Business World

Monday 23 January 2017

Providence teams up with AMEC

EXPLORATION

Published 18/09/2010 | 05:00

OIL and gas explorer Providence Resources said yesterday that it has selected the engineering company AMEC to undertake a conceptual development study for its Ulysses project off the east coast of Ireland.

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The project involves storing natural gas and carbon in salt reservoirs off the Irish coast. "We are delighted to be working with AMEC on the Ulysses project. We believe they will bring significant value to the project given their proven track record in the delivery of many successfully operating gas storage projects in the UK," said Providence John O'Sullivan, Providence's Technical Director.

Digicel in mobile project for Haiti

TELECOMS

Digicel has announced details of the initial phase of its mobile money service project in Haiti which will deliver a range of mobile financial capabilities to the people of Haiti. The project will give people the ability to send, receive and store money using their mobile phones. Starting in October, the pilot is being conducted in partnership with a large NGO running a cash-for-work programme and one of the major banks operating in Haiti.

BP relief arrives at damaged well

OIL

BP'S relief well has finally hit the damaged oil well in the Gulf of Mexico and is ready to permanently seal it. The cementing of the bottom of the well, likely to be finished today, will bring to an end a nearly five-month battle for the oil firm. No oil has spilled into the Gulf since a temporary cap was placed on the well in mid-July. The explosion on April 20 killed 11 workers and caused a massive oil spill.

LG chief quits as profits nosedive

TELECOMS

LG Electronics, the world's third-biggest mobile phone maker, has replaced its chief executive after record losses at its handset business. Nam Yong will be replaced by Koo Bon-joon, the brother of the chairman of parent company LG Group. Mr Nam offered to resign "to take responsibility". South Korea's LG Electronics saw profits plunge 90pc in the second quarter. Its handset business made an operating loss of 120 billion won (€79m). Mr Koo, who has served as an executive in various LG Group subsidiaries, will take over on October 1. Investors welcomed the change, with LG Electronics shares closing 4.7pc higher.

Irish Independent

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