Mr. Michael Lynch

GLG News by Mr. Michael Lynch, Consultant

GLG News is now G+ Insights

G+ is a community for professionals, academics and entrepreneurs to connect through online discussions and in-person meetings. You will continue to see G+ Insights (formerly GLG News) here as well as on the G+ website, where you can share and discuss the G+ Insights you read.

ExxonMobil eying Argentina's Vaca Muerta shale

September 23, 2011

Analysis of:ExxonMobil, Americas Petrogas seek shale gas in Argentina | www.ogfj.com

The Vaca Muerta shale is a late Jurassic-early Cretaceous formation in the Neuquen Basin of Argentina. It underlays 8,500 square miles and is found between 5,500 and 14,000 feet. The Vaca Muerta can be up to 2,000 feet thick.

Fast growing Utica shale play attracts Chesapeake, Hess, Rex, Gulfport and others

September 20, 2011

Analysis of:Chesapeake's first horizontal Utica result offers promising start to the play | www.ogfj.com

The Utica shale underlies most of Pennsylvania, nearly all of West Virginia, almost half of Ohio and two-thirds of New York. It extends under parts of Lake Erie and Lake Ontario.

Crude oil prices to climb much higher by 2020

September 20, 2011

Analysis of:DNV report warns the era of cheap oil is ending | www.offshore-mag.com

The DNV report presented in Offshore Europe Technology Outlook 2020 reveals that in the last 25 years, only one barrel of oil has been found for every one that has been consumed. The probable limit of future production is 95 million bbl/day, just 10 million up from today’s consumption rate of 85 million bbl/day. Technology is vital for future recovery and with 25% of this in Arctic Ocean fields, extraction costs can only increase.

Statoil's Troll field will continue to be a key component in Europe's natural gas supply

September 19, 2011

Analysis of:Statoil, Partners Earmark $1.93B for Troll A Expansion | www.rigzone.com

When Gazprom began packing the Nord Stream pipeline earlier this month, it was a signal to other producers that control of the European natural gas market is far from decided. In response, Statoil quickly moved to prolong the life of the North Sea’s Troll field.

Ivanhoe Energy seeks frontier oil in Mongolia

September 15, 2011

Analysis of:Ivanhoe Mobilizes Rig for Second Mongolia Well | www.rigzone.com

Ivanhoe Energy is a Canadian company with expertise in upgrading heavy crude oil. They also look for enhanced recovery situations and have gas-to-liquid technology. Mongolia appears attractive to them because of bitumen deposits on the surface plus prospects for lighter oil at depth. Still it is a huge gamble in frontier territory and so far it’s been unsuccessful.

New Gazprom Arctic rigs ready to put oil in the tanks

September 15, 2011

Analysis of:Russia Can Double Oil Reserves By Tapping Arctic Potential --Lukoil Exec. | www.rigzone.com

On September 7, a senior Lukoil executive said that the Arctic offers the potential for Russia to double its oil reserves. He added that the effort would require political support.

Eager Technip pays a 55% premium for Global Industries

September 14, 2011

Analysis of:Technip, Global Industries Agree to Merge | www.rigzone.com

Technip is already one of the top five engineering and construction companies in the international oil and gas industry. Over the last few years it has seen exceptional growth across the board, but particularly in the subsea sector where their flexible hoses have been well-received. Technip reported €1.664 billion ($2.3 billion) revenue for the second quarter of 2011 with a net profit of €133 million. Technip can thus afford to advance its growth strategy by paying a premium price for Global Industries.

Tullow and partners open new oil province off French Guiana

September 13, 2011

Analysis of:Tullow Reports French Guiana Discovery | www.rigzone.com

On Friday Tullow announced that its Zaedyus exploration well offshore French Guiana discovered 72 feet of net pay in two zones. The productive zones were found in two turbidite fans. The quality of the pay sands is good. Royal Dutch Shell has a 45% interest and Total holds 25%. Northpet owns 2.5%. Drilling will continue to evaluate deeper zones. This opens a new petroleum province.

Schlumberger CEO Andrew Gould sees more reliance on service companies

September 12, 2011

Analysis of:Gould: Oilfield Services Spending Likely to Increase | www.rigzone.com

At the Barclays Capital CEO Conference, retiring Schlumberger CEO Andrew Gould said it was likely that integrated oil field service companies will play a more important role in the future.

BP can catch up fast in reserves replacement if it can get drilling permits

September 8, 2011

Analysis of:BP Unleashes Additional Reserves at Mad Dog Field | www.rigzone.com

The BHP Billiton well in Green Canyon block 738 found 166 net feet of first class hydrocarbon-bearing Miocene sands. The well is in an untested northern segment of the Mad Dog field in the Gulf of Mexico. Further appraisal drilling could confirm up to 4 billion barrels of oil equivalent. On September 6, Chevron announced the Moccasin discovery on Keathley Canyon 736. BP has a 43.75% working interest in the prospect. These are tidy additions to BP’s reserve base.

The Nord Stream pipeline is a natural gas game changer

September 7, 2011

Analysis of:Flow starts in pipeline from Russia to Germany | www.nytimes.com

Russian natural gas began flowing into the Nord Stream pipeline beneath the Baltic Sea on Tuesday after Prime Minister Vladimir Putin clicked a mouse to start the compressor. The new pipeline essentially removes the threat of future gas stoppages by Ukraine. Sales to the European Union will begin in about one month.

Is Panamanian oil a shot in the arm for Colombia?

September 7, 2011

Analysis of:Panama Has an Estimated 900 Million Barrels of Oil in Two Basins | www.rigzone.com

Until recently, Panama had no crude oil reserves. However, a geological survey by Venezuelan firm OTS found evidence of 900 million barrels below Panama’s Darien Province. Can Colombia expect a parallel find?

Cameron purchase of LeTourneau from Joy marks the end of an era

September 2, 2011

Analysis of:Cameron to Acquire LeTourneau Technologies Drilling Systems | www.rigzone.com

Joy Global has decided to exit the oil tool market to concentrate on mining, where it is already a major manufacturer. Cameron, once known as "Cameron Iron Works," has grown substantially over the years and is now a leader in blow out prevention equipment. Purchasing LeTourneau from Joy will give Cameron the capability to manufacture rigs plus many other drilling tools such as top drives, rotary tables and draw works.

Are government shale gas estimates reliable?

August 31, 2011

Analysis of:The Spin on Changing Marcellus Gas Estimates | www.rigzone.com

Estimates of the recoverable amounts of natural gas in shale are useful in forecasting the present and future needs of fossil fuels in the energy mix. Shale gas represents a departure from conventional estimation methods because the answer to the question depends upon how the shale gas well is completed. Since the beginning of the shale age, about 20 years ago, completion techniques have steadily improved, increasing the volume of reserves but also increasing uncertainty about them.

Gazprom rig construction program pays off with LNG demand soaring

August 25, 2011

Gazprom began construction of two Arctic class semisubmersibles in 2007 expecting an early development of Shtokman natural gas field in the Barents Sea. The downturn in gas prices inhibited the plans but construction continued. Now with severe problems in the nuclear energy sector, demand for Liqufied Natural Gas (LNG) is soaring, especially in Japan. The two rigs have been completed and tested and will shortly deploy to the Bering Sea.

 

BOEMRE trying to look "normal" in wake of MC-252 incident

August 19, 2011

Analysis of:BOEMRE to Hold First GOM Sale since Spill | www.rigzone.com

BOEMRE will hold is first oil and natural gas lease sale in the Gulf of Mexico since the Deepwater Horizon explosion. Sale 218 is scheduled to be held in New Orleans on December 14, 2011. All available unleased areas in the Western Gulf Planning Area offshore Texas will be offered. The sale encompasses 3,900 blocks covering 20.6 million acres from 9 to 250 miles offshore in water depths from 16 to 10,975 feet. Production of 222 to 423 million barrels of oil could result.

Aldous/Avaldsnes linkup revives hope for Norwegian North Sea shelf

August 17, 2011

Analysis of:Statoil Boosts Estimates at N. Sea Find | www.rigzone.com

Communication between the Aldous and Avaldsnes oil discoveries has now been confirmed. The combination could represent an oil structure of between 500 million and 1.2 billion barrels of oil recoverable equivalent. If the upper interval finds oil, the discovery will rank as one of the 10 largest fields found on the Norwegian Continental Shelf. Statoil has a 40% interest in both Aldous (PL 265) and Avaldsnes (PL 2625). Statoil's executive vice president for Exploration, called it "giant".

Transocean continues to bet on future of deepwater operations.

August 15, 2011

Analysis of:Transocean to Buy Aker Drilling for $1.4B | www.rigzone.com

Transocean announced an all cash voluntary offer for 100% of Aker Drilling. The offering price indicates an equity capitalization of $1.43 billion. It as a 60% premium based on the 30 day average price of Aker Drilling shares. The company operates two harsh environment ultra-deepwater sixth-generation submersible rigs currently contracted to Statoil and Det Norske. In 2013 the company will take delivery of two sixth-generation semi-submersible rigs under construction at DSME shipyard in Korea.

BP to expand North Sea development/ redevelopment beyond Schiehallion & Loyal

August 13, 2011

Analysis of:BP Readies for Major North Sea Projects | www.rigzone.com

Trevor Garlick, head of BP's North Sea unit expects approval of three more projects offshore Scotland this year. This in spite of higher UK taxes. Last month, BP announced plans to redevelop Schiehallion and Loyal fields at an outlay of £3 billion. Expansion plans include the huge Clair field, the Devenick gas condensate field and Kinnoull oil field.BP partners have approved the plans. Clair field alone could require funds equal to Schiehallion. Devenick and Kinnoull require £1 billion each.

Gas Damage Recovery Fund a "must" to save the Republic

August 12, 2011

Analysis of:Gas Damage Recovery Fund Proposal Premature, Official Says. | www.rigzone.com

Mr. Thomas P. Napoli's proposed bill to establish an industry-supported fund to cover damages caused by natural gas production is premature in light of uncompleted work by the New York Department of Environmental Conservation. The new proposed bill does not take into account existing permit requirements. Brad Gill, executive director of the Independent Oil & Gas Association of New York, said the proposal does not take into account existing permit requirements and does not consider existing law.

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