July 30, 2014, 11:11 pm
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1 Philippine Peso = 0.08479 UAE Dirham
1 Philippine Peso = 2.39808 Albanian Lek
1 Philippine Peso = 0.04132 Neth Antilles Guilder
1 Philippine Peso = 0.18869 Argentine Peso
1 Philippine Peso = 0.02457 Australian Dollar
1 Philippine Peso = 0.04132 Aruba Florin
1 Philippine Peso = 0.04617 Barbados Dollar
1 Philippine Peso = 1.79201 Bangladesh Taka
1 Philippine Peso = 0.03371 Bulgarian Lev
1 Philippine Peso = 0.0087 Bahraini Dinar
1 Philippine Peso = 35.82641 Burundi Franc
1 Philippine Peso = 0.02308 Bermuda Dollar
1 Philippine Peso = 0.02867 Brunei Dollar
1 Philippine Peso = 0.15951 Bolivian Boliviano
1 Philippine Peso = 0.05146 Brazilian Real
1 Philippine Peso = 0.02308 Bahamian Dollar
1 Philippine Peso = 1.3877 Bhutan Ngultrum
1 Philippine Peso = 0.20446 Botswana Pula
1 Philippine Peso = 237.53463 Belarus Ruble
1 Philippine Peso = 0.04605 Belize Dollar
1 Philippine Peso = 0.02497 Canadian Dollar
1 Philippine Peso = 0.02088 Swiss Franc
1 Philippine Peso = 13.00785 Chilean Peso
1 Philippine Peso = 0.14294 Chinese Yuan
1 Philippine Peso = 42.68467 Colombian Peso
1 Philippine Peso = 12.41851 Costa Rica Colon
1 Philippine Peso = 0.02308 Cuban Peso
1 Philippine Peso = 1.87627 Cape Verde Escudo
1 Philippine Peso = 0.47231 Czech Koruna
1 Philippine Peso = 4.15628 Djibouti Franc
1 Philippine Peso = 0.12817 Danish Krone
1 Philippine Peso = 1.00531 Dominican Peso
1 Philippine Peso = 1.84153 Algerian Dinar
1 Philippine Peso = 0.26894 Estonian Kroon
1 Philippine Peso = 0.16506 Egyptian Pound
1 Philippine Peso = 0.45621 Ethiopian Birr
1 Philippine Peso = 0.01719 Euro
1 Philippine Peso = 0.04247 Fiji Dollar
1 Philippine Peso = 0.0136 Falkland Islands Pound
1 Philippine Peso = 0.0136 British Pound
1 Philippine Peso = 0.07889 Ghanaian Cedi
1 Philippine Peso = 0.9139 Gambian Dalasi
1 Philippine Peso = 162.2807 Guinea Franc
1 Philippine Peso = 0.18007 Guatemala Quetzal
1 Philippine Peso = 4.74838 Guyana Dollar
1 Philippine Peso = 0.1789 Hong Kong Dollar
1 Philippine Peso = 0.4839 Honduras Lempira
1 Philippine Peso = 0.13118 Croatian Kuna
1 Philippine Peso = 1.04566 Haiti Gourde
1 Philippine Peso = 5.3024 Hungarian Forint
1 Philippine Peso = 267.28994 Indonesian Rupiah
1 Philippine Peso = 0.07903 Israeli Shekel
1 Philippine Peso = 1.38643 Indian Rupee
1 Philippine Peso = 26.90189 Iraqi Dinar
1 Philippine Peso = 605.40166 Iran Rial
1 Philippine Peso = 2.66159 Iceland Krona
1 Philippine Peso = 2.59811 Jamaican Dollar
1 Philippine Peso = 0.01635 Jordanian Dinar
1 Philippine Peso = 2.35088 Japanese Yen
1 Philippine Peso = 2.02516 Kenyan Shilling
1 Philippine Peso = 1.19637 Kyrgyzstan Som
1 Philippine Peso = 93.52493 Cambodia Riel
1 Philippine Peso = 8.45582 Comoros Franc
1 Philippine Peso = 20.77562 North Korean Won
1 Philippine Peso = 23.70868 Korean Won
1 Philippine Peso = 0.00653 Kuwaiti Dinar
1 Philippine Peso = 0.01893 Cayman Islands Dollar
1 Philippine Peso = 4.23777 Kazakhstan Tenge
1 Philippine Peso = 185.75253 Lao Kip
1 Philippine Peso = 34.89151 Lebanese Pound
1 Philippine Peso = 3.00612 Sri Lanka Rupee
1 Philippine Peso = 2.13527 Liberian Dollar
1 Philippine Peso = 0.23915 Lesotho Loti
1 Philippine Peso = 0.05934 Lithuanian Lita
1 Philippine Peso = 0.01175 Latvian Lat
1 Philippine Peso = 0.02882 Libyan Dinar
1 Philippine Peso = 0.19244 Moroccan Dirham
1 Philippine Peso = 0.32052 Moldovan Leu
1 Philippine Peso = 1.04975 Macedonian Denar
1 Philippine Peso = 22.48384 Myanmar Kyat
1 Philippine Peso = 42.57849 Mongolian Tugrik
1 Philippine Peso = 0.18427 Macau Pataca
1 Philippine Peso = 6.71168 Mauritania Ougulya
1 Philippine Peso = 0.70522 Mauritius Rupee
1 Philippine Peso = 0.35549 Maldives Rufiyaa
1 Philippine Peso = 9.14728 Malawi Kwacha
1 Philippine Peso = 0.29888 Mexican Peso
1 Philippine Peso = 0.07328 Malaysian Ringgit
1 Philippine Peso = 0.24261 Namibian Dollar
1 Philippine Peso = 3.73961 Nigerian Naira
1 Philippine Peso = 0.60053 Nicaragua Cordoba
1 Philippine Peso = 0.14363 Norwegian Krone
1 Philippine Peso = 2.23869 Nepalese Rupee
1 Philippine Peso = 0.02699 New Zealand Dollar
1 Philippine Peso = 0.00889 Omani Rial
1 Philippine Peso = 0.02308 Panama Balboa
1 Philippine Peso = 0.06434 Peruvian Nuevo Sol
1 Philippine Peso = 0.05632 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.27862 Pakistani Rupee
1 Philippine Peso = 0.07125 Polish Zloty
1 Philippine Peso = 100.51685 Paraguayan Guarani
1 Philippine Peso = 0.08404 Qatar Rial
1 Philippine Peso = 0.07551 Romanian New Leu
1 Philippine Peso = 0.81093 Russian Rouble
1 Philippine Peso = 15.93952 Rwanda Franc
1 Philippine Peso = 0.08658 Saudi Arabian Riyal
1 Philippine Peso = 0.16663 Solomon Islands Dollar
1 Philippine Peso = 0.28428 Seychelles Rupee
1 Philippine Peso = 0.13149 Sudanese Pound
1 Philippine Peso = 0.1574 Swedish Krona
1 Philippine Peso = 0.02867 Singapore Dollar
1 Philippine Peso = 0.0136 St Helena Pound
1 Philippine Peso = 0.5126 Slovak Koruna
1 Philippine Peso = 100.73869 Sierra Leone Leone
1 Philippine Peso = 20.73638 Somali Shilling
1 Philippine Peso = 420.47553 Sao Tome Dobra
1 Philippine Peso = 0.20192 El Salvador Colon
1 Philippine Peso = 3.45337 Syrian Pound
1 Philippine Peso = 0.24268 Swaziland Lilageni
1 Philippine Peso = 0.73511 Thai Baht
1 Philippine Peso = 0.03977 Tunisian Dinar
1 Philippine Peso = 0.04263 Tonga Pa'ang
1 Philippine Peso = 0.04832 Turkish Lira
1 Philippine Peso = 0.1467 Trinidad Tobago Dollar
1 Philippine Peso = 0.69215 Taiwan Dollar
1 Philippine Peso = 38.28486 Tanzanian Shilling
1 Philippine Peso = 0.27141 Ukraine Hryvnia
1 Philippine Peso = 60.71099 Ugandan Shilling
1 Philippine Peso = 0.02308 United States Dollar
1 Philippine Peso = 0.53139 Uruguayan New Peso
1 Philippine Peso = 53.7433 Uzbekistan Sum
1 Philippine Peso = 0.14534 Venezuelan Bolivar
1 Philippine Peso = 489.51985 Vietnam Dong
1 Philippine Peso = 2.16066 Vanuatu Vatu
1 Philippine Peso = 0.05317 Samoa Tala
1 Philippine Peso = 11.27443 CFA Franc (BEAC)
1 Philippine Peso = 0.06233 East Caribbean Dollar
1 Philippine Peso = 11.2777 CFA Franc (BCEAO)
1 Philippine Peso = 2.05309 Pacific Franc
1 Philippine Peso = 4.96157 Yemen Riyal
1 Philippine Peso = 0.24268 South African Rand
1 Philippine Peso = 119.79455 Zambian Kwacha
1 Philippine Peso = 8.35411 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

Is this your SONA?

By BERNARD KARGANILLA | July 31,2014
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‘When can this people-power be harnessed to industrialize the Republic for self-reliance, self-sufficiency, and national defense?’

Opinion of the Day

Sanity regained

By AMADO P. MACASAET | July 31, 2014
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‘By not defending the DAP in his SONA message, the President, without so saying,  clearly apologized for making the mistake of fighting the Supreme Court.’  

thought