Rate cut just months away: Expert

first_imgReserve Bank of Australia Governor Philip Lowe has noted tightening credit across multiple types of borrowers. Picture: AAP Image/Mick Tsikas.The comments come as Reserve Bank of Australia Governor Philip Lowe on Tuesday announced the official cash rate would remain at the record 1.5 per cent in February — given low rates were “continuing to support” the economy.He acknowledged that “credit conditions for some borrowers are tighter than they have been. At the same time, the demand for credit by investors in the housing market has slowed noticeably as the dynamics of the housing market have changed. Growth in credit extended to owner-occupiers has eased to an annualised pace of 5.5 per cent.”CoreLogic head of research Tim Lawless and research analyst Cameron Kusher believe the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommendations offered some good news for borrowers — particularly by it not ruling out Household Expenditure Measure “as a valid benchmark for assessing borrower expenses”.That means “credit availability is not likely to worsen any further” now, a report by the pair said.“Potentially we are in the early stages of a ‘new normal’ for home lending where borrowers should expect a lot more scrutiny on their expenses and servicing capacity.“Our macro view is that home values will continue to trend lower through 2019 and into 2020. As housing affordability gradually improves and owner occupiers continue to benefit from lower mortgage rates relative to investors, we are likely to see an organic shift towards owner occupiers comprising a larger share of the market.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 MORE: Jessica Rudd is doing it her way Amy Shark sinks millions into home town Finsure Group’s John Kolenda has a pessimistic view, expecting a rate cut by the third quarter off slowing economic circumstances. Picture: Alex Wisser“This is increasing pressure on the RBA to lower rates, particularly when you weigh up all the negative factors which includes the coming federal election, the response to the final report of the Hayne Royal Commission, the falling property market and external matters such as the US-China trade war and Brexit. There are just too many headwinds at the moment.”More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours agoHe said banks were already increasing rates independently of the RBA because of funding pressures and consumer confidence was also “lagging”.“I don’t think they would cut rates during an election campaign, If it does happen it would most likely be in the third quarter, unless there is a material change in the overall economy.”Rates have not fallen since hitting a record low 1.5 per cent in August 2016. “A 6.3 per cent drop in Sydney would see average house prices dip a further $58,000, while a 6.6 per cent drop in Melbourne this time would mean a fall of more than $49,000,” Mr Cooke said. “Remarkably, should these price drops eventuate as forecast, this would make Sydney and Melbourne property the cheapest it has been in four years.”Mortgage industry expert John Kolenda of Finsure Group was pessimistic about rates, warning pressure was mounting towards a cut — which would be great for borrowers, though a bad sign for the state of the economy. The fastest growing place in QLD Refinancing levels have dropped with many borrowers scared off by higher serviceability requirements.There was some other good news off the release of the Royal Commission’s 76 recommendations, with analysis firm Moody’s noting it removed some negative pressure from the housing market — specifically off its decision “not to tighten lending criteria”.It warned “housing credit growth continues to fall from the high levels experienced during 2013-2017, with the value of total new lending falling 8.2 per cent in the 12-months to November 2018. This reflects both macro-prudential measures and the highly leveraged nature of households”.Ratecity.com.au research director Sally Tindall said “the serviceability clampdown will have scared some people out of refinancing” already.Refinancing of home loans was down 3.2 per cent year-on-year in latest Australian Bureau of Statistics data for November — even though the average borrower could save $77,340 over the life of their loan if they switched to a lower rate, Ms Tindall said. Experts in the Finder RBA Cash Rate Survey expect the median house price in Brisbane to fall -1 per cent this year. Picture: AAP Image/Glenn Hunt.A rate cut to a new record low is just months away, experts predict, with median house prices expected to fall across five major cities.Fresh predictions in the latest Finder RBA Cash Rate Survey, out Tuesday, were that median house prices would fall in five major capital cities by the end of 2019 — with Sydney and Melbourne to hit their cheapest levels in four years.Experts in the survey believed falls of 6 percentage points were yet to come this year for the two biggest capitals — Sydney and Melbourne — on top of the already 11.1 per cent fall Sydney has seen since July 2017 and 7.2 per cent drop Melbourne has had since November 2017.Brisbane prices was expected to fare best of the five, retreating -1 per cent (-$5,600 to $554,400) by year end, followed by Darwin -1.3 per cent (-$6,370 to $483,630) and Perth -2.9 per cent (-$14,935 to $500,065), according to finder.com.au’s insights manager Grahame Cooke. Adelaide and Hobart meanwhile were expected to continue to see growth. FOLLOW SOPHIE FOSTER ON FACEBOOK Experts believe the median house price in Sydney will drop -6.3 per cent this year.last_img read more

Queenslander and art collection up for grabs

first_imgSpace Boy by Dennis Ropar sits in one of the bedrooms at 28 Ellena St, Paddington. Picture: Supplied.A BRISBANE art lover is auctioning her impressive collection as her Paddington home hits the market. Sally Dobson, owner of Resonate Broadcasting and Resonate Regional Radio, is auctioning more than 150 art pieces, collected across 20 years, in anticipation of the sale of her five-bedroom Queenslander at 28 Ellena St, Paddington.The artworks will go under the hammer at her home, through Brisbane’s Lethbridge Gallery, on Saturday, April 6. “I’m pretty much putting everything for sale,” Ms Dobson said.“If you’re someone just starting out in your art collecting journey, it’s a good way to see how a collection can grow and change. How traditional pieces speak with non-traditional pieces.” The open-plan living space at 28 Ellena St, Paddington.Ms Dobson said the sale of her home and her artwork would give her a clean slate to start a new collection. “As you get older you want to simplify your life and tastes change dramatically over the years as you collect,” she said. “I’ve had a wonderful life of building homes and an art collection … but now I want to do those things on a much smaller scale.“I’m getting quite excited about the prospect of change and moving to new environment and starting again.”The Dobson Collection will go to auction at 28 Ellena St, Paddington on Saturday, April 6 at 5pm. The artwork can be viewed from 10am on the same day. The Paddington property is on the market through Andrew Murray of Ray White Paddington. A Jane Burton piece hangs in the main bedroom. Picture: Supplied.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoMs Dobson said the collection included Aboriginal works and some “almost bizarre, contemporary, semipolitical” pieces from China. There are paintings, photographs, sculptures and statues by artists including Archibald Prize winner Euan Macleod, Aboriginal artist and activist Richard Bell, photographer Bill Henson, Aboriginal artist Rosella Namok, Brisbane artist Robert Brownhall and Mambo artist Reg Mombassa.Lethbridge Gallery curator, Brett Lethbridge said the “culturally knowledgeable” collection offered a broad selection of not only well-known, established artists, but also emerging younger artists.“Auctions are always a good opportunity to get access to work you normally would not be able to access and to get something good at a good price,” he said. last_img read more

Off-grid escapes for doomsday preppers

first_imgLoads of water storage options. Fenced all round at lot 18-19 Raff Street, Warra. This cabin is away from it all. A vege garden could go here.More from newsNoosa unit prices hit new record high as region booms: REIQ12 hours agoParks and wildlife the new lust-haves post coronavirus12 hours ago“This unique property is completely off the grid. No power and water bills and low rates — what more could you ask,” was how Terri Hay and Marg Whip were marketing the property.It holds about 34,000 litres of rainwater and has seven solar panels, with 12-volt power.Located in the town of Warra, about half way between Dalby and Chinchilla in Queensland gas country, the house is literally a three minute walk from the train station, and the little community has a pub, post office, cafe and school. Queensland homes scoop national awards It has four bunks.For just $10,000 more, on the crest of the Great Dividing Range near Toowoomba is a 7.62 hectare estate that’s about the necessities of life.Jason Fitzgerald of Millmerran Rural Agencies was marketing the property as having “nothing left to do”.It has a fully insulated cabin with four beds, a water tank and a basic amenities block, off grid solar power — and unlike some others, it’s not so remote from everything with underground wiring, power and phone services running past the property and sealed road access. There’s a dam on the property too.“Adding to the off grid appeal of this property is approximately 45kl of water tanks spread throughout the allotment,” was how agents Lachlan Brealey and Heath Knox of LJ Hooker Toowoomba described the property at 9 Bloodwood Avenue, Millmerran Woods. “A rare bonus is a well sized dam central to the block.” FOLLOW SOPHIE FOSTER ON FACEBOOK It’s tidy.For less than a house deposit in the city, you can pick up a completely off-grid single bedroom house on a large 1,971sq m block of land — at just $45,000.The “simple life” was created with a bare cabin, a six-metre long container with kitchenette and bathroom, two other six-metre containers for storage, with connections via breezeways. The whole thing is, of course, fully fenced — high — to keep nasty critters out. MORE: Quade ready to let go — at any costcenter_img 9 Bloodwood Avenue, Millmerran Woods, has a front deck. Loads of water storage out back and solar panels on the roof.Costing $109,950, it’s “totally off-grid” with a north facing front deck, open plan living, dining and kitchen — and there’s even a combustion fireplace in the living room “making short work of the cold weather”.The hot water system does run off gas, but the property is serviced by a 2.0Kw solar system with 15kwh battery storage. Cooking outdoors, under the stars.“Everything is ready for you just to come out of a weekend, ideally located within three hours of Brisbane,” the listing said.What it does have plenty of, according to Mr Fitzgerald, was “peace and quiet”.If you really have a bit of cash to splurge, a one bedroom, one bathroom, two car park house on 8.09ha may be the way to go. The trusty dunny. Getting away from it all to a cabin in the woods is possible in Millmerran for $55,000.Ever want to get away from it all, go completely off-grid in case SHTF, doomsday prepper style? You’d be surprised how little it actually costs to do so.If the proverbial stuff does hit the fan and it’s The End Of The World As We Know It (TEOTWAWKI), you might want to have one of these stashed away, running off grid, with loads of room to grow your own food, or at least forage for some. Would you buy six houses at once? Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58last_img read more

Local auction event buzzing with active bidders

first_img30 Stirling Dr sold under the hammer.The designer house at 16 Taylor St in Belgian Gardens also sold under the hammer for $775,000 and 150 Eyre St in North Ward sold at auction for $568,000. This house at 16 Taylor St in Belgian Gardens sold under the hammer on Tuesday.Another two properties at 30 Stanton Terrace in North Ward and 9a Estate St in West End, sold prior to auction, with the remaining four properties passed in. Ms Mahoney said the property at 79 Hammett St in Currajong which was marketed by Mark Pritchard was passed-in at auction but received a lot of interest. “That property in particular had very competitive bidding,” Ms Mahoney said. “It was a fantastic night.” Ms Mahoney said the event was a huge success with two properties snapped up prior to auction and three selling under the hammer. “The room was to capacity,” Ms Mahoney said. “We had a lot of active bidders and the most registrations I have seen in years.“The homes we had up for auction ranged from character homes to new builds.”A two-storey property on Castle Hill at 30 Stirling Drive, sold under the hammer for $1.5 million. More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020 This house at 9a Estate St in West End sold prior to auction at an unisclosed price.NINE properties went to auction on Tuesday night at an event hosted by Ray White Julie Mahoney’s office at Townsville’s Ville Resort and Casino.The auction attracted 27 registered bidders who turned up to offer their best prices, with five of the nine properties marketed by Ray White’s Julie Mahoney and Mark Pritchard selling for between $440,000 and $1.5 million. READ MORE A bid for success under the hammercenter_img Transformed pre-war timber cottage named House of The Year READ MORElast_img read more

Casuarina house back on the market following fast reno

first_img It is back on the market after a renovation. The owner updated it to give it a more modern, coastal feel.“I did it in about two weeks,” she said.“It was one of those little homes that was unloved.”Ms Ploman is no stranger to flipping houses with Casuarina a suburb she often returned to.“I really like that position, it’s a little bit quieter and (more) private than some of the other areas,” she said.She relisted the property in October, this time with a $1.298 million price tag.If it sells at the asking price, Ms Plowman will pocket more than $350,000, minus renovation costs. More from news02:37International architect Desmond Brooks selling luxury beach villa9 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoIt was relisted in October with a $1.298 million price tag. It previously sold for $940,000.LJ Hooker Kingscliff agent Nick Witheriff, who is marketing the house alongside Carol Witheriff, said Ms Plowman had turned the house into one house hunter’s treasure.“It’s going to suit a nice family,” he said.Latest CoreLogic data shows Casuarina’s median house price is $1.17 million.It has jumped 7.1 per cent in the past year, 41 per cent in the past three years and 72.4 per cent in the past five years. MORE NEWS: TV host Andrew Winters sells waterfront home Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:40Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:40 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenOpen for inspection etiquette for buyers00:41center_img The Casuarina property at 667 Casuarina Way sold in September.A BEACHSIDE house is back on the market a month after selling.It underwent one of the quickest renovations in history and is now tipped to rake in a hefty windfall for its savvy owner.Anna Plowman, an interior designer, bought the six bedroom house at 667 Casuarina Way in September for $940,000 with the intention of refreshing it.She wasted no time getting started on the renovation, which included removing a bedroom to give the house “a bit more flow”, landscaping and updating its design to reflect a natural coastal and relaxed Hamptons style. MORE NEWS: Market defies grim predictionslast_img read more

New Maroochydore City Centre helps drive property growth

first_imgMaroochydore’s new city centre is starting to take shape and according to developer SunCentral, it’s already helping drive property growth in nearby Sunshine Coast suburbs.Maroochydore’s new city centre is starting to take shape and according to developer SunCentral, it’s already helping drive property growth in nearby Sunshine Coast suburbs.Located on a former 53ha golf course, the new Maroochydore City Centre is one of the largest greenfield CBD developments in Australia. Maroochydore’s new city centre is starting to take shape.SunCentral chief executive officer John Knaggs said when complete, the project would deliver commercial, residential, retail and mixed-use projects along with public green spaces such as parks, plazas and waterways.“The new Maroochydore CBD is expected to create more than 15,000 permanent jobs on the Sunshine Coast and inject more than $4.4 billion into the local economy,” Mr Knaggs said.“The total construction cost of the 20-year project is estimated to be $2.1 billion.”After more than a decade of planning, the first stage of the Maroochydore City Centre was officially opened to the public in August, with construction of the initial buildings now under way.It is complemented by further infrastructure developments in the region including the expansion of the Sunshine Coast Airport, and the recent completion of the $2 billion Sunshine Coast University Hospital.“The Maroochydore CBD will form the heart of a region that’s experiencing unprecedented investment in private and public infrastructure investment,” Mr Knaggs said.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours ago“Business confidence on the Sunshine Coast is strong with the economy growing at four times the average annual rate than the Australian economy.”Meanwhile, a property report by analyst Terry Ryder has found median house prices in Sunshine Coast suburbs have increased by up to 37 per cent. Among them are the suburbs of Twin Waters, which has enjoyed 21 per cent growth in the past year, and Mooloolaba which reported 14 per cent growth.Further north, Sunshine Beach has experienced growth of 37 per cent and the Noosa hinterland suburb of Doonan has increased by 19 per cent.“The new CBD is at the heart of this growth, providing a centre for the Sunshine Coast’s growing economy and job opportunities while helping to fuel residential price rises across the region,” Mr Ryder said.The Sunshine Coast and Noosa local government areas are tipped to reach 580,000 residents by 2041.“Population growth leads to more demand for property and that, in turn, translates to increased values,” Mr Ryder said.“In fact, the region is now tending towards a shortage of new dwellings with the Property Council of Australia warning that the Sunshine Coast is at risk of not keeping up with demand.” MORE QUEENSLAND REAL ESTATE NEWS: Rugby league legend selling agin in Queensland Coast’s hottest suburbs revealedlast_img read more

Bidders come for ‘massive bargain’ at Public Trustee auction in Auchenflower

first_imgThis home at 34 Annie Street, Auchenflower went to auction on Saturday after being in the one family for more than 50 years.TWENTY-one registered bidders were not enough to stop an inner-city house from passing in at auction after bidding stalled at $840,000.In one of the first Public Trustee auctions since the statutory authority returned to the market following the COVID-19 lockdown in Queensland, only three people raised their bidder cards to take part in the auction of 34 Annie Street, Auchenflower. “(With Public Trustee auctions) people think they’re going to get a massive bargain but our role is to look after the seller’s interest. So we sell for what’s fair on the market,” Public Trustee director of property Joanne Edsor said.But after closing the auction and thanking the crowd of 100 for their attendance, auctioneer and agent Paul Gaffney scrambled to secure a deal and within five minutes the property was sold under auction conditions for $860,000 to the family who made the opening bid. SEE WHAT ELSE IS FOR SALE IN AUCHENFLOWER MORE PROPERTY STORIES FOLLOW US ON FACEBOOK Southerners buying in Queensland sight unseencenter_img Public Trustee auctioneer and selling agent Paul Gaffney at the auction of 34 Annie Street, Auchenflower.“We did 19 auctions last weekend and we sold 13 of them, half of those, the first person to bid ended up buying the house,” Mr Gaffney said.The reserve had been set at $900,000. The crowd gathers before the auction begins.Standing on the street in the middle of the crowd was freight train driver Anton Bubrle who had been looking after his mother’s two-bedroom house in Auchenflower since Ludmila Bartunek moved into a nursing home two years ago. Anton and Bianca Bubrle in the house Anton grew up in.More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours agoParks and wildlife the new lust-haves post coronavirus8 hours ago“I have very mixed feelings, I grew up here. It’s sad, a chapter of my life is gone,” Mr Bubrle said. “It cost us $9000 at the time (in 1969). But mum isn’t moving back and it’s time. Anything around here is redone to such a high standard, it’s become a very rich area. Trust me, we weren’t rich when we moved in.” But the memories of his mother’s famous homemade cheesecakes and pork schnitzel that she used to make for the Czech Club, and the creaking of a particular floorboard at the entrance to the living room, will never be forgotten. The kitchen was where everyone came to chat while Ludmila Bartunek would make her famous Czech food.“I’ve always liked the sound of that crack, for me it sounds like home,” Mr Bubrle’s wife Bianca said. “I noticed it the first time I came to visit Anton in 1994.”The property was one of more than 50 to go to auction across Brisbane yesterday. Where you can invest for lesslast_img read more

Spotted: New ULCV Joins COSCO Shipping

first_imgImage Courtesy: Hudong-ZhonghuaHudong-Zhonghua Shipbuilding, part of China State Shipbuilding Corporation (CSSC), has delivered COSCO Shipping Alps, a 14,500 TEU containership, to compatriot COSCO Shipping Lines. As informed, the newbuilding was delivered 56 days in advance on January 3, 2018.COSCO Shipping Alps, which features a length of 366 meters and a width of 51.2 meters, is said to be more environmentally friendly when compared to ships of the same type.The newly built containership has a market value of USD 87.09 million, according to data provided by VesselsValue.The shipbuilder said that COSCO Shipping Alps is the third 14,500 TEU boxship delivered to COSCO so far.Its sister vessels, COSCO Shipping Himalayas and COSCO Shipping Kilimanjaro, were handed over to COSCO in July and December 2017, respectively.World Maritime News Stafflast_img read more

IOG Concludes Thames Pipeline Acquisition

first_imgIndependent Oil and Gas (IOG) has completed the acquisition of the Thames pipeline in the Southern North Sea from Perenco UK, Tullow Oil and Centrica (now Spirit Energy). IOG is now the approved operator of the Thames pipeline which it owns 100%.The pipeline will provide the proposed export route for IOG’s Southern North Sea assets.In addition to the offshore survey along the Thames pipeline and survey of all proposed platform locations and intra field connecting pipeline that is nearing completion, the company has started the Intelligent Pigging Programme (IPP) with onshore mechanical preparation work at Bacton.The intention of the IPP is to confirm the feasibility of safe reuse of the pipeline, which is estimated to have initial capacity of 300 MMcfd. Initial results of the IPP are expected early May.When it completes the survey, the company intends to export gas from IOG’s Blythe and Vulcan Satellite hubs once they are in production. These two hubs require an estimated maximum throughput of approximately 180 MMcfd.Ahead of first gas, the company intends to acquire the onshore reception facilities at the  Perenco Bacton terminal. A period of exclusivity has been agreed until the end of September 2018.Andrew Hockey, CEO of IOG said: “This acquisition is an essential milestone towards Final Investment Decision for our gas hubs. Subject to the Intelligent Pigging Programme results this pipeline should allow for the tariff-free export of our 100% owned gas reserves that were otherwise stranded. Recommissioning of the pipeline may also facilitate the export of new resources that IOG may access and develop in future as well as other gas resources owned by third parties, who would pay a tariff. We are pleased also to be making good operational progress as we head towards Final Investment Decision and look forward to providing further regular updates.”last_img read more

Denmark to Table 800MW Offshore Wind Project

first_imgAn 800MW offshore wind project is part of the Danish government’s coming energy proposal, the country’s Energy, Supply and Climate Minister Lars Christian Lilleholt was reported by local media as saying.The wind farm would be built at least 50 kilometres offshore and would comprise between 50 and 75 turbines up to 250 metres tall, Lilleholt said.The developer of the wind farm is expected to be selected by 2021.The government is aiming for the wind farm to be built without public support, aside from the costs associated with laying the cables needed to connect the wind farm to the grid.Denmark plans to cover 50% of its energy needs with renewable energy by 2030, and this offshore wind farm will play a central role in reaching this goal, according to Lilleholt.Following this project, the government plans to wait until 2022 to decide on any further offshore wind projects.Denmark currently has several offshore wind projects approved or under construction, including the 406.7MW Horns Rev 3, the 605MW Kriegers Flak, and the Vesterhav Syd and Vesterhav Nord nearshore wind farms. All of the wind farms are being developed by Sweden’s energy group Vattenfall. The projects are expected to be commissioned throughout 2020 and 2021.last_img read more