Norway’s sovereign wealth fund, which has 70% of its now NOK9.7tn (€966bn) of assets in listed equities, must get ready for big swings in the fund’s value over the next three years, its manager has warned.Norges Bank Investment Management (NBIM), which runs the Government Pension Fund Global, published a document on its strategy for 2020 to 2022, saying the new three-year plan continued in the direction that had been set by the strategy for 2017 to 2019.Noting that the fund’s value passed the $1tn (€911bn) threshold in September 2017, NBIM said: “Trends and disruptions in the global economy such as increased trade barriers, low global interest rates, changing technology paradigms and climate change will affect the fund.“We should be prepared for large fluctuations in the fund’s value,” it said. Outlining four key points on the strategic direction for the next three years, NBIM said it would complement the fund’s investments in equities and fixed income by investing in real estate and renewable energy infrastructure, and exercise its ownership role to safeguard the fund’s long-term economic interests.The organisation also said it would utilise a set of diversified investment strategies in a risk-controlled and low-cost manner, and foster a global, performance-oriented and efficient investment organisation.NBIM said it plans to increase the number of external mandates it issues to 100 from 80 currently during the next three years.But although the number of contracts is set to rise, the manager plans to maintain its current strategy of having external portfolio managers managing around 5% of the equity portfolio. NBIM said it used external portfolio managers in equity markets and segments where local specialist knowledge was particularly relevant. Around two thirds of the fund’s external specialist mandates would be in emerging markets.“Except for China, Brazil and India, we expect close to all emerging market investments to be managed by external fund managers,” it said.Last year NBIM terminated NOK20bn of externally managed, environment-related mandates. Renewable energy plansLaying out its strategy for its new investments in unlisted renewable energy infrastructure, NBIM said it planned to have around 1% of the fund invested in these assets by the end of 2022.These investments would focus on Europe and North America, it said, because these regions had tested regulatory frameworks as well as experience with private funding of infrastructure assets.The primary investment focus would be on wind and solar power generation assets, NBIM said, adding that it would home in on projects with low power price risk, stable cash flow and limited risk to the principal investment.While favouring equity investments for the new renewable energy infrastructure holdings, NBIM said it could invest elsewhere in the capital structure.“We prefer direct co-investments but will consider investing in renewable funds,” it said.The manager expects to have around 20 professionals dedicated to renewable energy infrastructure.
Danish labour-market pension funds Sampension and Lærernes Pension have announced a new investment in eucalyptus plantations in Tasmania via a consortium including an unnamed UK investment fund.The two pension funds said the consortium, led by sector specialist Global Forest Partners, has made an investment in 36,504 hectares of eucalyptus plantations in Tasmania.Between them, the Danish pension funds said they paid “a three-digit million” kroner sum for the assets.Majken Hauge Johansen, head of alternative investments at Sampension, said: “An investment like this is good for the environment and provides a stable return.” She said the labour-market pensions provider had just expanded its forestry portfolio in the US, and was now expanding in Tasmania as well.Sampension already co-owned just under 31,000 hectares of eucalyptus plantations, she said, and could achieve a number of economies of scale.“Global Forest Partners is a local manager that we know and have worked with for a number of years,” said Hauge Johansen.The two pension funds said eucalyptus was mainly used to produce pulp and that as trees were felled, the areas were replanted.The plantation just bought was FSC (Forest Stewardship Council) certified, they said, obliging the forest owner to adhere to the 10 basic principles of responsible forest management, including workers’ rights and conditions of employment, indigenous peoples’ rights, environmental values and operational planning.Helle Ærendahl Heldbo, head of the unlisted fund investments at Lærernes Pension, said the FSC certification had been an important element of the investment deal.“In addition, it is also worth noting that the total investment binds approximately 290,000 tonnes of CO2 per year, which corresponds to about 24,000 pension scheme members’ annual CO2 emissions,” she said.Danish forestry investment firm IWC was an external adviser for both Danish pension funds in connection with the investment, the funds said.Lars Holm Simonsen, head of IWC’s timberland business, said factors making the Tasmanian investment attractive included the growth rates of the eucalyptus trees, the fact that the manager had control of the supply chain from forest to consumer, and a consumer market where the need for sustainable, FSC-certified quality wood had increased in recent years and was expected to increase further.Last May, Sampension made its first direct forestry investment with a DKK500m (€67m) deal in Oregon, US.
More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago MasterChef 2015 runner-up Georgia Barnes will do cookting demostrations at three Flagstone display homes.THREE display-home kitchens will be put to the test on September 22, as MasterChef 2015 runner-up Georgia Barnes cooks up a storm.The ‘Boom! Flair and Flavours’ workshops will not only be a chance to showcase the kitchens of the growing Flagstone region, but also a chance for on-lookers to get some affordable yet delicious recipes off the culinary star.Ms Barnes said she was looking forward to the event, since she was aware of the importance the kitchen played in the household.“Kitchens are a very personal thing and probably one of the biggest decisions you’ll make when building a new home,” she said. “If you have a great kitchen, it’s a motivation to have people over.”“I enjoy living on my own but love nothing more than having my friends and family over.” >>FOLLOW THE COURIER-MAIL REAL ESTATE TEAM ON FACEBOOK<< The Flagstone display village, located on Trailblazer Drive, is a glimpse into the future of a city expected to house over 12,000 homes in the next thirty years.Developers anticipate that in addition to a central business district, Flagstone will have its own hospital, tertiary education facilities and train line the coming decades.The homes on display during Ms Barnes’ three demonstrations are designed by GJ Gardner Homes, Spectrum Homes and Metricon Homes, all of which are built by Flagstone’s developer Peet Limited.Peet Limited managing director Brendan Gore said kitchens were an integral part of properties, hence the ‘Boom! Flair and Flavours’ event.“We are starting in the kitchen, which is the heart of the house,” Mr Gore said. “New homebuyers and young families, in particular, often have a strong sense of style and are looking to replicate the latest fashions with solutions that are both practical and affordable.”He said that as a city of the future, Flagstone needed to show off the latest trends in home design.Among the features on display on Saturday will be the pantry space and bench tops of homes to be built at Flagstone, including an increasingly popular addition to new kitchens: the butler’s pantry.
The home at 67 Oceana Tce, Manly sold for $1.88 million. Picture: supplied.Ms Evans said buyers were looking for resort style living with tennis courts and swimming pools and beautiful homes they could move straight in to. “They want room, privacy and that acreage lifestyle,” she said. The top bayside sales were in Manly, Manly West and Wynnum. The most expensive 2019 sale by the water was 67 Ocean Tce, Manly, which fetched $1.88 million in June. The second highest bayside sale was $1.775 million for 7 Britannia St, Manly. Both properties were sold by Marc Sorrentino of Place Manly. Wynnum Herald catchment Top Home Sales of 20191. $2.83M – 124 London Rd, Belmont2. $2.6M – 292 Grassdale Rd, Gumdale3 .$2.5M – 572 Formosa Rd, Gumdale4. $2.45M – 413 London Rd, Belmont5. $2.21M – 123 Warriewood St, Chandler6. $2.005M – 104 Bacton Rd, Chandler7. $1.925M – 535 Grassdale Rd, Gumdale8. $1.88M – 67 Oceana Tce, Manly9. $1.85M – 380 London Rd, Belmont10. $1.775M – 7 Britannia St, ManlyTop sales by suburbBelmont1. $2.83M – 124 London Rd, Belmont2. $2.45M – 413 London Rd, Belmont3. $1.85M – 380 London Rd, BelmontCapalaba1. $1.5M – 92 Howlett Rd, Capalaba 2 .$1.44M 33 Willowie Cres, Capalaba3. $1.42M – 38 Tipuana Drive, CapalabaChandler1. $2.21M – 123 Warriewood St, Chandler2. $2.005M – 104 Bacton Rd, Chandler3. $1.6M – 783 London Rd, ChandlerGumdale1. $2.6M – 292 Grassdale Rd, Gumdale2. $2.5M – 572 Formosa Rd, Gumdale3 .$1.925M – 535 Grassdale Rd, GumdaleHemmant1. $752,900 – 60 Majestic Cres, Hemmant2. $750,000 – 20 Majestic Cres, Hemmant3. $744,000 – 50 Majestic Cres, HemmantLota1. $1.29M – 705 Esplanade, Lota2. $1.22M – 693 Esplanade, Lota3. $965,000 – 25 Coolana St, LotaMore from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoManly1. $1.88M – 67 Oceana Tce, Manly2. $1.775M – 7 Britannia St, Manly3. $1.56M – 353 Esplanade, ManlyManly West1. $1.55M – 11 John St, Manly West2. $1.18M – 19 Gabrielle Pl, Manly West3. $1.105M – 42 Hannah Cct, Manly WestRansome1. $1.65M – 76 Molle Rd, Ransome2. $1.475M – 257 Rickett Rd, Ransome3. $1.302M – 267 Rickett Rd, Ransome Tingalpa1. 980,000 – 72 Stanton Rd, Tingalpa2. $915,000 – 16 Wattle Pl, Tingalpa3. $860,000 – 12 Best Pl, TingalpaWakerley 1. $1.25M – 35 Suprano Pl, Wakerley2. $1.2M – 100 Tilley Rd, Wakerley3. 1.1M – 22 Burdekin St, WakerleyWynnum1. $1.75M – 22 Wynnum North Esp, Wynnum2. 1.495M – 37 Stretton Tce, Wynnum3. $1.35M – 47 Grattan Tce, WynnumWynnum West1. $910,000 – 20 Foch St, Wynnum West2. $825,000 – 6 Marty St, Wynnum West3. $795,000 – 39 Greggor St, Wynnum WestData from Core Logic The top seven sales in the Wynnum Herald catchment for 2019 were acreage homes in Gumdale, Chandler and Belmont.Ms Evans said buyers were prepared to pay top dollar to get their hands on tightly held estates close to the bay and the city. “It’s been like that for the last 10 years. About 10 years ago people were buying land and building these beautiful homes,” she said. “It was out with the little cottages and in with these fabulous homes.” Bayside beauty shines after incredible renovation The home at 124 London Rd, Belmont sold for $2.83 million. Picture: realestate.com.auThe Wynnum region’s top residential sales of 2019 have been revealed with buyers forking out a combined $22 million for the 10 most expensive homes. Taking out the title of priciest pad for this year is the private estate at 124 London Rd, Belmont, which sold for $2.83 million in January according to Core Logic data. The 1.3ha property includes a two-storey mansion, tennis court, swimming pool and statement fountain. The home was sold by the Deborah Evans team, made up of Ms Evans and her sons Fraser and Ryan Evans, of Remax Results. The sale price was the third highest ever achieved in the suburb. “We probably had about 40 groups through the property and it was a multiple offer situation,” Ms Evans said. “A lot of people would have liked to buy it but it came down to who could afford it.” First time on market for coastal ‘time capsule’ The second highest sell for the region was 292 Grassdale Rd, Gumdale, which went for $2.6 million. Picture: supplied. MORE NEWS: Queensland’s cheapest homes revealed
‘Visually stunning’ southside home enters FNQ market Why FNQ property prices could be on the up 8 Elizabeth St, Flying Fish Point is listed with RE/MAX agent Daniel ArnottWITH endless and open beach views, this “hidden gem” encapsulates the popular Far Northern expression – where the rainforest meets the Reef. Through the front door of 8 Elizabeth St, Flying Fish Point, is the edge of the rainforest and at the rear, the backyard turf shares grains of sand with the beach. The three-bedroom beach house is described as a “slice of paradise” by RE/MAX selling agent Daniel Arnott. “I didn’t even know this place existed – it’s one of Far North Queensland’s best-kept secrets,” he said. The backyard turf meets the beach at 8 Elizabeth St, Flying Fish Point. MORE NEWS Agent speechless after 123 groups storm open home “It’s got basically its own private beach. “If you wanted to, you’d be able to fish from your bed, that’s how close you are to the beach. “From your kitchen it would take you about 10 seconds to have sand on your feet.”He said the property’s location wasn’t all about the beach, with the short 10-minute drive to Innisfail making it a suitable home for a wide range of buyers. 8 Elizabeth St, Flying Fish Point is only 10 minutes from Innisfail.“It’s complemented by the art-deco village of Innisfail, which has everything you need just 10 minutes away. But then when you’re back at this house it feels like you’re a million miles away from everything. “It’s a quiet neighbourhood, the beach is pristine and I saw some dolphins the last morning I was there. It’s probably a location not many have considered and not many have heard of.” Mr Arnott said when holiday-makers or visitors to the area did stumble across the property, they would begin making offers. “People have knocked on the door and said would you let us rent it out for the holidays. “It’s never been holiday let, but they’ve been offered $3000 a week.” 8 Elizabeth St, Flying Fish Point is listed with RE/MAX agent Daniel ArnottAnd their reasoning for the generous offers could be due to any number of features this tidy, renovated property packs. More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days ago“It’s a well-kept beach home with original features,” Mr Arnott said. “They’ve just put a large deck out the back, which has water views as far as the eye can see. “There’s a large main living area which flows on to the deck. It’s also got a separate living area as well, at the front of the property if you wanted to breakaway and just entertain.” He said the “very open” home enjoyed sea breezes as well as plenty of natural light to highlight the rare black bean timber floors. The large deck at 8 Elizabeth St, Flying Fish Point has endless beach views.However, he said, one of the true retreats in the home was the master bedroom. “They’re all good-sized bedrooms with plenty of natural light but you just get really beautiful views from the master bedroom.”Nearby is a school, a park and a licensed cafe all within walking distance, but a major drawcard is access to the reefs via the Flying Fish Point boat ramp, just one minute away. “The property has onsite parking for your boat,” Mr Arnott said. “It’s fully fenced and gated so if you did use it as a holiday home, you could keep all your toys secured onsite. We’ve fielded a lot of inquiry from Melbourne. People simply wanting a change and they’re wanting to move there. Others have wanted it as holiday house. “No price on it yet, the owner is seeking expressions of interest for now.”
Lake Tinaroo home share scheme 66 Fairview St, Bayview Heights was one of the first houses built in the suburb and will auction on September 19.OFFERED to the market for the first time since 1973, this double-storey family home includes an “epic” workshop, built like a three-bedroom house.The additional shed at 66 Fairview St, Bayview Heights covers about 150sq m of the 800sq m property and was one of the standout features for Elite Real Estate Services agent Karl Latham. “Absolute epic shed, probably one of the best residential sheds that I’ve seen in a residential property,” Mr Latham said. “It’s built like a house, it’s got the roof of a house, the wall of a house but actually stronger. It’s got big steel purlins in there, so it’s a rock solid block workshop-shed with power.” 66 Fairview St, Bayview Heights was one of the first houses built in the suburb and will auction on September 19. An interior view of the “epic” shed, which is the size of a three-bedroom house. MORE NEWS Mr Latham said the four-bedroom, two-bathroom home was one of the first built at Bayview Heights. “It’s been in the same family since 1973, many kids have been brought up there. And the owner is elderly now and all the kids have grown up. “It was one of the first houses in the area – there used just be all parkland around there and spare land. 66 Fairview St, Bayview Heights was one of the first houses built in the suburb and will auction on September 19. The large, modern kitchen.“It’s the only double storey in that immediate location so you look over the top of all the lowset houses and out towards East Trinity and the mountains there. It’s got lovely views and catches a nice breeze.”He said the fully fenced home would suit a number of buyers and the detached shed would be perfect for a home business. More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days ago 66 Fairview St, Bayview Heights was one of the first houses built in the suburb and will auction on September 19. View of the detached shed.“Downstairs was the rumpus and entertainment room where they used to hold lots of parties. “It’s got a bathroom, a bar and a separate bedroom where all the boomerang kids used to come back and stay. “It would make a great granny flat or teenage retreat. “It’s still got some original features but it’s been maintained really well and quite a large, modern kitchen has recently been added. “The owner isn’t testing the market, nobody lives there, it’s vacant. It is and will be sold.”The property will go under the hammer on Saturday, September 19, 10am onsite. Manunda home untouched since ’40s
Bakker Sliedrecht has been awarded a contract for the for the LNG-powered cutter suction dredger (CSD) Spartacus, Royal IHC is building for DEME.The Dutch electrical systems specialist has been contracted to provide engineering, delivery, and commissioning of the electrical power plant and auxiliary electrical installations for what is said is the “world’s largest” CSD.Spartacus, the 44,180 kW cutter suction dredger will be capable of running liquefied natural gas (LNG) and is scheduled for delivery in 2019.The vessels four main diesel engines are also capable of running on marine diesel oil (MDO) and heavy fuel oil (HFO), while the two auxiliary engines have the dual-fuel technology.The concept and basic design for this mega cutter were done in close cooperation with DEME, Vuyk Engineering Rotterdam, an IHC unit and IHC.
ShearwaterOil major Shell has submitted an environmental statement (ES) in support of the field development plan for its Fram gas and condensate field in the Central North Sea to the UK authorities. In the statement, Shell proposed to develop the Fram field, located in Blocks 29/3a, 29/4c, 29/8a, 29/9c in the Central North Sea, as a subsea tie-back utilizing existing Starling infrastructure to the Shearwater platform.The Shearwater field is a high pressure, high temperature (HP/HT) reservoir developed with a normally manned integrated process, utilities and quarters (PUG) platform, which is bridge linked to a wellhead (WH) platform. Shell is the operator of the field with ExxonMobil as its partner.The 30-day public consultation period for the Fram development environmental statement ends on November 24.As detailed in the ES, Shell is proposing to develop Fram as a gas and gas condensate field with two horizontal wells in the Drill Centre East (DCE) area. Produced fluids will be transported via a new flowline to the existing Starling manifold (approximately 15 km away), comingled with Starling production fluids and further transported via existing infrastructure to the Shearwater platform 33 km away.Fluids from the Shearwater platform are exported through the Shearwater Elgin Area Line (SEAL) and Forties Pipeline System (FPS) pipelines. No modifications are required to the Shearwater topsides hydrocarbon processing equipment. Minor topsides changes include an upgrade to the control system and modifications of the chemical injection system.According to the plan, drilling operations are expected to start in the first quarter of 2019 and first production is expected in the second quarter of 2020.Shell initially received regulatory approval for the Fram development in October of 2012. Fram was originally designed for a 35,000 barrels oil equivalent per day development using floating, production, storage, and offloading (FPSO) technology. However, during the 2012 – 2013 drilling campaign, unexpected reservoir results were produced that led to the suspension of the development in February 2013 and subsequent re-framing of the project concept.Shell also said in the ES that Dana Petroleum had proposed to develop its Arran field as a subsea tieback to the Shearwater platform. Dana is planning to submit an ES for the Arran Field to Department for Business, Energy & Industrial Strategy (BEIS) in the fourth quarter of 2017. If the project goes ahead, Dana anticipates to start production from the Arran Field in 2021, one year after the proposed Fram start-up.Fram 2 Field DevelopmentOffshore Energy Today Staff
Offshore oil and gas exploration company Hyperdynamics has entered into a $6 million definitive agreement to issue and sell 40 million common shares at a price of $0.15 per share to CLNG Limited (Hong Kong).CLNG is a private investment company involved in global energy and mineral projects.The closing of the sale is subject to the completion of satisfactory due diligence by each party of the other, waiver by holders of Hyperdynamics’ Series A Convertible Preferred Stock of their right of first refusal, and satisfaction of other customary closing conditions.If this purchase is completed, CLNG will own approximately 53% of Hyperdynamics’ outstanding common shares and will have the right to appoint representatives who will form a majority of Hyperdynamics’ board of directors, but no specific agreement has yet been entered into in this respect, Hyperdynamics, the company focused on exploring waters offshore Guinea, said on Friday.The stock purchase agreement provides that Ray Leonard will remain President, Chief Executive Officer and a director of the company, and Jason Davis will remain Chief Financial Officer, subject to the discretion of the board and resolutions of the stockholders.Ray Leonard, Hyperdynamics’ President and CEO, commented, “We look forward to working with our prospective new majority shareholder, riding on our experience and demonstrated competencies of the past eight years.”Markos Armanious, Chairman of CLNG, stated, “CLNG values the operational expertise that Hyperdynamics has demonstrated in its ability to drill in record water depths, on budget and on time, in the West Africa transform margin.”Hyperdynamics recently completed the drilling of what it had hoped to be a world class discovery – the Fatala-1 well. Unfortunately for the company, the well – deepest ever in Africa – was dry. The dry Fatala-1 well was drilled with the Pacific Scirocco drillship in 2,897 meters of water and had reached a total depth of 5,117 meters below sea level.In subsequent statements, Hyperdynamics said it would not be giving up on offshore Guinea because it still believed there was value to be found below the country’s seabed. The company has asked the government of Guinea to grant it a two-year appraisal period under its oil and gas Production Sharing Contract.Offshore Energy Today Staff
Citing the critical danger posed by storm surge and resulting flooding, La. Gov. John Bel Edwards recently announced the Interagency Coastal Storm Surge-Based Flood Risk and Resilience Awareness Campaign, a partnership of state agencies to use “Story Maps” to promote awareness of Louisiana’s Comprehensive Coastal Master Plan.The Master Plan is the foundational document underlying the campaign, as it identifies the risk to state infrastructure such as roads and bridges; and to services, facilities and systems for health care and education.“Building knowledge and understanding of our Comprehensive Coastal Master Plan across state agencies and among our citizens, we can create a more resilient coastal Louisiana,” said Edwards.The state Coastal Protection and Restoration Authority (CPRA), developer and implementer of the state Comprehensive Coastal Master Plan, along with the Louisiana state departments of Education (LDOE), Health (LDH), and Transportation and Development (DOTD) have collaborated on the Interagency Coastal Storm Surge-Based Flood Risk and Resilience Awareness Campaign, using Story Maps to foster greater interagency coordination and public awareness of Louisiana’s future coastal challenges and to reduce risk and improve resilience.Three interactive visually-focused Story Maps were created in partnership with the Louisiana State University (LSU) Economics & Policy Research Group (EPRG) and LSU Graphic Design Student Office (GDSO).Based on data from the 2017 Coastal Master Plan, they illustrate Louisiana’s vanishing coast and the potential impacts from future land loss and coastal storm surge-based floods.