SOUTH BURLINGTON, VTiTech US, Inc. (iTech), a Vermont based company that specializes in Software Services and Application Development, has been named by the US Pan Asian American Chamber of Commerce Education Foundation (USPAACC-EF) as one of its 50 Fastest-Growing Asian American Businesses. The official announcement will be made during the 23rd Anniversary CelebrAsian Annual National Business Opportunity Conference 08, on May 27-29 at the Hilton Washington hotel in Washington, DC. A special presentation will take place at The White House on May 28, and at the Excellence Awards Gala Dinner at the Hilton Washington the same evening. All of us at iTech are honored to receive this recognition from the USPAACC, the White House and our congressional leaders, said Kishore Khandavalli, the CEO of iTech. The growth has come from our ability to hire and retain good, high quality people. This recognition really validates the hard work and successes that weve had as a company We congratulate our 50 Fastest-Growing Asian American Businesses for generating robust growth over the yearsyet another indicator that through innovation, hard work and ingenuity, Asian Americans are at the forefront as engines of growth in our national economy, said USPAACC-EF National President & CEO Susan Au Allen. To qualify for the ranking, companies must be owned by one or more Asian Americans (at least 51% ownership), among other eligibility criteria. Based on percentage revenue growth over three years, selection was determined through direct applications and nominations. All finalists and winners were independently verified by the accounting and consulting firm of BDO Seidman, LLP.The Conference connects the largest number of Asian American suppliers with buyers from Fortune 500 corporations, the Federal government and small/minority-owned business community. Through pre-scheduled one-on-one matchmaking meetings, participants learn about contract opportunities in the era of globalization and outsourcing, different procurement trends and requirements to enhance competitiveness in the marketplace.
The Industry Contribution is a new section in which the oil and gas industry companies share their project endeavors or analyses. This article was produced by DNV GL and does not necessarily reflect the view of OffshoreEnergyToday.com. No member of the editorial team took part in creation of this article. Please contact us at firstname.lastname@example.org for inquiries. 1 www.iea.org, World Energy Outlook 2016: https://bit.ly/2iEWUUh2 www.ft.com, https://on.ft.com/2iW7Yeg3 www.ft.com, https://on.ft.com/2jBC8EZ4 www.iea.org, Key World Energy Statistics: https://bit.ly/2jc6lHf5 https://nelhydrogen.com/about/#business6 www.economist.com, A tricky time for oil producers: https://econ.st/2iHREus7 www.economist.com, A tricky time for oil producers: https://econ.st/2iHREus8 www.bloomberg.com, OPEC Deal May Lead to Increased Oil and Gas M&A: https://bloom.bg/2iWc9H09 www.bloomberg.com, 2017 A Year of Transition for Oil: https://bloom.bg/2k49l8f10 www.bloomberg.com, We’ll See More Oil and Gas M&A This Year: https://bloom.bg/2iNnaai11 www.bloomberg.com, Oil and Gas M&A Seen Accelerating: https://bloom.bg/2jn8654 By DNV GLOil and gas companies are actively seeking to rebalance business portfolios and reorganize for the future, according to DNV GL research on the outlook for the industry this year. There is greater debate than ever – and more uncertainty – about when oil demand will peak. The International Energy Agency (IEA) suggests 20401 and OPEC says 2029,2 while some believe it will be earlier, even as soon as 2021.3Beyond cyclical patterns, there are signs that recent years could be the beginning of a new reality for oil and gas companies. Much of the industry is now focused not just on surviving the low prices, but also on reorganizing for a new era. The key consideration though, is how rapidly we are moving into that new era.“There are definitely some deflationary trends in the energy industry that are new, such as renewables and shales,” says Maarten Wetselaar, director for integrated gas and new energies at Shell in an interview for the DNV GL’s study, “but these are limited in the effect they can have in the near-term.” He cites the fact that renewables are restricted to applications that can be electrified, with electricity currently providing only 18% of the world’s energy.4 “While we see growth in electrification, it won’t happen overnight. And the deflationary impact of shales, while significant, is also limited, given the size of overall oil and gas production,” he says.Focus on diversificationOne of the most striking findings of DNV GL’s research, is that half (49%) of senior oil and gas professionals surveyed on the outlook for 2017 say their organization is likely to diversify into (or invest more in) opportunities outside of oil and gas .“Diversification is definitely something that every player in the industry is looking at,” says Eirik Wærness, senior vice president and chief economist at Statoil in an interview for DNV GL. “Whether it is to diversify across the value chain or into other energy sources, companies are trying to make future cash flow less dependent on variations in the oil and gas price.”Manufacturers report the strongest intentions in this regard, with 61% likely to invest outside oil and gas. Meanwhile, 57% of midstream companies are gearing up to cross industry boundaries. Even among primarily upstream companies – which arguably have the least transferrable capabilities – 40% are likely to invest or diversify away from oil and gas in 2017. These high numbers signal a major shift in long-term strategies in the industry.The rise of renewables Investing in renewable energy sources is an obvious choice for many companies. Particularly as prices have fallen to the extent where, in most cases, subsidies are no longer necessary for these energy sources to be profitable.4 In our survey, 26% of respondents expect their renewable energy investment to increase in 2017, and 41% say that their organization has a good understanding of how to assess investments in renewable technologies.“Companies across the spectrum are redesigning themselves as energy companies – not just as oil and gas companies,” says Christoph Frei, secretary general and CEO of the World Energy Council in an interview for DNV GL’s research. “Many have started talking about their ‘energy blend’ – increasing the importance of renewables and electricity.”Norwegian manufacturer Nel, for example, is to build and install up to seven hydrogen-making plants to H2V Product, a subsidiary of France’s Samfi-Invest, an independent family-owned investment house. These power-to-gas units will inject hydrogen into France’s public gas grid as a substitute for natural gas. It is a way of storing surplus power and will help over years to decarbonize France’s gas supply.5Total’s 2016 investments in solar power and batteries reflect this widespread trend of operators and national oil companies increasingly directing funds into renewables.6 In the short term, however, it is difficult to see renewables becoming a significant source of revenue for oil and gas companies. As DNV GL’s Graham Bennett says, “We need to recognize that we’re talking about small investments relative to a typical oil and gas project and the overall capex portfolio of the oil and gas operators.”The renewables trend is complicated by uncertainty around peak demand. When should an oil and gas company plant the seeds of a new renewables business if they want it to bear fruit at the right time? “Companies need to maintain a certain level of investment in renewables,” says Ye Hua Huang, deputy director-general at the China National Offshore Oil Cooperation(CNOOC) Bohai Oilfield Bureau in an interview for the DNV GL report. “If you don’t, you lose the existing market and you lose the chance to be a major player in the future.”With the energy mix expected to become more diverse in the next few decades, DNV GL continue to invest in solutions and research to support technology development and integration of hydrocarbons and renewable energy sources to support future energy transitions. Currently DNV GL is leading a joint industry project (JIP) working on processes to enable the addition of hydrogen to natural gas. The project, named HYREADY, will enable the industry to ‘be ready for hydrogen’ by developing practical processes and procedures for the introduction of hydrogen to existing grids. A DNV GL-led JIP on wind-powered water injection solutions to maximize oil recovery is also underway and currently in its second phase undergoing extensive physical lab testing.Challenges and opportunities in consolidationCompanies are also looking at mergers and acquisitions (M&A) as a way of reorganizing for the future, according to DNV GL’s research. Shell’s USD54bn acquisition of BG Group was a prominent example of this, reflecting the company’s expectation that growth prospects in gas are better than in oil, as well as its strategy of increasing the scope of its downstream business.7One-third of our survey respondents (33%) expect their organizations to increase M&A activity in 2017 – a considerable jump from 2016’s already significant 23%. Overall, 78% expect increased industry consolidation in the year ahead, which is a continuation of the trend from 2016, when 72% expected the same.Analysts from Credit Suisse,8 Wood Mackenzie9 and Goldman Sachs10 have also suggested that 2017 could see a significant increase in M&A activity in the industry. “Because there is such a pressure on margins, there will be continual opportunities for companies with strong balance sheets to look for opportunities,” says Thore E Kristiansen, chief operating officer (E&P) and executive director at Portuguese integrated energy company Galp Energia, in an interview for the research. “I see this trend continuing in 2017 – possibly with greater urgency because buyer and seller expectations are getting closer.”DNV GL is seeing increasing demand for its global technical, commercial and financial due diligence services as oil and gas industry consolidation continues.“Scrutiny of capital and operating expenditures and liabilities is intensifying as expectations rise that mergers and acquisitions in the oil and gas sector will accelerate” says Viken Chinien,head of due diligence at DNV GL in London, interviewed for the industry magazine PERSPECTIVES.“You need to know precisely what is being sold, its condition, and the commercial, technical and environmental risks involved and analysis can help reduce risk, increase value, and lower transaction costs.”Successful M&A will depend on greater consensus around valuations. The past few years have played havoc with people’s confidence in what assets are worth and how to calculate future earnings.11 “It is difficult to negotiate deals that depend on future oil prices,” says Eirik Wærness, “when nobody knows what the price is going to be, or how long the downturn will last.”
“Our state has a long history of support for our nation’s effort in space through the operations of the Kennedy Space Center, the 45th Space Wing at Patrick Air Force Base and Cape Canaveral Air Force Station,” DeSantis wrote in the letter, which was released late Wednesday by his office.“These installations provide great support to our national defense and provide a significant economic impact to our state. Equally important as our military installations, is Florida’s robust commercial space industry,” he continues.Make Historyhttps://t.co/FfzYn8DeM8 pic.twitter.com/buX4xCblQB— United States Space Force (@SpaceForceDoD) May 28, 2020 Gov. Ron DeSantis has endorsed six Florida counties and three cities that are hopeful about becoming home to the command headquarters of the U.S. Space Force.In a letter sent last Monday to Air Force Assistant Secretary John Henderson, DeSantis supported the proposals by Jacksonville, Pensacola, Brevard County, Miami-Dade County, Orange County, Pinellas County, Seminole County and a joint proposal from Tampa and Hillsborough County. The deadline to apply with the governor’s endorsement was Tuesday.President Donald Trump in December signed a law that created the Space Force as a separate branch of the military.In May, Henderson outlined the criteria for communities that want to be considered for the Space Force headquarters.The requirements include being located within 25 miles of a military installation, being among the top 150 largest Metropolitan Statistical Areas in the U.S., and scoring a 50 or higher out of 100 on the American Association of Retired Persons Public Policy Institute’s Livability Index.Final selection for the location of the headquarters is expected in early 2021. Each nominee will be graded on a series of issues including the local workforce, infrastructure, community support for military families, and local construction costs.
Dead: Sunita VandykeSunita Vandyke, the mother of six who recently lost her eye weeks after giving birth at the Suddie Hospital in Region 2, has died.She died on Friday at the Georgetown Public Hospital (GPHC), two days after being referred there from the Leonora Hospital in Region 3 because of the severity of her condition.Vandyke’s family members are alleging that the GPHC had done nothing to save her. Her mother-in-law, Phyllis Carter, told Guyana Times on Sunday that after Vandyke had been admitted to the GPHC on Wednesday, she had received no treatment at the hospital.“She was left to die there. They never looked in her direction. Other patients in the ward told us that the doctors never even checked on her. They plugged needles in her head, strapped her down to the bed, and left her to die. She was treated like an animal, and no one is telling us anything; no explanation, no cause of death or anything,” Carter said.Carter is calling on the authorities to investigate this matter, which had caused her young, healthy daughter-in-law to deteriorate in health until her demise over the course of a few weeks.“This is a clear picture of how the public health systems work. They had no care, no interest in her condition. They feel that because it’s free, people begging them for a service. They are being paid to do their job!” the distraught woman declared.Vandyke had been admitted at the Suddie Hospital on the Essequibo Coast in Region Two (Pomeroon-Supenaam) for several weeks, after doctors at the Georgetown Public Hospital had removed one of her eyes without any proper explanation, although she had never had any medical complication with her eye.Relatives reaching out to Guyana Times on Tuesday last, in calling for a full investigation into the incident, are alleging that Vandyke had been admitted at the Suddie Hospital to give birth, but everything had gone ‘downhill’ after her delivery.Carter told this publication that Vandyke had delivered a healthy baby at the Suddie Hospital some seven weeks ago; but after the birth of the baby, Vandyke had gone home to her Parika residence and had started to complain of feeling unwell. She had been taken to the Parika Health Centre, where the nurses had administered saline. After receiving the saline, she had started complaining of blurred vision.“As soon as she get the saline, and we go home, she started complaining (of having problems) with the eye,” Carter said.She explained that after her daughter-in-law had continued to complain about having blurred vision, she had taken her to the Leonora Cottage Hospital, from where doctors had transferred her to the West Demerara Regional Hospital.However, she had taken Vandyke to the GPHC after the eye problem had worsened and Vandyke’s condition had deteriorated. “We meet GPHC Emergency (Department) with the eye draining inflammation and the nose bleeding, and they said, ‘That’s not an emergency’. And we waited several hours, and were sent away without seeing a doctor.“I even went to the boss upstairs to complain that we were not getting to see a doctor, and still we could [not] get help; we were sent away,” Carter said.The frustrated Carter related that she had then visited the Public Health Ministry to lodge a complaint, and had been directed to the St. Joseph Mercy Hospital, and then to the Eye Clinic at GPHC. When they arrived at the clinic, the doctors had quickly admitted Vandyke for surgery to remove the eye.“Just so, they say they gotta take out the eye. GPHC and West Dem (hospitals) sabotage my daughter-in-law! They did nothing to help! They never even checked the eye, and we need answers! This girl never had any eye problem!” Carter contends.Vandyke’s condition had gotten worse, to the point where she had been unable to walk, and had stopped speaking. Since the incident, she had been in and out of hospital, and had been unable to care for her newborn. She had again been taken to the Leonora Cottage Hospital on Monday last, but due to the severity of her condition, had been referred to the GPHC. She died at the GPHC on Friday last.Carter is calling for a full investigation of this matter. She contends that Vandyke’s medical record would show that she had never suffered from any medical or eye condition.Attempts to contact officials from GPHC for a comment proved futile.
Liverpool pair Daniel Sturridge and Alberto Moreno celebrate the former’s goal against Crystal Palace Liverpool battled through to the last eight of the FA Cup after coming from behind to beat Crystal Palace 2-1 at Selhurst Park.Reds fans were fearing another upset against what has become their bogey team in recent seasons, and it went to script when Fraizer Campbell put the hosts in front in the first-half.Brendan Rodgers’ side gathered themselves, though, and looked the more likely team to score ahead of the break, and fit-again Daniel Sturridge finally had the visitors level shortly after the re-start with a neat volley.The Reds boss called on striker Mario Balotelli at half-time to add attacking potency to his side, and the Italian proved his worth once again by playing a hand in the winning goal.His powerful free-kick was well saved by Julian Speroni, but the rebound was pounced on by Adam Lallana, whose first-time finish sealed Liverpool’s progression as they held on for the win.Right from the very start there was a sense there would be goals, as fans witnessed an end-to-end opening at Selhurst Park.Liverpool mustered the first shots on target but it was Palace who scored the first goal, the ever-dangerous Dwight Gale causing problems for goalkeeper Simon Mignolet, whose punched clearance only went as far as Campbell, who took advantage of a defensive mix-up to slot home into an empty net.The Redmen responded well, controlling possession and forcing the Eagles back with some neat, patient approach play, which concluded with Lallana seeing a snap shot well saved by Speroni, who was on hand again to deny Philippe Coutinho moments later.Liverpool were really heaping the pressure on Palace at it seemed they had got their break when Sturridge was tripped in the box, though the referee waved away claims for a penalty.Lazar Markovic was a livewire for the visitors and he was next to go close to the equaliser, beating three defenders in an electric run but lashing his shot over the crossbar from 20 yards.But Palace had a livewire of their own in Gayle, who was denied by a brilliant save from Mignolet, after the attacker did well to control a bobbling pass to go one-on-one with the Reds goalkeeper.Palace seemed content to sit back on their lead and hit Liverpool on the counter, and with pacey attacking duo Gayle and Yannick Bolasie it was an effective strategy, and frustration grew for Liverpool as they repeatedly saw their attacking moves break down.After the break, though, it took little time for Brendan Rodgers’ side to finally find the back of the net, Daniel Sturridge slotting a volley through the legs of Speroni to deservedly level from Jordan Henderson’s ball into the boxThe half-time introduction of Balotelli gave the Reds another dimension up front, and – following his game-winning heroics against Tottenham – the Italian was involved again to put his side in front.The Merseysiders failed to keep the momentum in their favour, however, as Alan Pardew’s Palace began to push on for their second, and the hosts had their own shouts for a spot-kick turned down after the ball pinged up onto the hand of full-back Alberto Moreno in the penalty area, though it would have been a harsh decision against the Spaniard.Palace’s superiority didn’t last long though, as the Reds managed to close out the win to take a step closer to Wembley. 1