January 28, 2015, 12:52 am
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1 Philippine Peso = 0.08321 UAE Dirham
1 Philippine Peso = 2.82234 Albanian Lek
1 Philippine Peso = 0.04055 Neth Antilles Guilder
1 Philippine Peso = 0.19532 Argentine Peso
1 Philippine Peso = 0.02863 Australian Dollar
1 Philippine Peso = 0.04055 Aruba Florin
1 Philippine Peso = 0.04531 Barbados Dollar
1 Philippine Peso = 1.75865 Bangladesh Taka
1 Philippine Peso = 0.03958 Bulgarian Lev
1 Philippine Peso = 0.00854 Bahraini Dinar
1 Philippine Peso = 35.56542 Burundi Franc
1 Philippine Peso = 0.02265 Bermuda Dollar
1 Philippine Peso = 0.03046 Brunei Dollar
1 Philippine Peso = 0.15653 Bolivian Boliviano
1 Philippine Peso = 0.05844 Brazilian Real
1 Philippine Peso = 0.02265 Bahamian Dollar
1 Philippine Peso = 1.39396 Bhutan Ngultrum
1 Philippine Peso = 0.21621 Botswana Pula
1 Philippine Peso = 343.195 Belarus Ruble
1 Philippine Peso = 0.04519 Belize Dollar
1 Philippine Peso = 0.02814 Canadian Dollar
1 Philippine Peso = 0.01996 Swiss Franc
1 Philippine Peso = 14.18664 Chilean Peso
1 Philippine Peso = 0.14122 Chinese Yuan
1 Philippine Peso = 54.03905 Colombian Peso
1 Philippine Peso = 12.14582 Costa Rica Colon
1 Philippine Peso = 0.02265 Cuban Peso
1 Philippine Peso = 2.22916 Cape Verde Escudo
1 Philippine Peso = 0.56016 Czech Koruna
1 Philippine Peso = 4.02104 Djibouti Franc
1 Philippine Peso = 0.15053 Danish Krone
1 Philippine Peso = 1.01033 Dominican Peso
1 Philippine Peso = 2.07389 Algerian Dinar
1 Philippine Peso = 0.31627 Estonian Kroon
1 Philippine Peso = 0.16783 Egyptian Pound
1 Philippine Peso = 0.45888 Ethiopian Birr
1 Philippine Peso = 0.02021 Euro
1 Philippine Peso = 0.04583 Fiji Dollar
1 Philippine Peso = 0.01496 Falkland Islands Pound
1 Philippine Peso = 0.01511 British Pound
1 Philippine Peso = 0.07419 Ghanaian Cedi
1 Philippine Peso = 0.96208 Gambian Dalasi
1 Philippine Peso = 159.25154 Guinea Franc
1 Philippine Peso = 0.17315 Guatemala Quetzal
1 Philippine Peso = 4.69396 Guyana Dollar
1 Philippine Peso = 0.17562 Hong Kong Dollar
1 Philippine Peso = 0.47572 Honduras Lempira
1 Philippine Peso = 0.15578 Croatian Kuna
1 Philippine Peso = 1.06111 Haiti Gourde
1 Philippine Peso = 6.26053 Hungarian Forint
1 Philippine Peso = 282.58541 Indonesian Rupiah
1 Philippine Peso = 0.09077 Israeli Shekel
1 Philippine Peso = 1.39081 Indian Rupee
1 Philippine Peso = 26.84397 Iraqi Dinar
1 Philippine Peso = 621.12631 Iran Rial
1 Philippine Peso = 3.061 Iceland Krona
1 Philippine Peso = 2.61066 Jamaican Dollar
1 Philippine Peso = 0.01606 Jordanian Dinar
1 Philippine Peso = 2.66548 Japanese Yen
1 Philippine Peso = 2.07841 Kenyan Shilling
1 Philippine Peso = 1.35692 Kyrgyzstan Som
1 Philippine Peso = 91.73048 Cambodia Riel
1 Philippine Peso = 9.94611 Comoros Franc
1 Philippine Peso = 20.38782 North Korean Won
1 Philippine Peso = 24.41657 Korean Won
1 Philippine Peso = 0.0067 Kuwaiti Dinar
1 Philippine Peso = 0.01858 Cayman Islands Dollar
1 Philippine Peso = 4.17826 Kazakhstan Tenge
1 Philippine Peso = 183.21516 Lao Kip
1 Philippine Peso = 34.21756 Lebanese Pound
1 Philippine Peso = 2.9875 Sri Lanka Rupee
1 Philippine Peso = 1.9162 Liberian Dollar
1 Philippine Peso = 0.25846 Lesotho Loti
1 Philippine Peso = 0.06646 Lithuanian Lita
1 Philippine Peso = 0.01421 Latvian Lat
1 Philippine Peso = 0.03069 Libyan Dinar
1 Philippine Peso = 0.21853 Moroccan Dirham
1 Philippine Peso = 0.39903 Moldovan Leu
1 Philippine Peso = 1.21557 Macedonian Denar
1 Philippine Peso = 23.23532 Myanmar Kyat
1 Philippine Peso = 43.99239 Mongolian Tugrik
1 Philippine Peso = 0.18088 Macau Pataca
1 Philippine Peso = 6.61472 Mauritania Ougulya
1 Philippine Peso = 0.74302 Mauritius Rupee
1 Philippine Peso = 0.34818 Maldives Rufiyaa
1 Philippine Peso = 10.25791 Malawi Kwacha
1 Philippine Peso = 0.3321 Mexican Peso
1 Philippine Peso = 0.08161 Malaysian Ringgit
1 Philippine Peso = 0.25846 Namibian Dollar
1 Philippine Peso = 4.33354 Nigerian Naira
1 Philippine Peso = 0.60439 Nicaragua Cordoba
1 Philippine Peso = 0.17604 Norwegian Krone
1 Philippine Peso = 2.23034 Nepalese Rupee
1 Philippine Peso = 0.03038 New Zealand Dollar
1 Philippine Peso = 0.00872 Omani Rial
1 Philippine Peso = 0.02265 Panama Balboa
1 Philippine Peso = 0.0684 Peruvian Nuevo Sol
1 Philippine Peso = 0.05909 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28536 Pakistani Rupee
1 Philippine Peso = 0.08499 Polish Zloty
1 Philippine Peso = 109.17169 Paraguayan Guarani
1 Philippine Peso = 0.08251 Qatar Rial
1 Philippine Peso = 0.09056 Romanian New Leu
1 Philippine Peso = 1.45092 Russian Rouble
1 Philippine Peso = 15.85719 Rwanda Franc
1 Philippine Peso = 0.08518 Saudi Arabian Riyal
1 Philippine Peso = 0.17403 Solomon Islands Dollar
1 Philippine Peso = 0.31941 Seychelles Rupee
1 Philippine Peso = 0.12895 Sudanese Pound
1 Philippine Peso = 0.18885 Swedish Krona
1 Philippine Peso = 0.03046 Singapore Dollar
1 Philippine Peso = 0.01509 St Helena Pound
1 Philippine Peso = 0.50304 Slovak Koruna
1 Philippine Peso = 95.13977 Sierra Leone Leone
1 Philippine Peso = 15.97273 Somali Shilling
1 Philippine Peso = 495.27682 Sao Tome Dobra
1 Philippine Peso = 0.1981 El Salvador Colon
1 Philippine Peso = 4.1342 Syrian Pound
1 Philippine Peso = 0.25846 Swaziland Lilageni
1 Philippine Peso = 0.73753 Thai Baht
1 Philippine Peso = 0.04416 Tunisian Dinar
1 Philippine Peso = 0.04463 Tonga Pa'ang
1 Philippine Peso = 0.05324 Turkish Lira
1 Philippine Peso = 0.14341 Trinidad Tobago Dollar
1 Philippine Peso = 0.70814 Taiwan Dollar
1 Philippine Peso = 41.13696 Tanzanian Shilling
1 Philippine Peso = 0.35832 Ukraine Hryvnia
1 Philippine Peso = 64.6747 Ugandan Shilling
1 Philippine Peso = 0.02265 United States Dollar
1 Philippine Peso = 0.55444 Uruguayan New Peso
1 Philippine Peso = 55.05097 Uzbekistan Sum
1 Philippine Peso = 0.14385 Venezuelan Bolivar
1 Philippine Peso = 483.64444 Vietnam Dong
1 Philippine Peso = 2.37178 Vanuatu Vatu
1 Philippine Peso = 0.05592 Samoa Tala
1 Philippine Peso = 13.26148 CFA Franc (BEAC)
1 Philippine Peso = 0.06116 East Caribbean Dollar
1 Philippine Peso = 13.26148 CFA Franc (BCEAO)
1 Philippine Peso = 2.41253 Pacific Franc
1 Philippine Peso = 4.87224 Yemen Riyal
1 Philippine Peso = 0.25846 South African Rand
1 Philippine Peso = 117.55845 Zambian Kwacha
1 Philippine Peso = 8.19817 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

Confronted with brutal realities, what do Filipinos do?

By ELLEN TORDESILLAS | January 28,2015
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‘This is the third day since that condemnable incident. There has been no word from the President of the Philippines. President Aquino is into his own coping mechanism.’

Opinion of the Day

Customs’ loss, public’s gain

By AMADO P. MACASAET | January 28, 2015
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‘The value of the benefits from low price of imported fuel should be far greater than P40 billion customs will miss.’