Mr. Michael Lynch

GLG News by Mr. Michael Lynch, Consultant

GLG News is now G+ Insights

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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.

McMoran's five wells on the Louisiana shelf indicate a new subsalt province

January 12, 2012

Analysis of:McMoran Begins Drilling at La. Prospect, Updates GOM Ops | www.rigzone.com

McMoran is completing its Davy Jones No. 1 project with drilling underway at Blackbeard East, Lafitte and Blackbeard West No. 2. Since 2008, McMoran has drilled deep wells that test potential pay zones below the salt weld. The Middle and Lower Miocene, the Frio (Oligocene), Wilcox, Tuscaloosa and Cretaceous carbonates are all prospective. Davy Jones No.1 and No. 2 both found pay in the Wilcox.

Repsol buys into Sandridge redevelopment projects in Oklahoma and Kansas

January 12, 2012

Analysis of:Repsol buys into US unconventional hydrocarbons with Mississippi Lime JV | www.ogfj.com

As a part of its intention to convert from a natural gas company to an oil company, Sandridge acquired a large number of depleted oil fields in what is called the Mississippian lime play. Sandridge has aggressively sought partners to help pay for the redevelopment. Repsol has signed on.

Talisman joins the ranks of cautious E&P companies

January 12, 2012

Analysis of:Talisman Sets 2012 Spending Budget at ?4B | www.rigzone.com

Canadian oil and gas producer Talisman plans to reduce capital and exploratory spending in 2012 by $500 million. The company will focus on profitable liquids opportunities. Spending will amount to just over $4 billion. CEO John A. Manjoni remarked that the company’s plans have been shaped by continuing low natural gas prices in North America.

PDVSA may see 20 pending Orinoco suits come due all at once

January 5, 2012

Analysis of:Venezuela Seen Getting off lightly in $908M Exxon Payment | www.rigzone.com

The $908 million judgement against Petroleos de Venezuela will likely be followed by the ConocoPhillips’s claim and 19 other derivative suits. Another suit, also filed by ExxonMobil, could add fuel to the flame. Potential claims could run to billions of dollars and threaten Venezuela's sovereign debt. The verdict took four years but the other suits, having a precedent, will be settled faster.

Gazprom pushes South Stream now that North Stream is operating

January 5, 2012

Analysis of:Second Black Sea gas line a step closer | www.offshore-mag.com

The Russian government has made no secret of its intent to become Europe's most reliable supplier of natural gas. Then-President Vladimir Putin pushed hard to overcome obstacles and put the North Stream pipeline on production. With that mission accomplished, Putin is pushing just as hard for South Stream, which will run beneath the Black Sea and supply southern Europe.

Maersk opens a new below-the-salt oil province offshore Angola

January 5, 2012

Analysis of:Maersk Hits Oil Pay Offshore Angola | www.rigzone.com

Maersk's Azul-1 well in the Kwanza basin may be a commercial discovery but more evaluation is necessary. The deepwater test in 923 meters of water reached a total depth of 5,334 meters. Based on preliminary interpretation, the well had a flow potential of 3,000 bl/day.

New North Sea blocks may offer only slim crude oil pickings

January 4, 2012

Analysis of:UK Hands Out 46 New North Sea Exploration Licenses | www.rigzone.com

This was the 26th offshore oil and gas licensing round since North Sea exploration began in the late 1960s. The region is picked over. A quick look at the location of the blocks does not inspire much confidence. U.K. energy and climate change minister Charles Hendry said the "licenses have been subject to rigourous examination," and added that growing excitement could lead to a prosperous 2012. Possibly.

Early signs of caution begin to cloud frontier exploration and production

January 4, 2012

Analysis of:Shtokman delays Investment Decision Until March 2012 | www.rigzone.com

Shtokman natural gas/gas condensate field, which was discovered by Gazprom in 1988, still lacks assurance as a commercial project. Both Statoil and Total are seeking better tax terms from Russian authorities. Hopefully, by the end of March an agreement can be reached that will allow the project to go forward.

Saudi Aramco invests $8 billion in offshore non-associated gas field

January 3, 2012

Analysis of:Karan marks first-ever non-associated gas project offshore Saudi Arabia | www.offshore-mag.com

Karan is the first-ever non-associated gas development in the country. Five wells are flowing at 120 million cubic feet/day through a 110 kilometer long pipeline to the Khursaniya processing plant. The field will be linked to the Saudi Master Gas System. The natural gas is needed to meet rising domestic demand.

Repsol aspires for "sisterhood" status as it explores West Africa's margins

December 29, 2011

Analysis of:Detailed Study Leads repsol to Offshore West Africa | www.rigzone.com

If mixed national-independent oil and gas companies are to prosper, they must somehow become competitive with major internationals. This is not easy to do. Their financial performance dooms them to high borrowing costs and drags on the value of their shares. Eni (Italy) and Repsol (Spain) both are trying to move upward by using innovative exploration methods. For Repsol, the choice has focussed on the West African margins.

"Big crew change" impacts future drilling campaigns in the Gulf of Mexico

December 28, 2011

Analysis of:Rigs, Workers Go Abroad Leaving GOM Operators in the Lurch | www.rigzone.com

The offshore oil and gas industry is still pondering the legacy of the BP spill. Industry has already recognized the crippling effect of losing a large number of "baby boomer" employees to retirement. Throw in extra costs and further delays as a result of the drilling moratorium, and it appears that it will be some time before drilling activity in the Gulf returns to 2009 levels.

Tight crude oil avails for 2012 look to get even tighter

December 28, 2011

Analysis of:Can Oil Restore Libya's Fortunes? | www.rigzone.com

ates that three year will elapse before Libyan crude oil production returns to pre-war levels. In addition to the destruction of facilities during the fighting, many of the fields are old and require substantial work to restore production. Limited violence may further complicate matters.

La Guerre du petrole in its many forms: A Christmas story

December 28, 2011

Analysis of:Ecuador Appeals Arbitration in Chevron Case | www.rigzone.com

Oil and gas companies have been under attack since at least the latter part of the 19th century, when John D. Rockefeller was a name to be feared. During the 20th century, oil companies were attacked by governments for having too many reserves. The U.S.A., Iran, Venezuela, Kuwait and Saudi Arabia were the usual suspects. The new way to attack is after an oil spill or similar infraction.

Total to test pre-salt potential pay zones in three blocks offshore Angola

December 27, 2011

Analysis of:Total to Operate 3 New Exploration Blocks in Angola | www.rigzone.com

Total, which has been active in Angola since 1953, now runs 163,000 net bbl/day from blocks 17, 0 and 14. The operated production for the company and its partners is 600,000 bbl/day of oil equivalent. The company announced on December 20 that it had been awarded blocks 40 and 25 and will be a partner in block 39, all located in the deepwater Kwanza basin.

Petrobras's ambitious 21 rig tender becomes a cropper

December 27, 2011

Analysis of:Petrobras Cancels Tender to Build 21 Offshore Rigs | www.rigzone.com

Last October, Petrobras launched a tender covering a series of contracts for the construction of 21 rigs to work in the ultradeep waters of the Santos basin. It was a multi-billion dollar tender. To finance the construction, Petrobras formed a consortium that included itself and various Brazilian pension funds and commercial banks. After several delays, the tender was cancelled on December 22.

Total to develop natural gas deposits in the Arctic to supply France and China

December 21, 2011

Analysis of:Total, Novatek to Develop Termokarstovoye | www.rigzone.com

Last summer Total and Novatek, agreed to invest $38 billion in a liquefied natural gas project on Russia's Yamal Peninsula. Called Yamal SPG, the project is owned by Novatek, in which Total has a 12% interest. Additionally, the Russian government recently approved Total's purchase of a 20.5% interest in Yamal SPG. Novatek owns several rich natural gas fields in northwest Siberia with an estimated 1.3 trillion m3 of gas, plus 52 million tons of gas condensate.

Vaca Muerta oil shale drilling hindered by regulations

December 20, 2011

Analysis of:Fitch: Regulations to Limit Near-Term Growth in Argentina Shale | www.rigzone.com

The Vaca Muerta shale has been the focus of Patagonian exploration in 2011. The interested companies include ExxonMobil, Apache, YPF/REPSOL and others. Although lightly explored, it appears that it could be possible to recover up to 750 million bbls of crude oil from the regions tested so far. The Neuquén basin is large and about 250,000 acres show promise. Government regulations will have to be relaxed to make it worthwhile for private companies.

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