SHARE Email Facebook Twitter Governor Wolf’s Week, December 18 – December 24, 2016 Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolf By: The Office of Governor Tom Wolf Watch Governor Wolf’s year in review video to see how we moved Pennsylvania forward in 2016. https://t.co/YtgKZHJWEs pic.twitter.com/X68GRQkcBe— Governor Tom Wolf (@GovernorTomWolf) December 22, 2016 The Blog, Weekly Update This week Governor Wolf continued his Jobs that Pay and Schools that Teach tours.Governor Wolf hosted a press conference in Philadelphia to tout the recently announced $300 million investment in the Port of Philadelphia. The investment will help improve the Port’s infrastructure, increase capacity, and create thousands of jobs.The Governor visited Central York High School on Monday to discuss his historic $640 million dollar investment in Pennsylvania’s education system.Governor Wolf also highlighted the success of Medicaid expansion in Pennsylvania, specifically the almost 63,000 newly eligible Pennsylvanians who now have access to drug and alcohol treatment.Fighting the opioid abuse epidemic plaguing Pennsylvania is a top priority for Governor Wolf and his administration. This week, the Wolf Administration released guidance for healthcare professionals to help get individuals who are suffering from substance use disorder into treatment through a process known as a warm handoff. First Lady Frances Wolf also joined Department of Human Services Secretary Ted Dallas on a tour of Community Hospital in the city of Chester and discussed the Wolf Administration’s efforts to battle the opioid crisis.With the holiday season in full swing, Governor Wolf wishes all Pennsylvanian’s a happy holiday.Governor Wolf’s Week, December 18 – December 24, 2016Monday, 12/19/16Governor Wolf Visits York on “Schools that Teach” TourTuesday, 12/20/16Governor Wolf Discusses Benefits of Medicaid Expansion and ACA in Response to Request from Majority Leader McCarthyWednesday, 12/21/16Governor Wolf Touts Port of Philadelphia Investment to Create Thousands of Middle Class JobsGovernor Wolf Announces Grant to Sustain 700 Jobs, Improve Rail Connections at Mercer County Steel PlantWolf Administration Releases Warm Handoff Guidance to Emergency Room Doctors and Healthcare ProfessionalsWolf Administration Announces Personnel ChangesIn Delaware County, First Lady Frances Wolf Discusses Efforts to Battle Opioid EpidemicThursday, 12/22/16Governor Wolf, Senator Yudichak, & Rep. Pashinski Announce $125,000 in State Funds for Solomon Creek Flood WallGovernor Wolf Announces 511PAConnect to Keep Stranded Motorists Safe, InformedFriday, 12/23/16Governor Wolf Announces Tax Credits for Lewistown Health CenterGovernor Wolf Announces Approval of Funding to Support Community Investments through Neighborhood Assistance ProgramHighlights from The BlogWhy Freshly Squeezed Orange Juice is a Wolf Family Christmas TraditionPennsylvania State Agencies Release 2016 Accomplishments (Round-Up)It’s All About the “Drop” in Pennsylvania for New Year’s EveStep off on the Right Foot on a First Day Hike at a Pennsylvania State ParkWatch the 2016 Year in Review VideoA Video Message to Our Troops this Holiday SeasonHappy Holidays, Pennsylvania!Highlights from TwitterNorth Carolina’s anti-LGBT law is shameful and wrong. What happened in NC should be a call to pass non-discrim. legislation in PA now. -TW https://t.co/8lo2ZuxRCA— Governor Tom Wolf (@GovernorTomWolf) December 22, 2016 December 23, 2016
Norway’s Government Pension Fund Global (GPFG), the world’s third largest institutional investor, says it is considering adopting a risk-factor based portfolio construction similar to that developed by Denmark’s ATP.Norges Bank Investment Management (NBIM), which manages the NOK7.5trn (€845bn) fund holding the country’s petroleum wealth, has introduced a new two-year strategy plan that heralds the inclusion of risk factors in its portfolio.NBIM presents the fund’s investments in terms of the traditional asset classes – equities, fixed income, and real estate – but recent statements have indicated more flexible thinking is coming to the fore.Asked if NBIM saw a case for using an ATP-style risk-factor approach, for example, the manager’s chief executive Yngve Slyngstad told IPE in an interview: “This is something we are thinking about. I think the new model of how we are funding real estate is one step in that direction, re-thinking asset allocation. “It is also giving the board the possibility for asset allocation with regard to how we fund real estate.”Some people would consider this a move towards the type of risk-factor approach ATP now uses to build its investment portfolio, he said.“For us it is an adjustment of the current model, just recognising that real estate does not fit to the typical framework of giving a clear reference index,” he said. “Therefore instead of trying to measure it against some other buildings that we didn’t buy, we are measuring the return on real estate against the rest of the fund.”NBIM wrote to the Ministry of Finance last October about changing its mandate to allow for a new framework for property investments, which allows it sell specific parts of its equities and bonds holdings to release funds for new real estate investments.Under the new framework, for example, NBIM may decide to fund a London property purchase with targeted sales of UK equities or sterling-denominated bonds, rather than by selling assets across its whole portfolio.In the October letter, NBIM said the management mandate for the GPFG “should ensure a holistic management approach”.On the last day of February, NBIM published its new strategy document covering the period 2017 to 2019.It stated that it did not expect the fund’s growth of NOK2.5trn seen in 2014 to 2016 to continue.“We will develop the reference portfolio further to improve the total return-risk of the fund,” it said.NBIM also said it would decide the funding for each real estate investment considering its impact on the overall fund.The GPFG already includes systematic risk factors in its reference portfolio to enhance returns, but it said in the new strategy document that it would include value, size, and quality factors in equity market investments, as well as term and carry factors in fixed income.“We will assess additional sources of priced risk,” it said.Øystein Olsen, chairman of NBIM’s executive board, told IPE: “In general terms we think the strategy is sophisticated and robust and solid, and we are going to continue the main elements of the strategies we have used previously, but with a number of new elements which you will find there.”He added that the GPFG would going to have “very important new strategic parameters” for equities in the future. The fund is to be granted a new limit for equity exposure of 70%.Separately, Slyngstad told journalists that some of equity exposure the fund would be used to finance part of the real estate investments, and eventually – if there was a change in the investment mandate – to finance infrastructure investments. NBIM has been lobbying Norway’s government for the ability to invest in the latter asset class for some time.“You shouldn’t expect any action in terms of a large buying programme if the equity is moved to 70%,” Slyngstad added.When it was last granted an increase, in 2007, NBIM phased in new purchases, rather than buying large amounts of shares straight away.“The lesson to be learned from last time is we may well sit around for some time and see when we find a good moment,” Slyngstad said.
London-listed oil firm Zenith Energy is set to buy an 80 percent stake in Anglo African Oil & Gas Congo (AAOG Congo) for £1 million. AAOG Congo owns a majority stake in the Tilapia oilfield.Aerial view of AAOG Congo site / Image AAOGThis will be Zenith Energy’s first African acquisition. Through the purchase of a stake in AAOG Congo, Zenith says it is acquiring a highly prospective oil production and development asset – the Tilapia oilfield.AAOG Congo has a 56 percent majority interest in and is the operator of the Tilapia oilfield in the Republic of the Congo. The remaining 44 percent is held by the national oil company, Société Nationale des Pétroles du Congo (SNPC).The license is situated 1.8km offshore and entered into production in 2008. Having been drilled from onshore, there is no requirement for offshore drilling equipment. Oil storage and processing facilities are a 45-minute drive from Point Noire and 17km from the nearest refinery.AAOG Congo currently produces approximately 30 barrels of oil per day, however, successful recent drilling carried during 2018 and 2019 has identified multiple potential productive reservoirs within the License.“This has confirmed the transformational potential productivity to be obtained from the license. Recent expert wireline log analysis commissioned by AAOG Congo after drilling activities in the Djeno formation has indicated that reservoir quality is “between good and excellent,” Zenith said.“SNPC owes AAOG Congo approximately $5.3 million as a result of the work conducted to date on the license. Zenith has met with SNPC and expects to obtain the full repayment of the aforementioned amount. Upon completion of the Acquisition and repayment of the credit by SNPC, Zenith will retain 80 percent of the aforementioned amount,” Zenith said.Of the £1 million sum, Zenith will pay £500,000 in six equal monthly installments with the first installment due on completion and the last being six months later, and £500,000 to be satisfied by the issue of ordinary shares in the share capital of Zenith to be issued at the volume-weighted average price of a Zenith common share for a period of 14 trading days prior to completion of the transaction.Zenith plans to begin preparations for drilling activities in well TLP-103C as soon as it assumes operational control of the license.Zenith will fund AAOG’s share of an up to $5.5 million work program to be agreed post-completion, and the amount of any signature bonus required for the renewal of the license as agreed with the Congolese Ministry of Hydrocarbons, subject to a cap of $2 million if the signature bonus is payable in a single installment and otherwise at an amount to be agreed between the AAOG and Zenith if the signature bonus is payable in multiple installments.Andrea Cattaneo, Zenith Energy Chief Executive Officer, commented: “We are delighted to have signed this exciting SPA to acquire AAOG Congo which represents our first African acquisition and our entry into the attractive jurisdiction of the Republic of the Congo.The acquisition enriches, as well as diversifies, our asset portfolio by adding significant reserves and prospective production potential. This is line with our company strategy of acquiring assets with significant untapped production potential.The license has excellent production upside, specifically from the Mengo and Djeno horizons. This has been confirmed by wireline investigations performed following recent drilling activities, thereby materially de-risking the asset.Upon assumption of operational control, we shall look to begin preparations for deepening activities in well TLP-103C, obtain full repayment of the funds owed by SNPC, as well as successfully complete negotiations for a new 25-year license.”Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.Also, if you’re interested in showcasing your company, product, or technology on Offshore Energy Today, please contact us via our advertising form, where you can also see our media kit.
___“Frank Robinson’s wife, Barbara Ann Cole, once said, “He believes in rules and he respects the game. He reveres the game.′ When I presented him with the Presidential Medal of Freedom in 2005, I noted that ‘Baseball fans across America will tell you the feeling is returned. In the game we love, few names will ever command as much respect and esteem as the name of Frank Robinson.’ No. 20 was the only MVP of both the American and National leagues, the first African American manager in Major League Baseball, and a Hall of Famer I was proud to claim as a fellow Texan. Laura and I are grateful for all that Frank Robinson did for our nation and our nation’s pastime, and we send our heartfelt condolences to Barbara and the Robinson family.” — former President George W. Bush.___“He was a tough nut. He was tough to pitch against because he just hung over the plate and he didn’t care if he got hit, not that he wanted to get hit, but that’s the way he did his job the best. He slid hard — clean. Played the game really with a lot of passion. And then, of course, I got to know him afterwards, both of us here with MLB, and he never lost that feistiness, which puts a smile on your face. I used to go up and hug him, which was never a comfortable thing. But he never resisted. But he never lost that passion and again like most of us old guys, looks at the game and says it’s different than what it was. … He had that presence. He never stopped competing. … He made the rounds, but he was always that guy that commanded a lot of respect and he had a presence about him.” — Hall of Famer Joe Torre, who played against Robinson and later worked with him as a Major League Baseball executive.___“Another sad day in Birdland with the passing of Frank Robinson. Played the game tough, hard but fair. Made all of us better players, and winners.” — Former Orioles teammate and Hall of Fame pitcher Jim Palmer.___“Frank Robinson and I were more than baseball buddies. We were friends. Frank was a hard-nosed baseball player who did things on the field that people said could never be done. I’m so glad I had the chance to know him all of those years. Baseball will miss a tremendous human being.” — Hall of Fame slugger Hank Aaron.___“Heartbreaking news in the passing of my Dear Friend & @McClymondsHS classmate Frank Robinson. It was my pleasure & great honor to have known him. We all know we lost one of the Greats, what we really lost was a Friend.” — NBA Hall of Famer Bill Russell.___“He was a trailblazer in terms of being the first African-American manager and you know he was really a great executive. He did a phenomenal job while I was in the commissioner’s office. … Frank and I had this running debate when I was the labor guy and he was the discipline guy. I think Frank thought I was the softest guy that ever lived. I was constantly telling him, ‘Frank, that discipline is too hard.’ And he couldn’t get it. It’s the all-in aspect of him. When he was doing something including discipline — he loved players, but including discipline, he wanted to do it and do it the right way, so it was effective. That’s Frank.” — Baseball Commissioner Rob Manfred.___“Frank Robinson was someone I looked up to as a man and as a ballplayer and tried to emulate. His skill and ferocity on the field were matched by his dignity and sense of fair play off the diamond. … The fraternity of players and the baseball family have lost a giant.” — Major League Baseball players’ union head Tony Clark.___“He had great tools, and he had great desire. He beat you any way he could.” — Hall of Fame pitcher Sandy Koufax.___“I am so sorry to hear about the death of Frank Robinson. When I was growing up, Frank Robinson was certainly one of my heroes. I remember his rookie year with the Reds when he won Rookie of the Year. … Many years after his playing days, my son Mark and I had the chance to sit behind him at an Indians’ World Series game, and he was kind to have a picture taken with Mark that we still have.” — Ohio Gov. Mike DeWine.___“Frank Robinson is considered one of the greatest players to ever wear a Cincinnati Reds uniform. His talent and success brought dynamic change to the Reds and to our city. His retired NO. 20 and statue gracing the gates of Great American Ball Park stand in tribute and appreciation for the immense contribution Frank made to the Reds.” — Reds CEO Bob Castellini. Reaction from the baseball world and beyond to the death of Hall of Famer Frank Robinson on Thursday at 83:___“Frank was my first big league manager. I still remember being so nervous to walk into his office and introduce myself. He was a living legend and I was a 20-year-old kid right out of college. I can honestly say that meeting was the last time I ever felt that way around him. From that day on, he took care of me and treated me like a son. He was hard on me and at times I wondered why. I’m positive my career was shaped by the way he treated me and pushed me to be a professional. He taught me so many lessons about baseball and life that I will keep with me and pass along to teammates, friends and even my two daughters. We kept in touch through the years with phone calls, breakfast or lunch when I was on the West Coast and locker room visits. … Thank you Frank for all that you did for me. You made baseball, and more importantly this world, a better place.” — Washington Nationals star Ryan Zimmerman.___“He had a huge influence on me when I first came up in ’63. I got to play with Frank for three years. Frank was a really aggressive, hard-nosed player, and it rubbed off on everybody. Frank was the one who took me under his wings, so to speak. … Frank consistently talked to me about playing the game the right way, and I remember watching him break up double plays. Players used to tell me opposing managers in meetings would tell their pitchers, ‘Don’t knock this guy down because he will get up and hit it 500 feet. Get him out but don’t knock him down.’ And nobody knocked Frank down.” — All-time hits leader and former Cincinnati Reds teammate Pete Rose.___“Frank Robinson was a dear friend and realized one of Jack’s great hopes, becoming baseball’s first African-American manager. He was remarkable and made us all feel proud for his many contributions to baseball and to society.” — Jackie Robinson’s widow, Rachel, and daughter Sharon.___“Today is a very sad day because I lost not only my teammate, but also a very dear friend. I loved Frank and got to know him so much better after we both retired. I spoke to him a few days ago and he sounded good. He wanted to be home. … As a player, I put Frank in a class with Willie Mays, Hank Aaron, and Mickey Mantle. He was the best player I ever played with. When he came here in 1966, he put us over the top. He was a great man and he will be deeply missed.” — Former Baltimore Orioles teammate and Hall of Fame third baseman Brooks Robinson. In this April 1, 1966, file photo, Cincinnati Reds’ Pete Rose, left, greets Baltimore Orioles’ Frank Robinson before a spring training baseball game, in Tampa, Fla. (AP Photo/Paul Shane, File)