December 19, 2014, 7:47 am
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1 Philippine Peso = 0.08214 UAE Dirham
1 Philippine Peso = 2.52533 Albanian Lek
1 Philippine Peso = 0.04003 Neth Antilles Guilder
1 Philippine Peso = 0.19135 Argentine Peso
1 Philippine Peso = 0.02721 Australian Dollar
1 Philippine Peso = 0.04003 Aruba Florin
1 Philippine Peso = 0.04473 Barbados Dollar
1 Philippine Peso = 1.72852 Bangladesh Taka
1 Philippine Peso = 0.03518 Bulgarian Lev
1 Philippine Peso = 0.00843 Bahraini Dinar
1 Philippine Peso = 35.11126 Burundi Franc
1 Philippine Peso = 0.02236 Bermuda Dollar
1 Philippine Peso = 0.02937 Brunei Dollar
1 Philippine Peso = 0.15453 Bolivian Boliviano
1 Philippine Peso = 0.05982 Brazilian Real
1 Philippine Peso = 0.02236 Bahamian Dollar
1 Philippine Peso = 1.40691 Bhutan Ngultrum
1 Philippine Peso = 0.21219 Botswana Pula
1 Philippine Peso = 248.79794 Belarus Ruble
1 Philippine Peso = 0.04462 Belize Dollar
1 Philippine Peso = 0.02592 Canadian Dollar
1 Philippine Peso = 0.0216 Swiss Franc
1 Philippine Peso = 13.84312 Chilean Peso
1 Philippine Peso = 0.1385 Chinese Yuan
1 Philippine Peso = 53.71687 Colombian Peso
1 Philippine Peso = 11.9432 Costa Rica Colon
1 Philippine Peso = 0.02236 Cuban Peso
1 Philippine Peso = 1.98358 Cape Verde Escudo
1 Philippine Peso = 0.49581 Czech Koruna
1 Philippine Peso = 3.98121 Djibouti Franc
1 Philippine Peso = 0.13379 Danish Krone
1 Philippine Peso = 0.9877 Dominican Peso
1 Philippine Peso = 1.93526 Algerian Dinar
1 Philippine Peso = 0.28144 Estonian Kroon
1 Philippine Peso = 0.15998 Egyptian Pound
1 Philippine Peso = 0.45088 Ethiopian Birr
1 Philippine Peso = 0.01799 Euro
1 Philippine Peso = 0.04436 Fiji Dollar
1 Philippine Peso = 0.01423 Falkland Islands Pound
1 Philippine Peso = 0.01428 British Pound
1 Philippine Peso = 0.07187 Ghanaian Cedi
1 Philippine Peso = 0.96388 Gambian Dalasi
1 Philippine Peso = 157.21794 Guinea Franc
1 Philippine Peso = 0.17071 Guatemala Quetzal
1 Philippine Peso = 4.63402 Guyana Dollar
1 Philippine Peso = 0.17338 Hong Kong Dollar
1 Philippine Peso = 0.47143 Honduras Lempira
1 Philippine Peso = 0.1379 Croatian Kuna
1 Philippine Peso = 1.04516 Haiti Gourde
1 Philippine Peso = 5.5449 Hungarian Forint
1 Philippine Peso = 288.38197 Indonesian Rupiah
1 Philippine Peso = 0.08797 Israeli Shekel
1 Philippine Peso = 1.41563 Indian Rupee
1 Philippine Peso = 25.79671 Iraqi Dinar
1 Philippine Peso = 602.86257 Iran Rial
1 Philippine Peso = 2.77055 Iceland Krona
1 Philippine Peso = 2.54814 Jamaican Dollar
1 Philippine Peso = 0.01582 Jordanian Dinar
1 Philippine Peso = 2.65107 Japanese Yen
1 Philippine Peso = 2.02506 Kenyan Shilling
1 Philippine Peso = 1.28816 Kyrgyzstan Som
1 Philippine Peso = 90.77715 Cambodia Riel
1 Philippine Peso = 8.8539 Comoros Franc
1 Philippine Peso = 20.12747 North Korean Won
1 Philippine Peso = 24.6225 Korean Won
1 Philippine Peso = 0.00653 Kuwaiti Dinar
1 Philippine Peso = 0.01834 Cayman Islands Dollar
1 Philippine Peso = 4.10545 Kazakhstan Tenge
1 Philippine Peso = 180.52667 Lao Kip
1 Philippine Peso = 33.82534 Lebanese Pound
1 Philippine Peso = 2.93537 Sri Lanka Rupee
1 Philippine Peso = 1.84502 Liberian Dollar
1 Philippine Peso = 0.26079 Lesotho Loti
1 Philippine Peso = 0.0621 Lithuanian Lita
1 Philippine Peso = 0.01265 Latvian Lat
1 Philippine Peso = 0.02677 Libyan Dinar
1 Philippine Peso = 0.19821 Moroccan Dirham
1 Philippine Peso = 0.34541 Moldovan Leu
1 Philippine Peso = 1.10958 Macedonian Denar
1 Philippine Peso = 23.05602 Myanmar Kyat
1 Philippine Peso = 42.22297 Mongolian Tugrik
1 Philippine Peso = 0.17858 Macau Pataca
1 Philippine Peso = 6.55261 Mauritania Ougulya
1 Philippine Peso = 0.70446 Mauritius Rupee
1 Philippine Peso = 0.34396 Maldives Rufiyaa
1 Philippine Peso = 10.73465 Malawi Kwacha
1 Philippine Peso = 0.32989 Mexican Peso
1 Philippine Peso = 0.07815 Malaysian Ringgit
1 Philippine Peso = 0.26079 Namibian Dollar
1 Philippine Peso = 3.99754 Nigerian Naira
1 Philippine Peso = 0.59357 Nicaragua Cordoba
1 Philippine Peso = 0.16547 Norwegian Krone
1 Philippine Peso = 2.25106 Nepalese Rupee
1 Philippine Peso = 0.02888 New Zealand Dollar
1 Philippine Peso = 0.00861 Omani Rial
1 Philippine Peso = 0.02236 Panama Balboa
1 Philippine Peso = 0.06629 Peruvian Nuevo Sol
1 Philippine Peso = 0.05751 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.24433 Pakistani Rupee
1 Philippine Peso = 0.07508 Polish Zloty
1 Philippine Peso = 103.32338 Paraguayan Guarani
1 Philippine Peso = 0.08144 Qatar Rial
1 Philippine Peso = 0.08061 Romanian New Leu
1 Philippine Peso = 1.35167 Russian Rouble
1 Philippine Peso = 15.44225 Rwanda Franc
1 Philippine Peso = 0.08393 Saudi Arabian Riyal
1 Philippine Peso = 0.16994 Solomon Islands Dollar
1 Philippine Peso = 0.31815 Seychelles Rupee
1 Philippine Peso = 0.12728 Sudanese Pound
1 Philippine Peso = 0.16944 Swedish Krona
1 Philippine Peso = 0.02935 Singapore Dollar
1 Philippine Peso = 0.01423 St Helena Pound
1 Philippine Peso = 0.49661 Slovak Koruna
1 Philippine Peso = 96.27642 Sierra Leone Leone
1 Philippine Peso = 15.83697 Somali Shilling
1 Philippine Peso = 440.71341 Sao Tome Dobra
1 Philippine Peso = 0.19561 El Salvador Colon
1 Philippine Peso = 3.93604 Syrian Pound
1 Philippine Peso = 0.26079 Swaziland Lilageni
1 Philippine Peso = 0.73753 Thai Baht
1 Philippine Peso = 0.04144 Tunisian Dinar
1 Philippine Peso = 0.04341 Tonga Pa'ang
1 Philippine Peso = 0.05209 Turkish Lira
1 Philippine Peso = 0.14208 Trinidad Tobago Dollar
1 Philippine Peso = 0.70021 Taiwan Dollar
1 Philippine Peso = 38.51839 Tanzanian Shilling
1 Philippine Peso = 0.35247 Ukraine Hryvnia
1 Philippine Peso = 62.1268 Ugandan Shilling
1 Philippine Peso = 0.02236 United States Dollar
1 Philippine Peso = 0.53897 Uruguayan New Peso
1 Philippine Peso = 53.98546 Uzbekistan Sum
1 Philippine Peso = 0.14201 Venezuelan Bolivar
1 Philippine Peso = 478.30706 Vietnam Dong
1 Philippine Peso = 2.32047 Vanuatu Vatu
1 Philippine Peso = 0.05433 Samoa Tala
1 Philippine Peso = 11.8052 CFA Franc (BEAC)
1 Philippine Peso = 0.06038 East Caribbean Dollar
1 Philippine Peso = 11.8052 CFA Franc (BCEAO)
1 Philippine Peso = 2.1476 Pacific Franc
1 Philippine Peso = 4.80577 Yemen Riyal
1 Philippine Peso = 0.26044 South African Rand
1 Philippine Peso = 116.05725 Zambian Kwacha
1 Philippine Peso = 8.09348 Zimbabwe dollar

Gulf of Mexico set for oil supply surge

CORPUS CHRISTI, Texas – The Gulf of Mexico, stung by the worst offshore oil spill in U.S. history in 2010 and then overshadowed by the onshore fracking boom, is on the verge of its biggest supply surge ever, adding to the American oil renaissance.
 
Over the next three years, the Gulf is poised to deliver a slug of more than 700,000 barrels per day of new crude, reversing a decline in production and potentially rivaling shale hot spots like Texas’s Eagle Ford formation in terms of growth.
 
The revival began this summer, when Royal Dutch Shell’s 100,000 barrels per day Olympus platform was towed out to sea 130 miles south of New Orleans – the first of seven new ultra-modern systems starting up through 2016. It weighs 120,000 tons, more than 200 Boeing 777 jumbo jets.
 
The Gulf Of Mexico’s growth will bolster the United States’ emerging role as the world’s top oil and gas producer, a trend led by advances in hydraulic fracturing and horizontal drilling that unlock hydrocarbons from tight rock reservoirs in places like North Dakota’s Bakken and the Permian of West Texas.
 
Rising domestic production and the start of natural gas exports may transform the economy and realign geopolitics as U.S. reliance on foreign oil declines.
 
The resurgence in the Gulf is occurring even though the U.S. government imposed stringent safety and environmental rules after BP Plc’s Macondo spill. Foreign countries from Brazil to Angola have also aggressively courted
Big Oil to invest in developing their offshore fields. And the shale boom has diverted billions of dollars in capital onshore.
 
The deepwater Gulf, considered the most technically challenging offshore oil patch, remains alluring even as other areas struggle. Brazil attracted only a single bid this month for its once-touted Libra field, yet global companies still compete fiercely for the right to drill in the Gulf.
 
“A barrel of discovered oil in the Gulf of Mexico is difficult to beat for value anywhere else, even with the increased costs of doing business,” said Jez Averty, senior vice president of North American exploration at Norway’s Statoil .
 
Huge finds over the last decade – in what engineers call “elephant fields” that can produce for 25 years or more – are lifting growth in a basin some companies once abandoned, fearing it was drying up or its resources were beyond reach.
 
“This is still one of the premier oil and gas regions in the world and that’s why we’ve never left,” said Steve Thurston, vice president of Chevron Corp’s North American exploration and production division.
 
Even after decades of production in the Gulf, government estimates have shown that 48 billion barrels could still be recovered.
 
The area of the Gulf of Mexico where most of the new infrastructure will start up is in an ancient geological trend in its deepest waters 200 miles or more from shore known as the Lower Tertiary, estimated to hold 15 billion barrels of crude.
 
Appraisals in the Gulf’s Lower Tertiary have shown fields that could have half a billion barrels or more of oil, like Exxon Mobil Corp’s Hadrian, estimated to hold up to 700 million barrels, or Anadarko Petroleum Corp’s
Shenandoah, which tests this year showed could hold up to three times more than initial estimates of 300 million barrels.
 
The potential bounty of massive deposits that can produce for a quarter century or more is what keeps players coming even though a single well that bores tens of thousands of feet through thick salt and rock to strike oil – or a dry hole – can cost $130 million or more.
 
By contrast, an onshore well costs about $8 million to drill – but may only produce a trickle of oil for a few years.
 
Chevron’s Jack/St. Malo project, which will tie a platform to the ocean floor 7,000 feet below the surface and tap a reservoir 26,000 feet deep, costs $7.5 billion.
 
It may become the biggest such platform in the world after shipping out later this year, with the ability to double its initial 170,000 bpd capacity. It will be followed next year by Chevron’s second new platform, Big Foot, to be secured to the sea floor by 16 miles of interlocking metal strands, or tendons.
 
In addition to projects by Anadarko Petroleum Corp and Williams Cos, private equity firm Blackstone Energy Partners will join the game. In 2015, Blackstone’s partner LLOG Exploration aims to start up Delta House – named for the boisterous fraternity in the film “Animal House” – less than 10 miles from BP’s plugged Macondo well.
 
Delta House will pump oil from the Marmalard and Bluto fields, namesakes of characters in the movie.
 
Three years ago, some analysts thought the post-Macondo Gulf would have fewer players as stricter regulations and higher operating chilled activity, particularly for smaller companies.
 
Producers must now provide more detailed plans for offshore operations, submit to more frequent inspections and prove they have access to a rapid-response system to cap a gushing well. More than 4 million barrels of oil poured into the sea for 87 days after the Macondo well blowout killed 11 men.
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Column of the Day

Heartbreaking

By ELLEN TORDESILLAS | December 19,2014
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‘The world is no stranger to heinous crimes but nothing is more abominable than the massacre of schoolchildren in Peshawar, a large valley close to the Pakistan-Afghanistan border.’

Opinion of the Day

BIR indifferent to tax shortfall

By AMADO P. MACASAET | December 19, 2014
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‘Demand that PMFTC prove its claims.  True or not the BIR does not seem to care.’    
 
thought