Best practices for negotiating SERPs

first_img continue reading » For a credit union to reach its strategic goals, leadership continuity is imperative.Creating a strong financial tie between top executives and the credit union will facilitate your succession plan, and effective negotiation of executives’ compensation is a critical component to binding this relationship. It’s a balancing act between the credit union’s needs and those of its key leaders.To begin negotiations with a current executive, start by looking at when your CEO expects to retire and ask about his or her goals. You should also prepare for an unexpected departure, especially if the CEO’s base compensation package is lower than that of peer credit union executives. Loyalty counts, but often not enough to turn down an attractive offer with a pay increase.For this reason, it’s essential to regularly benchmark your base compensation packages against peer credit union data through a tool such as CUNA’s Compensation Analytics, comparing geographic location, asset size, and even field of membership. 21SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

ExxonMobil makes sixth oil discovery off Guyana

first_imgOil giant ExxonMobil has revealed positive results from its Ranger-1 exploration well, marking the company’s sixth oil discovery offshore Guyana since 2015.The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion recoverable oil-equivalent barrels, ExxonMobil informed in Friday.ExxonMobil affiliate Esso Exploration and Production Guyana began drilling the Ranger-1 well on November 5, 2017 and encountered approximately 230 feet (70 meters) of high-quality, oil-bearing carbonate reservoir. The well was drilled to 21,161 feet (6,450 meters) depth in 8,973 feet (2,735 meters) of water.Steve Greenlee, president of ExxonMobil Exploration Company, said: “This discovery proves a new play concept for the 6.6 million acre Stabroek Block, and adds further value to our growing Guyana portfolio.”Following completion of the Ranger-1 well, the Stena Carron drillship will move to the Pacora prospect, 4 miles from the Payara discovery. Additional exploration drilling is planned on the Stabroek Block for 2018, including potential appraisal drilling at the Ranger discovery.The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.Hess Corporation CEO, John Hess, said: “The Ranger oil discovery demonstrates that the petroleum system is working in a new geologic play in the Guyana Basin more than 60 miles northwest of Liza, and reaffirms the extraordinary exploration potential of the Stabroek Block.”According to Guyana’s information agency, GINA, the country’s Prime Minister Moses Nagamootoo explained that from the information received “this new find is like an inverted triangle, upside down and deep and billions of barrels of oil would be harvested from this find.”When it comes to Liza, ExxonMobil made a final investment decision for the development in June 2017. The Liza Phase 1 development includes a subsea production system and a floating production, storage and offloading (FPSO) vessel designed to produce up to 120,000 barrels of oil per day.Dutch SBM Offshore will provide the FPSO unit for the project. SBM has already hired Singapore’s Keppel for the conversion of a very large crude carrier (VLCC) into an FPSO, which will be deployed to the Liza field.Offshore Energy Today Stafflast_img read more