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.

Climate changers romp in an era of political and economic madness

June 10, 2011

Analysis of:Musings: Tornadoes Give Climate Change Supporters Ammunition | www.rigzone.com

Central U.S.A. has become the target of of violent storms that spawn tornadoes. A deadly storm struck Joplin, Missouri on May 22 with heavy casualties. The recent tornado outbreak has unleashed global warming supporters who claim the storms validate their beliefs that carbon dioxide in the atmosphere is the culprit. Historically the frequency of violent storms in the central U.S.A. has not changed. Politicians in Chicago, convinced change is coming, spend $10 million/year to prepare for it

BP appears to have act together after months of turmoil

June 9, 2011

Analysis of:BP sets its sight outside Russia | www.nytimes.com

BP said Wednesday that it would concentrate on exploration in Azerbaijan, Australia, Brazil, Angola, Trinidad and the United Kingdom. Robert W. Dudley said in a news conference that "very quietly BP is getting on with its strategy of exploration". BP has no plans to sell its shares in Tnk-BP. Relations with Rosneft are excellent. Some analysts said that BP would have to wait until after next year's presidential elections are over before trying to revive the Rosneft deal for Arctic exploration.

Outlook rosier for increased oil production from Gulf of Mexico around 2014

June 8, 2011

Analysis of:ExxonMobil Touts Three Deepwater GOM Discoveries | www.rigzone.com

ExxonMobil announced two major oil discoveries and a gas discovery in the deepwater Gulf of Mexico. The company has drilled the first post-moratorium exploration well in Keathley Canyon 919-3. The well found more than 475 feet of high quality net oil pay in the Pliocene sands. In early 2010, KC 919 discovered over 550 feet of net oil pay in high quality Pliocene and Upper Miocene sands. In 2009, the company found 200 feet of natural gas pay in KC 964. XOM plans to develop the resources quickly.

Natural gas seems certain to be the energy of the 21st Century

June 7, 2011

Analysis of:IEA Sees Larger Role for Natural Gas | www.rigzone.com

Natural gas could be entering a "golden age" and become a much larger portion of the global energy mix. This comes from a report by the International Energy Agency on June 6. Still, the agency warned that countries should not see natural gas as the only solution to climate change. Natural gas consumption could rise by more than 50% from 2010 levels by 2035. This would require an extra 600 billion cubic meters of gas production by then. Shale gas drilling may damage the potable water tables.

Will deep shales like the Tuscaloosa be game changers this decade?

June 6, 2011

Analysis of:Operators Look to Unlock Tuscaloosa Marine Shale Potential | rigzone.com

The Tuscaloosa Marine shale play on the border between Mississippi and Louisiana could emerge as the next big oil shale as producers shift focus. Devon Energy holds 250,000 acres in the play which it obtained for $180/acre. The Tuscaloosa varies in thickness from 200 to 400 feet and is found between 11,000 and 14,000 feet. Devon plans to use horizontal drilling and fracture stimulation to enhance productivity in both the oil and liquids-rich zones. Tuscaloosa was first tested in 1975.

NiMin redevelops 60 year old San Joaquin Valley oil field

June 5, 2011

NiMin used a process combining foamed oxygen and steam to enhance recovery from the depleted Pleito Creek oil field in Kern County, California. Humble Oil and Refining Company discovered the field in 1951 and produced it until 1969 when they sold it to Tenneco. It was in an advanced state of depletion. The field is 23 miles south of Bakersfield and produces from Santa Margarita sand 3,600 feet deep. The reservoir has 27% porosity and contains heavy oil of 16.6° API. recovery to date is 6%.

Statoil/Sinopec use high tech to put Peregrino heavy oil field on production

June 4, 2011

Analysis of:Peregrino Success Escalates Status Offshore Brazil | www.rigzone.com

Statoil/Sinopec began production from the Peregrino heavy crude oil field in April. The field is located 85 kilometers offshore Rio de Janeiro in water depths from 325 to 400 feet. The field was discovered in 1994 and Statoil bought a 50% interest from Encana for $350 million in 2006. Subsequently Statoil acquired the rest of the field from Anadarko. They then sold 40% to Sinopec. Production will ramp up to 100,000 bbl/day and will eventually make Statoil the second-largest operator in Brazil.

ExxonMobil retired engineer teaches school to retard "Great Crew Change"

June 3, 2011

Analysis of:The Great Crew Change:Making a Difference in Schools | www.rigzone.com

Juan Garcia, who recently retired as worldwide drilling manager for ExxonMobil volunteered to join the company's Science Ambassadors. This program encourages high school students to study scientific principles that would demonstrate how physics and mathematics support the technical breakthroughs in the drilling and production segment of the oil and gas industry. Garcia has reduced complicated physics problems to simple, easily understood examples. A fishing cork demonstrates buoyancy.

Chevron pioneers electrical submersible pumps in deepwater Gulf of Mexico

June 2, 2011

Analysis of:Chevron orders first inside wellbore ESPs for GoM from Baker Hughes | www.offshore-mag.com

Chevron USA awarded Baker Hughes a contract to supply electrical submersible pumps (ESP) for seven producing wells at the Big Foot production facility. The contract also includes mud line packers for three injection wells. This will be the first deployment of ESP systems inside the wellbore of deepwater Gulf of Mexico oil wells. The ESPs will be set at 16,000 feet true vertical depth. The systems will be dual pumps of 1,200 horsepower to produce 75,000 bbl/day of oil beginning 2014.

Oil Industry projects moving in direction of quicker completion

June 1, 2011

Analysis of:Statoil Charges Ahead at Fast-Track Proj. Visund South | www.rigzone.com

Statoil's Visund South is moving ahead on a fast track. Four months after submitting the development plan, the first seabed template has been built. The time from discovery to production has been cut in half. The template was placed on a barge last week and will be installed between Gulfaks C and Visund in June. Production from Visund South is expected in 2012. The template was built from a standard FMC subsea equipment catalog. This procedure means that small fields can go online more quickly.

Shale oil important in Texas but has limited potential as game changer

May 28, 2011

Analysis of:Shale Boom in Texas Could Increase U.S. Oil Output | www.nytimes.com

The region around Catarina, Texas in Dimmitt County was recently a patchwork of derelict gasoline stations and rusting warehouses. Now it finds itself in the midst of the Eagle Ford shale oil play More than a dozen companies plan to drill about 3,000 wells in the play during the next 12 months. The oil can only be extracted by fracturing the formation and propping it open with sand or ceramics. Fracturing may pose a risks to water supplies and has drawn scrutiny from the federal government.

Tullow goes after more oil property offshore Ghana

May 27, 2011

Analysis of:Tullow to Buy EO Group's Interests Offshore Ghana | www.rigzone.com

Tullow Oil has entered into a conditional agreement to buy the complete interests of EO Group Limited offshore Ghana. The price is $305 million in cash and stock. This will increase the Tullow interest in West Cape Three Points by 3.5%. Tullow's interest in the Jubilee oil field will increase by 1.75%. Tullow will issue 10,137,196 ordinary share to satisfy $216 million of the price.The rest will be paid in cash. The agreement is conditional upon Tullow getting approvals from Ghana Government.

Gazprom not happy about potential natural competition in European Union

May 26, 2011

Analysis of:Russia Criticizes E.U. Rules to Open Up Energy Market | www.nytimes.com

Russian energy minister Sergei I. Shmatko criticized European Rules aimed at increasing competition. He suggested it would jeopardize the projected Gazprom South Stream pipeline scheduled to go into operation in December of 2015. South Stream rivals the proposed Nabucco pipeline, a project backed by the European Union. Russian criticism is directed at E.U. legislation that forces companies to share infrastructure with competitors. Nabucco is exempt from some rules about sharing its pipeline.

Texans prefer prosperity over restrictive drilling legislation

May 25, 2011

Analysis of:Most Drilling-Related Legislation Appears Dead in Texas Legislature | www.rigzone.com

With only 1 week left in the legislative session, most proposed drilling bills appear dead. Only those supported by the oil and gas industry have a chance of passage. Critics and environmentalists all agree that that, as in previous sessions, industry calls the shots. The industry is strong in Texas. Nearly 20 bills sponsored by Fort Worth lawmakers never made it to the floor of the House or the Senate. One bill that is still alive requires drillers to disclose composition of fracture fluids.

Tullow betting on North Sea as well as Africa and South America

May 24, 2011

Analysis of:Tullow Strengthens Portfolio with North Sea Buy | www.rigzone.com

Tullow has agreed to acquire Nuon Exploration and Production for $421.5 million from the Vattenfall Group. The purchase will add 25 licenses to Tullow's UK portfolio with 30 producing fields. Production for the company will be increased by 9,000 bbl/day of oil equivalent with a reserve addition of 28 million barrels. The exploration opportunities coupled with infrastructure should allow Tullow to sustain and increase production in the short term. The fields fit with Tullow's Dutch assets.

Cautious contrary assessment of predicted long life of current rig building boom

May 22, 2011

Analysis of:Offshore, optimism for an uncertain future | www.drillingcontractor.org

Tom Kellock, ODS-Petrodata executive commented on the rig construction boom that began in mid-2010 in the May/June issue of Drilling Contractor. Since then 72 new offshore rig projects have been announced which include options for 50 additional units. The rationale for the boom rests on the fact that most existing jackups are old. Current drilling projects are technically more demanding. Oil operators want new rigs even when old ones can do the work. It is a dynamic market in a flat demand.

Drillers bet on surge in offshore exploration/development

May 21, 2011

Analysis of:Keppel FELS Wins Twin Jack-up Rig Order | www.rigzone.com

On May 11, Keppel FELs announced a twin jack up order from Gulf Drilling International valued at $393 million. Earlier this year Keppel FELS was awarded a new build jack up rig contract from Japan Drilling Company, one of GDI's owners. These latest rigs will be customized to GDI requirements with larger spud cans, more robust legs and greater tolerance for higher Persian Gulf ambient temperatures. When delivered in 2013 and 2014, the two units will bring the GDI jack up fleet to seven units.

More crude oil requires more investment

May 20, 2011

Analysis of:IEA: Urgent need for More Oil | www.rigzone.com

On May 18-19, the International Energy Agency expressed concern that the growing signs of a rise in crude oil prices is affecting the economic recovery. The price rises since September of 2010 are widening global imbalances, reducing household and business income and placing upward pressure on interest rates. Global demand for oil increases seasonally from May to August making it clear that there exists an urgent need for new supplies. Price increases now could derail economic recovery.

Indonesia Investment in crude oil to halt declines suggest steady high prices

May 17, 2011

A report by the vice president of the Indonesian Petroleum Association reveals that Indonesia requires $34 billion in new oil and gas investment per year to arrest the decline in crude oil production. Shrinking rates of production has been caused by delays in investment for exploration. With most of the oil fields being old, production is declining at the rate of 12%/year. Making matters worse, 70 % of the existing production facilities experience a greater frequency of unplanned shutdowns.

Administration senses danger in continued attacks on oil industry

May 15, 2011

Analysis of:Obama Shifts to Speed Oil and Gas Drilling in U.S. | www.nytimes.com

The White House announced Saturday that several steps will be taken to speed oil and gas drilling. It was a partial concession to critics in a time when high gasoline prices are worrisome to consumers.The announcement included plans for expanded drilling in Alaska and the possibility of exploration off the Atlantic coast. In fact the policies will have no immediate effect on supply or prices. Domestic pocketbook issues return after two weeks of focus on terrorism and crises in the Middle East.

Previous Page : 45678910111213Next161 to 180 of 1411