performance of ICCs model of each investigated factors and figured out how the firms response to each factor
1. Cambodian Government policy. The government does not have clear procedure for project approval and construction law and regulation for the construction projects. The tax and custom system, still, are not transparent which can affect to the project schedule and performance as well. The unethical practice, construction law and regulation should be completely addressed the firm from the beginning of the planning stage. The procured materials have to be taken with high attention in order to meet the projects? objectives to avoid delay and cost overrun. Lack of construction law and regulation with weak legal system leads the firm hiring a legal advisor or international lawyer to prepare the legal documents related to avoid the conflict during the projects execution. The legal advisor or lawyer is asked to involve after the international construction contractors awarded the contract.
2. The unskilled labor issue in Cambodia construction sector. This is a big problem challenging the international construction contractors, especially when the project is complex and very specialized. Because construction market in Cambodia is not really attractive yet. There are quite few tall buildings and complex projects in Cambodia. Consequently, this provides less opportunity to the local laborers to experience with similar project. Even the local labor cost is cheap but the problem is unskilled laborers who are mostly farmers, so they will quite the project to go back home.
3. Lack of local skilled engineers who are able to use English as official language, especially for technical terms in construction project. The knowledge of local engineers was considerably limited since they did not have a chance to involve with similar complex projects. The local contractors are lack of knowledge in quality control and they are mostly not qualified for either big projects or specific projects. The employment of the staffs has to be mixed because the local staffs need to coordinate at construction site between the local labors and foreign staffs. The research is also found that the entering of the international construction contractors is to consider market attractiveness with the local government support.
4. Owner delayed payment. It plays a crucial role to the quality of the project, delay payment will results to time delay.
5. No local financial institution to help the contractors or subcontractors. The lack of the big local contractors to join the international construction contractor is one constraint that the international firms do not want to do business in Cambodia. The firm has to ask for the home country contractor or the third country to execute the project. This is still riskier than joint venture with the big local contractor in case they find the suitable local contractor to make a joint venture.
6. Most of the projects are under loan or grant projects from ADB, World Bank or the other financial institution, therefore the international construction contractors did not want to bid the projects, because they are so competitive. On the other hand, the contractors who want to launch their projects with high quality to maintain their good reputation will not bid the public projects, because the project volume reflects to the skilled labors and many subcontractors to execute the project as well.
Based on analysis of current practices of the international construction contractors doing business in Cambodia, below is the summarized recommendation for the International Construction Contractors.
His thesis abstract is copied and pasted.
This study aimed to investigate the factors affecting the performance of the international construction contractors (ICCs) doing business in Cambodia. Five firms in Cambodia were investigated through case study approach explanation building strategy as specific analytic approach in case study. The current practice factors/sub-factors were verified with nine industry experts and practitioners experienced in Cambodia construction industry. The administered research questions developed by a researcher being conducted with seven top management level of ICCs. In addition, the secondary data and the direct observation of the construction projects are carried out to get the supportive evidence to the result from the interview session. However, the short interview with the persons who were responsible at construction site was carried out during project direct observation. The research showed that the unethical practice, unclear tax and custom system, material availability, unskilled labor issues, lack of construction law and regulation, lack of legal system, unwillingness of local government support, different practices between the contractor and designer. From the finding, the response of the international construction contractors was pointed out with the each investigated factors accordingly. Objectively, the causal relationships affecting the performance of ICCs doing business in Cambodia was developed with the recommendation for better practices in Cambodia construction industry.
Key words: Factors, Performance, International construction contractors, Business,
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