Latest news with #JOA
Miami Herald
16-06-2025
- Business
- Miami Herald
Detroit News to operate independently at year's end
The Detroit News will begin operating independently at year's end following the conclusion of its 36-year partnership with the Detroit Free Press, The News announced Monday. The move will allow The News to operate more closely with its sister papers in Detroit's suburbs, including The Oakland Press, the (Royal Oak) Daily Tribune, the Macomb Daily, the (Southgate) News-Herald and others, which share the same ownership as The News. "Together, we're uniquely positioned to provide coverage of Metro Detroit like no single news organization can," said Gary Miles, editor and publisher of The News. "That's good for readers and advertisers, as well." Continuously published since August 1873, The News has been a partner in a joint operating agreement (JOA) with the Free Press that has been run by the Detroit Media Partnership since 1989, through which both Detroit-based newspapers have maintained separate and competitive newsrooms. Their business operations, including production, distribution and advertising, have been jointly run by the partnership. That partnership, most recently renewed in 2005 with a 20-year term, is set to expire following publication of the Dec. 28 print edition. "The partnership did what it was intended to do – it preserved two great and distinct media voices during a time of great upheaval in our industry," Miles said. "We're excited to return to a landscape in which we operate completely independently for readers and our many partners, producing more of the outstanding journalism they need and expect." For three consecutive years, The News has been named the state's top newspaper by the Michigan Press Association, as judged by journalists in other states. Founded in 1873 as a smaller, low-cost and independent paper in a time of highly partisan outlets, The Evening News proceeded to mark several firsts in the media industry. It was a pioneer in aerial photography, launched the nation's first commercial radio station (now WWJ-AM, in 1920), the state's first television station (now WDIV-TV, Channel 4) and won the nation's first Pulitzer Prize in photography in 1942. It was the first of its three Pulitzers, considered the top prize in journalism. The Scripps family sold the Evening News Association to the Gannett Co. in 1986. The owners of The News and Free Press almost immediately filed for federal approval of the JOA, declaring the Free Press a failing newspaper under the Newspaper Preservation Act. The partnership was approved in 1989. In 2005, Gannett sold The News to MediaNews Group and purchased the Free Press, giving the JOA a 20-year term, which expires on the last Sunday of December. MediaNews Group acquired The Oakland Press, Macomb Daily, Daily Tribune, News-Herald and Dearborn Press & Guide and Voice newspapers eight years later, but collaboration with The News was limited due to its partnership in the JOA. MediaNews Group owns more than 70 other daily newspapers and more than 100 weekly newspapers across the country. The Free Press is owned by Gannett Co. Inc., which has managed the Detroit Media Partnership as general partner since 2005. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Yahoo
28-05-2025
- Business
- Yahoo
U.S. Oil Giants Fight Over Guyana's 11-Billion Barrel Treasure Trove
This week, a private arbitration panel in London began hearing the arguments of U.S. supermajors ExxonMobil and Chevron regarding their rights to one of the world's most lucrative oil projects. Guyana's Stabroek block has an estimated 11 billion barrels of oil in place discovered so far by the consortium of ExxonMobil, U.S. Hess Corp, and CNOOC of China. The high-volume, low-cost development offshore the South American country, which started production just five years ago, is already pumping more than 660,000 barrels per day (bpd) of crude. Exxon is the operator of the block with a 45% stake. Hess holds 30%, and CNOOC has the remaining 25% in 2023, Chevron proposed a $53-billion deal to buy Hess Corp and thus take Hess's assets in the Bakken in North Dakota and the 30% stake in Guyana's offshore oil field—a top-performing asset with the potential to yield even more barrels and billions of U.S. dollars for the project's partners. Production capacity in Guyana is expected to surpass 1.7 million barrels per day, with gross production growing to 1.3 million barrels per day by 2030, Exxon says. Guyana is now the third-largest per-capita oil producer in the world, according to the U.S. supermajor. Proceeds for the consortium are also rising with growing production, even at current oil prices, because the Guyana Stabroek block is estimated to have a breakeven oil price of about $30 per barrel. Chevron's bid to buy Hess's stake in the Guyana projects is being challenged by Exxon and CNOOC, who claim they have a right of first refusal for Hess's stake under the terms of a joint operating agreement (JOA) for the Stabroek block. Hess and Chevron claim the JOA doesn't apply to a case of a proposed full corporate merger. And so, the dispute went to arbitration, and the once amicable relationship between Exxon and Chevron's top executives has vanished, sources tell The Wall Street Journal. The arbitration initiated by Exxon and CNOOC has delayed the closing of Chevron's bid to buy Hess by more than 18 months. There is a very good chance that the matter will be resolved – either in favor of Chevron or Exxon – by the end of the year. The three-judge arbitration panel began hearings on Monday behind closed doors. The panel is expected to rule within 90 days from the end of the hearings, so the fate of Chevron's $53-billion acquisition of Hess could be clear by August or September this Chevron's deal to buy Hess has stalled, ExxonMobil finalized the $60-billion acquisition of Pioneer Natural Resources, which boosted Exxon's presence in the Permian. It was growth in the Permian and offshore Guyana that helped Exxon beat analyst estimates in its Q1 earnings. Both Chevron and Exxon have expressed confidence in their right to pursue Hess's stake in Guyana. However, Chevron has much more to lose than Exxon if it loses the arbitration. The outcome of the arbitration likely depends on the panel's interpretation of several words in the joint operating agreement in its part of pre-emptive rights, sources close to the process have told the Financial Times. The stakes in this case couldn't be higher for Chevron, which is looking to gain a foothold in a very profitable offshore basin that is set to boost oil production exponentially over the coming years. Chevron is betting on the multi-billion acquisition of Hess to boost its assets with high-quality Guyana acreage, where billions of barrels of oil equivalent have been discovered. Chevron's reserves replacement ratio has declined in recent years, and its oil and gas reserves have now reached the lowest level in at least a decade, according to a Reuters analysis. During the past 10-year period, Chevron's reserves replacement ratio was 88%, it said at the Q4 earnings call in January. A ratio below 100% means that Chevron is depleting reserves faster than it can replace them. So far this year, Chevron has expanded production in Kazakhstan and started up production at the Ballymore oil project in the U.S. Gulf of Mexico. But it is betting on Guyana for a high-volume, high-profits development. In 2023, ExxonMobil, Hess, and CNOOC booked a combined $6.33 billion in net profit for their joint oil operations offshore Guyana, according to Guyanese government data. Hess's share was $1.88 billion of this income—and that was before the start-up of new offshore production platforms after 2023. The combined net margin of the Stabroek block co-venturers was 56% in 2023, higher than Nvidia's 49% net margin. The Stabroek block co-venturers are expected to gain as much as $182 billion over the next 15 years from Guyana's oilfields, per Wood Mackenzie estimates cited by FT. 'Guyana is one of the most prized oil and gas projects on the planet,' Wood Mackenzie analyst Luiz Hayum told FT. 'It was developed in record time, provides comparatively low-emissions oil at a break-even price that is below $30 a barrel, which makes it super profitable.' By Tsvetana Paraskova for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-02-2025
- Politics
- Yahoo
'Jersey can be proud of work in Ukraine'
Jersey can be proud of the work it has done to assist Ukraine since the start of the Russian invasion, a UN officer from Jersey says. Leila Osman is a United Nations junior professional officer and has been working in Kyiv with United Nations High Commissioner for Refugees (UNHCR) since last April. The publicly-funded relief and development agency Jersey Overseas Aid (JOA) helps people in the island get in to the UN's junior professional officer scheme. Ms Osman said: "Jersey as a very small place... is doing a lot" to help Ukrainians and she was "very proud" to be part of that. Hundreds of thousands of people have been killed or injured since the war started on 24 February 2022. Ms Osman said "there's a daily bombardment" where she lives in Kyiv and "this shelling can be a bit taxing at times". She added: "But, thankfully, in Kyiv we have good air defence, which is great. "However, closer to the front lines, there are people living with without that luxury, and they are hit on a daily basis without the chance to have a warning or get down to shelter." Ms Osman works to help those who have been displaced with Ukraine by the fighting, as well as refugees fleeing the country. She said the humanitarian situation was "particularly dire" in the east of Ukraine on the front lines and the "effects of war in Ukraine have been very hard on the whole population". She added: "Further away from the front lines, one of the main activities that UNHCR does is providing immediate emergency response, so it's going to the places directly following attacks and helping people with their emergency needs, like providing food, clothes and fuel." Ms Osman has also seen the wider work of JOA during her time in Ukraine. She said Russia's attacks had destroyed two-thirds of the country's energy infrastructure so "people were in freezing temperatures of -10C to -20C [14F to -4F] in the east of Ukraine are left without power". Dealing with landmines would also be a major operation after the war, she also said. She said: "JOA has a very active de-mining program, which is going to be a massive thing when the war ends in Ukraine because it's one of the most heavily mined situations we've ever had. "This work will be a major part of the county's reconstruction." Follow BBC Jersey on X and Facebook. Send your story ideas to Pupils learn value of island support in Ukraine College friends unite to deliver Ukraine aid Ukrainians in Jersey 'dreaming' of end to war Jersey Overseas Aid
BBC News
24-02-2025
- Politics
- BBC News
Jersey an be proud of work in Ukraine
Jersey can be proud of the work it has done to assist Ukraine since the start of the Russian invasion, a UN officer from Jersey Osman is a United Nations junior professional officer and has been working in Kyiv with United Nations High Commissioner for Refugees (UNHCR) since last publicly-funded relief and development agency Jersey Overseas Aid (JOA) helps people in the island get in to the UN's junior professional officer Osman said: "Jersey as a very small place... is doing a lot" to help Ukrainians and she was "very proud" to be part of that. Hundreds of thousands of people have been killed or injured since the war started on 24 February Osman said "there's a daily bombardment" where she lives in Kyiv and "this shelling can be a bit taxing at times".She added: "But, thankfully, in Kyiv we have good air defence, which is great."However, closer to the front lines, there are people living with without that luxury, and they are hit on a daily basis without the chance to have a warning or get down to shelter." Ms Osman works to help those who have been displaced with Ukraine by the fighting, as well as refugees fleeing the said the humanitarian situation was "particularly dire" in the east of Ukraine on the front lines and the "effects of war in Ukraine have been very hard on the whole population".She added: "Further away from the front lines, one of the main activities that UNHCR does is providing immediate emergency response, so it's going to the places directly following attacks and helping people with their emergency needs, like providing food, clothes and fuel." Ms Osman has also seen the wider work of JOA during her time in said Russia's attacks had destroyed two-thirds of the country's energy infrastructure so "people were in freezing temperatures of -10C to -20C [14F to -4F] in the east of Ukraine are left without power".Dealing with landmines would also be a major operation after the war, she also said. She said: "JOA has a very active de-mining program, which is going to be a massive thing when the war ends in Ukraine because it's one of the most heavily mined situations we've ever had. "This work will be a major part of the county's reconstruction."
