Notre Dame has appointed David Bailey as the new head of the Office of Strategic Planning and Institutional Research, according to a University press release. As associate vice president for strategic planning, Bailey will assist the Office of the President in developing the University’s strategic plan, assessing progress, overseeing departmental strategic planning and issuing reviews for the provost and executive vice president, the release stated. University President Fr. John Jenkins said Bailey’s past experience outside the University as well as his time as the interim head of the office have prepared him well for the position. “David’s experience as a Notre Dame alumnus, his time in the office he will now head, and his long and distinguished career in business amply equip him for this critical position,” Jenkins said in the release. “His appointment further strengthens the University’s advancement toward institutional excellence.” Bailey graduated from Notre Dame in 1983 before receiving an MBA from the Stern School of Business at New York University in 1997. He previously worked at IBM, Wall Street firm Gerard Klauer Mattison & Co. and Goldman Sachs.
By Pam KnoxUniversity of GeorgiaMay in Georgia was very wet. Temperatures were normal to 2 degrees Fahrenheit above normal. There were reports of hail or strong winds somewhere in Georgia on at least 16 days.The monthly average temperature in Atlanta was 70.2 degrees (.4 degrees above normal); in Athens 70.5 degrees (1.4 degrees above normal); Columbus 72.3 degrees (normal); Macon 72.4 degrees (1.4 degrees above normal); Savannah 74.2 degrees (1.4 degrees above normal); Brunswick 74.9 degrees (1.2 degrees above normal); Alma 73.8 degrees (normal); and in Augusta 72.2 degrees (1.7 degrees above normal). Several record-low maximum temperatures in the 60s were recorded in Savannah, Alma and Brunswick on May 18 and 19.Except for a band south of Atlanta and in southwest Georgia, rainfall across the state was above normal according to radar estimates. Over 10 inches of rain was observed by radar in northeast Georgia and along the coast as well as a few isolated areas in Charlton and Terrell counties.The highest monthly total from National Weather Service reporting stations was 9.69 inches in Savannah (6.08 inches above normal). The lowest was in Athens at 3.58 inches (.28 inches below normal). According to the NWS, Columbus received 5.10 inches (1.48 inches above normal); Macon 5.73 inches (2.75 inches above normal); Alma 8.14 inches (5.10 inches above normal); Brunswick 5.33 inches (2.64 inches above normal); and Augusta 4.38 inches (1.31 inches above normal). Several daily records of rainfall were set during the month at these stations, including 2.08 inches at Alma on May 23.The highest one-day total rainfall from the CoCoRaHS network was 3.77 inches measured at two stations on Skidaway Island on May 22. There was also a one-day total of 3.75 inches at Waycross on May 27. The highest monthly rainfall total was 13.08 inches near Dillard in northern Rabun County. Several other monthly rainfall amounts of over 10 inches were reported at Rabun Gap as well as near Savannah. The Georgia Automated Environmental Monitoring Network station in Rabun County reported 10.43 inches for May.The rainy conditions in April and May contributed to problems with mosquitoes in south Georgia. Health authorities in Lowndes County reported a health emergency on May 6. Prior to the wet conditions about nine mosquitoes per trap were found in the county. After the onset of wet conditions, traps averaged 786 mosquitoes. Mosquitoes can act as carriers for multiple illnesses, including the West Nile virus.No tornadoes were reported. The strongest storms occurred on May 2 and 3 with the passage of a strong derecho through north and middle Georgia. A derecho is a bow-shaped line of strong thunderstorms that move at speeds up to 60 miles per hour and can cause significant damage from straight-line winds. Numerous trees were reported down with the high winds observed throughout the month. The drought conditions of the past few years may have contributed to the number of trees that were weakened and sustained damage. Some damage to vegetable crops was noted, and three center-pivot irrigation systems in central Georgia were destroyed by high winds and hail during the third week of May.During the first of the month, farmers had trouble doing field work and planting due to dry conditions. After the first week, they had difficulty doing field work due to heavy rains. Powdery mildew and other plant diseases and the washing of fertilizer out of the fields were reported by a number of observers in the Weekly Weather and Crop Bulletin this month. Some farmers reported hay rotting in the fields and small grains sprouting from the heads as well as drowned tobacco plants.
Relief for consumers, not for pure play E&P firms OPEC HQ in Vienna, Photo by Alex.CH/Flickr under CC BY-SA 2.0 license-The update adds a comment by Stuart Carter, FieldfisherOPEC oil ministers on Friday concluded their Vienna conference where it was decided that there would be an increase in oil production starting July 1, 2018. No firm numbers were given in OPEC’s press release released on Friday. A similar agreement was then reached on Saturday between OPEC and Non-OPEC block.Ahead of the meeting, Saudi energy minister Khalid al Falih had been calling for an increase of 1 million barrels a day, following 18 months of production restrictions agreed upon in December 2016 with the aim to stabilize the oil market.In a statement on Friday, OPEC said the member countries had exceeded the required level of conformity when it comes to production restrictions reaching 152% in May 2018.“Accordingly, the Conference hereby decided that countries will strive to adhere to the overall conformity level of OPEC-12, down to 100%, as of 1 July 2018…”OPEC and Russia-led non-OPEC block met on Saturday where they agreed “that countries will strive to adhere to the overall conformity level, voluntarily adjusted to 100%, as of 1 July 2018.”While OPEC per se did not provide an exact output number, some analysts have said production will increase by about 1 million barrels a day.Up by 600K to 1M per day?Michel Burns, oil and gas partner at law firm Ashurst, said: “It’s clear that some in the industry were bracing themselves for a situation where production levels would be allowed to increase significantly more causing a greater downward pressure on prices. What is important in the future for upstream producers is that the same degree of caution is exercised when the production limits are reviewed in the future.”Care Ratings has said production increase could range between 600,000 and one million barrels a day. It sees as fragile the adherence of Iran, Iraq, and Venezuela as “the situation in Venezuela has not improved, Iran is facing sanctions from the US and has very little to gain from the deal to increase output and Iraq had always opposed the decision of raising the output.”“This can cause an imbalance in the oil market as these countries don’t have the spare capacity compared with countries like Saudi Arabia, Russia and UAE,” the agency said.Care Ratings expects the price of Brent to be range-bound between $70- $75/bbl in the coming months.“With OPEC pumping in additional supply after 18 months of adherence and US increasing its supply, the price of oil will be less pressured. Also, it should be remembered that the increase in oil supply announced would still be lower than the cut decided on earlier. On the other side with the world demand for crude oil rising and with the uncertainty in the global political scenario we believe the price of oil can rise despite the increase in supply.” In a comment to Offshore Energy Today Stuart Carter, Corporate Partner and Leader of the Oil & Gas Team at Fieldfisher said that the OPEC deal offered “some welcome relief from the recent increases in global oil prices, as its impact will be immediately felt on wholesale prices. ”“Of course, not all the savings from a lower oil price are necessarily passed on to the end consumer; or, if they are, it is much delayed. In some quarters (Russian commentators, for example) there is scepticism that producers will be able to quickly take advantage of the increased quota to the full extent. ”Carter said that for pure E&P companies that do not have downstream segments to offset the reduction in revenues generated by oil sales, any market changes that push down the price of a barrel of oil can seriously affect investor confidence.“The long downward spiral in oil prices that caused many to come unstuck and only really came to an end in Q1 2018, remains fresh in the memory. Investor capital dried up, small E&P companies went under, work programmes were canceled or heavily scaled back and new fields delayed from coming on stream.“Assisted by the decision of OPEC members to cut production, the market has slowly been coming back into balance. We are unlikely to see a fresh wave of large scale-backs in work programmes or insolvencies as a result of the recent decrease in oil prices, as producers are now using more robust economics before committing funds.”However, Carter added, companies and investors alike will certainly be vigilant to spot for early signs of a downward trend in prices, though probably only the most extreme pessimist fears a repeat in the collapse in the price of oil as a result of this increase in production.”Carter said: “As recent history has shown, US shale production remains the wild card. Whether the reduction in global oil prices will slow the recovery in production that is underway in that sector, or whether increased shale production will magnify the price-dampening effect of OPEC’s quota increase, remains to be seen. The outcome will likely depend as much on local US factors as global consumption patterns.”Offshore Energy Today Staff