GLG News by Mr. Michael Lynch, Consultant
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Tiny Gallic Energy to retest old gas wells in Aquitaine
October 18, 2011
Gallic Gets Green Light to Re-Enter France Wells | www.rigzone.com
The 13,500 square mile Aquitaine Basin in southwestern France has been producing natural gas from small fields near Pau since the Lacq Superieur field was discovered in 1949. At least a dozen small oil and gas fields have been discovered.
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Redevelopment of tiny Ororo field shows extent of worldwide depletion
October 18, 2011
Sirius aiming to develop marginal Nigeria field | www.offshore-mag.com
Redevelopment of oil fields on land began over 20 years ago. It began on large fields and small fields soon followed. More recently, redevelopment of offshore fields has become routine. The redevelopment of giant but depleted Forties field in the North Sea was started by Apache after taking over the field from BP in 2003. It has been a success. Today Sirius plans to redevelop the much smaller Ororo field offshore Nigeria.
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BP's strategy for the next five years is becoming clear
October 17, 2011
BP and Partners Investing ?10 Billion in UK Oil and Gas Projects | www.bp.com
After the Deepwater Horizon spill in April 2010, it has taken Bob Dudley, the new CEO, some months to determine the company’s path back to success. With the announcement of October 13, it seems clear that BP will concentrate capital and exploratory expenditure in the North Sea, West Africa and the Middle East.
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Kitimat LNG export license a shot in the arm for Canadian gas prices
October 17, 2011
Kitimat LNG partners announce export license approved by National Energy Board | investor.apachecorp.com
In 2006, Apache, EOG and Encana first agreed to build a natural gas liquefaction plant on Canada’s west coast. The deal came with the expectation of transporting British Columbia gas to international markets where prices are much higher than in North America. Several provincial and federal permits were necessary and it was also necessary to gain control of a pipeline. By December of 2010, the permits were in hand to support the filing of an operating agreement to support the Canadian Federal Export License. On October 13, the 20-year license was approved.
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PetroFrontier swings for the fences with Australia's Arthur Creek "Hot Shale"
October 12, 2011
PetroFrontier Drills AU's 1st HZ Well in "Hot Shale" Formation | www.rigzone.com
PetroFrontier, a small Canadian oil and gas exploration company, has staked its fortune on a shale oil play in the Georgina Basin in Australia’s Northern Territory. The company just drilled the Baldwin-2Hst1 well into the Lower Arthur Creek “Hot Shale” and reported 40 meters of potential petroliferous pay. The “Hot Shale” is slightly radioactive and thus easily identified by gamma ray-neutron logs. PetroFrontier considers the “Hot shale” analogous to the Bakken formation in North Dakota. With 13.6 million gross acres under control, commercial development of the “Hot Shale” would be a bonanza.
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The logic behind France's cancellation of shale gas leases
October 11, 2011
France Cancels Shale Gas Exploration Permits on Non-Fracturing Commitment | www.rigzone.com
Despite potential problems with nuclear reactors, French citizens appear comfortable with atomic power. If large deposits of shale gas do exist in France, they are not going away. With its grid of nuclear reactors meeting most of the country's needs and two huge French natural gas companies developing resources worldwide, the nation has few -- if any -- worries about domestic energy. Thus the logic is clear: Let technology develop until problems with water pollution vanish. Then revisit the value of shale gas to the economy.
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Russian oil consortium to begin Venezuela Tar Belt production in May 2012
October 10, 2011
Venezuela, Russia Joint Oil Venture Seen Producing by May | www.rigzone.com
Under President Hugo Chavez, Petroleos de Venezuela has been wooing Russian oil companies. Chavez equates stronger ties with Russia as a bulwark against his ideological enemy, the U.S. Now it appears that he will be successful at least in the Tar Belt. The Russian consortium includes Rosneft, Surgurneftgaz, TNK-BP, Lukoil and Gazprom. The Junin 6 bloc is set to produce 50,000 bbl/day by May of 2012.
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Financial crisis drives Greece to offer offshore permits for oil exploration
October 10, 2011
Greece to Invite Oil Exploration in January | www.rigzone.com
Greece officially has 10 million barrels of reserves located in Prinos and Prinos North fields. In 2010, production was about 2,300 bbl/day. At one time the government had plans to pursue a joint venture exploration with Egypt but nothing came of it. The Grecian offshore is lightly explored, however, and the Gulf of Patras could easily have a potential of 200 million barrels. Now, with the nation in duress, a decision has been made to open exploration to international oil and gas companies.
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Another continental drift play at Jan Mayen Ridge, northeast of Iceland
October 10, 2011
Iceland opens up Dreki Area to Exploration | www.offshore-mag.com
This is the second round of exploration offers from the National Energy Authority (NEA) of Iceland. To date, Iceland doesn’t have oil production or reserves but the continental shelf is prospective. Seismic surveys indicate the presence of structures. TGS-NOPEC has a prospecting license for part of the area. The deadline for bids is in April.
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Chevron Puts the Sun to Work Getting Oil from Ancient Coalinga Field
October 7, 2011
BrightSource Lends Solar Thermal Technology to Chevron's EOR Project | www.oilvoice.com
Chevron, a leader in enhanced recovery technology, has large leaseholds throughout California. Chevron Technology Ventures is demonstrating a technique to use solar energy to produce oil. The Coalinga oil field, discovered in 1887, has produced almost 900 million barrels from several heavy crude zones over its long career. Chevron expects to recover even more oil in the largest such project in the world.
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Surprise Oil Strike Inspires a Second Look at the Norwegian North Sea
October 4, 2011
Avaldsnes-Aldous Discovery The Largest North Sea Find in Three Decades | www.oilvoice.com
Much oil remains to be produced from the mature Norwegian sector of the North Sea.
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New ExxonMobil Technology Lowers the Cost of Shale Gas Extraction
October 4, 2011
Trican Secures ExxonMobil's Multi-Zone Stimulation Technology License | www.rigzone.com
ExxonMobil’s newly licensed multi-zone stimulation technology (MZST) has the potential to reduce significantly the cost of shale gas extraction.
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Japanese and German nuclear capitulations strain LNG supply system
September 30, 2011
UK 2Q Oil, Gas Production Declines, Imports Rise-Govt | www.rigzone.com
The decline of crude oil and natural gas production from the North Sea and the U.K. in particular has now changed from an unhappy but manageable situation to one where climbing liquefied natural gas prices (LNG) will be inevitable. The extra demand from Japan because of nuclear plant shutdowns has aggravated the supply to the U.K. This can only get more severe. More supply will come frrm the Norwegian Arctic shelf but not soon. Once the Nord Stream pipeline is packed and sales begin this quarter, the situation may ease somewhat but not for long.
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Circle Oil seeks partner for exploring offshore Oman in Block 52
September 30, 2011
Oman 2D data identifies strong offshore prospectivity | www.offshore-mag.com
Circle Oil of Limerick, Ireland seeks to enhance shareholder value by finding and surveying oil and gas prospects with high potential which it then places in a bid package to entice partners. The company has production in Egypt and good prospects in Morocco. But it is with offshore Block 52, Oman that the company hopes to hit the jackpot.
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Natural gas markets beckon Total
September 29, 2011
Total Raises O&G Output Growth Outlook to 2.5% for 2010-2015 | www.rigzone.com
Total lifted its outlook from 2% to 2.5% growth. The company expects to be running 600,000 bbl/day of oil equivalent by 2015. Total has plans to spend $10 billion during next 18 months on new acreage, but only 40% of new projects target dry gas.
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North Sea Oilfield: Why would ExxonMobil sell to Apache?
September 28, 2011
Apache aiming to revive declining Beryl field in North Sea | www.offshore-mag.com
Apache has developed excellent redevelopment skills with regard to offshore assets in the North Sea. Their rejuvenation of Forties Field, acquired from BP in 2003, has been a remarkable success. From production of 33,000 bbl/day in Q-2 2003, production now stands at 57,000 bbl/day. Apache uses time lapse seismic technology to find relatively undeveloped zones in the mature Forties Field.
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BP tests Feds with application to drill at Kaskida in Gulf of Mexico
September 28, 2011
BP Asks for Gulf Drilling Approval, Cites 'Enhanced' Safety Standards | www.rigzone.com
BP has understandably has laid low during the various investigations and castigations hurled after the Deepwater Horizon spill in April 2010. As the holder of the largest portfolio of Gulf of Mexico prospects, it is important for the company to either resume drilling or systematically sell off its assets. So this application to the Bureau of Ocean Energy Management, Regulation and Enforcement after a long “cool off” period is an attempt to get things going again. The application covers further drilling at Kaskida, originally approved in 2008.
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Cuadrilla's shale gas exploration in U.K. creates good jobs
September 27, 2011
Lancashire Shale Drilling Results Could Create Job Boom | www.rigzone.com
Since its beginning in the U.S. over 15 years ago, shale gas drilling has spread to Europe, South America and Asia. This latest endeavor by Cuadrilla Resources has now placed the U.K. in focus where it is estimated that the Lancashire resource base alone could be 5,660 billion cubic meters, a 56-year supply.
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Libya crisis forces OMV to rethink strategy
September 26, 2011
OMV Sets Sights on E&P Growth | www.rigzone.com
With Libyan crude oil likely to be shut in for at least another year, Gerhard Roiss, CEO of Austrian energy group OMV is set to make a strategic review. He will place more emphasis on exploration and production while reducing refining and marketing. The plan calls for an increased rate of return on the capital employed.
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Shale gas exploration begins in Spain
September 26, 2011
Spain: Cantabrian basin shale concession awarded | www.ogj.com
Spain’s hydrocarbon resources have dwindled over the years. Offshore oil fields in the Mediterranean, discovered between 1970-1980 have declined appreciably. Meanwhile, Spain’s natural gas consumption in 2010 was 34.4 billion cubic meters, nearly all of it imported. Thus the lure of shale gas is at the root of new exploration.
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