Mr. Michael Lynch

GLG News by Mr. Michael Lynch, Consultant

GLG News is now G+ Insights

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Total's sale of Colombian assets a further sign of caution and financial discipline

February 10, 2012

Analysis of:Total Sells Colombian Assets to Sinochem for $1 Billion | www.rigzone.com

Olivier de Langavant, senior vice president for Total, noted that the sale of these mature assets were in line with the company’s optimization strategy. This sale follows pipeline divestments in Norway and mature fields in Cameroon. In Colombia, selling the 7,000 bbl/day share of production from the mature Cusiana field will free up funds for exploration projects that have greater potential.

Tullow Oil finally gets good news from Ugandan government

February 10, 2012

Analysis of:Tullow 'Could Double Production' in 5 Years after Ugandan Deal | www.rigzone.com

The Ugandan government has finally awarded Tullow Oil (U.K.) the three production licenses, bringing “extra flexibility” to the company’s balance sheet. Tullow followers expect this move to unlock $10 billion in future investment and clears up its refinery and pipeline problems. Bank of America Merrill Lynch noted that Tullow’s funding problems are now resolved.

BP reorganized in 2011 to give greater value to shareholders

February 8, 2012

Analysis of:BP Raises Dividend as Operational Momentum Returns | www.bp.com

Reporting on Q4 and full year results, BP CEO Robert Dudley said that operational momentum and improved cash flow during 2011 gave the company confidence in its ability to grow shareholder value. Operating cash flow for 2011 was $22 billion. BP announced a 14% increase in the dividend. In his presentation to the financial community, Dudley said that payments into the Gulf of Mexico Trust Fund (created after the Macondo incident) would be completed by year end 2012.

Newfield Exploration selling assets to rapidly become an oil company

February 8, 2012

Analysis of:Newfield Exploration Updates GOM-Stake Sale | www.rigzone.com

Newfield has been selling non-strategic assets to concentrate on drilling for crude oil and other liquid-rich plays on land. Last year the company disposed of assets worth $400 million and is planning additional sales this year of $335 million. Newfield plans to continue to focus on oil growth. The emphasis will be developing long-lived onshore resource plays. The company plans no further exploration in the Gulf of Mexico.

ExxonMobil's acquisition of XTO was a long term bet on natural gas

February 7, 2012

Analysis of:ExxonMobil's Natural-Gas Push Could Hit Small US Producers | www.rigzone.com

ExxonMobil’s decision to maintain its current production of natural gas could possibly drive some smaller producers to the wall. Such consolidation could make ExxonMobil even more powerful than it already is. The news that the energy giant has no plans to curtail gas production puzzled some analysts. Others think the ExxonMobil decision will have little impact because the company operates only 30 rigs in the gas shale regions.

Santos basin shallow water wildcat may be game changer for Brazil's oil

February 3, 2012

Analysis of:OGX Confirms Hydrocarbon Find in Santos Basin | www.rigzone.com

Eike Batista, CEO of Brazilian independent OGX, commented that wildcat 1-OGX-63-SPS located in BM-S-57 (Fortaleza) identified hydrocarbons in both the Aptian and Albian of the stratigraphic column. What makes this remarkable is that the well was drilled in 509 feet of water. The OGX-63 cut 361 feet of high pressure Aptian which caused a well control incident.

Argentinian politicians' efforts to increase production are likely to backfire

February 3, 2012

Analysis of:Argentinean Governors to Push Oil Companies to Invest More | www.rigzone.com

Governors from 10 of the country’s oil producing provinces have planned a meeting for next week to pressure to oil companies. Last week President Cristina Kirchner attacked the industry for allowing production to decline. In 2011, Argentina imported $9.4 billion in fuel, double 2010 imports. Kircher added that oil companies should remember that they are working on land owned by the Argentine people.

Royal Dutch Shell to focus on frontier exploration in Arctic regions

February 2, 2012

Analysis of:Shell CEO Says Arctic Focus on Alaska, Greenland | www.rigzone.com

Shell CEO Peter Voser said in an interview that the company plans activity in Alaskan waters, offshore Greenland and in Russia’s far north. Most of the drilling will be in or near Arctic waters. Voser acknowledged that the Arctic environment is sensitive and challenging but added that he believes Shell can safely conduct operations there.

BNP Paribas asset sale puts small oil and gas companies on the spot

January 31, 2012

Analysis of:BNP Paribas O&G Loan Sale is Bad News for Explorers Seeking Funds | www.rigzone.com

The Financial Times reported last Thursday that BNP wants to dispose of its $11 billion oil and gas loan portfolio. The news is important for small companies because BNP has been a key player in funding frontier exploration projects. Risk appetite has changed for banks that lend to the oil and gas sector. Equity indicators for U.K.-listed companies are far from strong.

Funiwa Deep 1A may sand up and stop burning before the relief wells are drilled

January 30, 2012

Analysis of:Chevron: Funiwa Ffire Burning at Diminished Rate | www.rigzone.com

Chevron reported on January 27 that the fire burning at Funiwa 1A deep offshore Nigeria has diminished. The well caught fire during the early morning on January 17. By January 25, the KS Endeavor jackup rig had collapsed and no part of its structure was still above water. Chevron plans to drill two relief wells which could begin in the next seven to ten days.

Tullow stymied once again in sale of Uganda assets to Cnooc and Total

January 30, 2012

Analysis of:Uganda President: Tullow Asset Deal Deadlocked | rigzone.com

In early 2011, Tullow reached an agreement with Total and Cnooc to sell two thirds of its landlocked crude oil discoveries for $2.9 billion. The Ugandan government has repeatedly found reasons to block the sale. The assets are located in the Lake Albertine rift valley. This time the objection is that the three proposed partners objected to the government’s desire to amend certain stabilization clauses which were intended to manage risk.

Chesapeake Energy bites the natural gas bullet

January 25, 2012

Analysis of:Chesapeake Energy Corporation Updates its 2012 Operating Plan in Response to Low Natural Gas Prices | www.chk.com

Chesapeake plans to reduce its dry gas drilling by 50% to 24 rigs by Q2 2012. Its dry gas drilling expenses are expected to decrease to $900 million, down from $3.1 billion in 2011. The company will immediately curtail gas production by 500 million cubic feet/day, equal to 8% of current capacity. This will be the lowest level of dry gas spending since 2005.

Five months is a long wait for an Iran oil embargo

January 24, 2012

Analysis of:Unified EU Bans Iranian Oil Imports from July 1 | www.rigzone.com

On Monday, E. U. foreign ministers approved an embargo, beginning July 1, on Iran’s crude oil exports. The purpose of the embargo is to reduce Iran’s income from oil sales. All this owes to worries about Iran’s nuclear intentions. Iran currently exports 600,000 bbl/day to nations in the E.U. Many of Iran’s customers are under financial stress, including Greece, Italy and Spain. The E.U. remains open to negotiate with Iran and awaits a response to an October letter offering to resume talks.

Gazprom's South Stream to torpedo Nabucco in December 2012

January 24, 2012

Analysis of:Gazprom: South Stream Construction to Start Year-End | www.rigzone.com

Gazprom CEO Alexey Miller moderated a meeting on January 20 that resulted in the speed up of construction plans for the South Stream pipeline, which will run along the bottom of the Black Sea. Instead of a December 2013 start date, construction is planned for December 2012. Miller observed that everything was now in place. The financing is agreed. A regulatory basis exists and there is great interest from the participants.

Will another redevelopment program halt Pemex's oil decline rate?

January 23, 2012

Analysis of:Pemex Seeks Bids to Develop More Mature Oil Fields | www.rigzone.com

Mexico’s state oil monopoly began seeking bids for companies to exploit oil fields in northeastern Mexico. Within three or four years Pemex expects production to amount to 100,000 bbl/day. Mature fields are located in northern Veracruz and southern Tamaulipas states and some offshore areas. This is the second round of incentive contracts for Pemex. Last year, contracts went to Petrofac and Schlumberger.

Crude oil supply interruptions in unstable producing nations: A blessing in 2012?

January 20, 2012

Analysis of:Musings: The Challenge Facing Energy Demand in 2012 | www.rigzone.com

Watching volatile global stock markets for the last six months leads to a bipolar view of the market. The financial turmoil  is related to concerns that Western economies, burdened with excessive debt and high unemployment, may not be capable to cope with the many looming problems all at once. Governments have to finance retirement benefits for older workers at the same time that they must put the unemployed on the dole. What does this mean for crude oil markets?

Flurry of newbuild drilling rig deliveries in 2012 may dampen rig rates

January 20, 2012

Analysis of:2012 Newbuild Count drops | www.rigzone.com

During all of 2012, 35 offshore rigs will be delivered. These deliveries reflect orders placed between 2008 through 2010 at the depth of the economic downturn. Only 13 of the rigs have contracts. Twenty of the rigs are jackups. It is possible that shipyard delays and financing difficulties may delay some of the deliveries.

More than lower oil production plagues Tullow in African operations

January 20, 2012

Analysis of:Tullow Oil's 2011 Trading Update Fails to Impress | www.rigzone.com

Tullow Oil issued a disappointing trading update. Total revenue for 2011 is expected to be around $2.3 billion, more than double  2010. However,  analysts who follow Tullow had expected higher figures. Weakness in production rates appears to be across the board. The stock market reacted negatively.

South Sudan's first oil deals are highly speculative

January 19, 2012

Analysis of:South Sudan Signs First Oil Deals Since Independence | www.rigzone.com

South Sudan signed its first oil deals with Chinese and Malaysian firms. The China deal includes “economic and financial cooperation”. China National Petroleum has agreed to assist South Sudan to train personnel. China supports negotiations between the two Sudans regarding pipeline fees.

Australian explorers find natural gas and condensate near Paloma field

January 18, 2012

Analysis of:San Joaquin Paloma deep test flows gas condensate. | www.ogj.com

Neon Energy of Perth and Solimar Energy of Melbourne discovered a new Stevens Zone pay in the Paloma Deep Sidetrack-2.  The test went to 13,320 feet, into the Fruitvale shale west of giant Paloma field. Two production tests, inhibited by junk in the hole, flowed 1.9 million cubic feet/day and 226 bbl/day of condensate. Once the well bore is cleaned up, the companies plan to test the Paloma sands, Middle Stevens, Round Mountain, Lower Stevens, Fruitvale shale, Antelope shale, Lower Antelope shale, Tulare and Western Flank.

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