GLG News by Council Members Knowledgeable on Jackup Drilling Rigs

Michael LynchConsultantMichael E. Lynch

China is still a good bet for Alberta bitumen

February 16, 2012

Analysis of:Canadian PM Shills Alberta Oil Sands in China | www.rigzone.com

Canadian Prime Minister Stephen Harper visited China to promote Alberta oil sand production. The main hurdle to the initiative is a delay in the construction of the Northern Gateway pipeline. Now that the Keystone XL pipeline is a dead letter, Canada would like to make China a leading importer of Canadian crude. The pipeline is also a challenge for Enbridge Inc, which specializes in pipeline construction and crude oil storage. Enbridge CEO Pat Daniel went with Stephen Harper to Beijing.

Michael LynchConsultantMichael E. Lynch

Ultra-deep drilling will absorb 25% of subsea tree market to 2016

February 15, 2012

Analysis of:New Global subsea market report out from Infield Systems | www.offshore-mag.com

In its just released Global Perspective Subsea Market Report to 2016, Infield Systems predicts that the dual challenges of sustaining production in mature areas and tapping new reserves in growth areas will boost the potential for subsea capital expenditure. Operators are being forced to venture into remote and harsher regions. Such projects require top tier equipment that’s more expensive than standard equipment. Thus prospects for equipment manufacturers are good.

Michael LynchConsultantMichael E. Lynch

Petrobras's $225 billion 5-year investment program looks Sisyphean

February 14, 2012

Analysis of:Petrobras 4Q Net Plunges, Challenges New CEO | www.rigzone.com

Petrobras’s profit plunged 52% in Q4 2011. The new chief executive, Maria das Gracas Foster, faces the challenge of climbing costs, including the rise in lifting costs from $6.08 to $7.02 per barrel. In spite of heavy spending, crude oil production in December 2011 was lower than a year earlier. Petrobras aims to add 480,000 bbl/day in 2012 but it may miss the deadline.

Michael LynchConsultantMichael E. Lynch

Will the CompactGTL modular system be a marginal field game changer?

February 14, 2012

Analysis of:GTL Unit Could Become 'Project Enabler' | www.rigzone.com

Simon Paul, business development manager with CompactGTL, thinks that the company’s small modular gas-to-liquids (GTL) system will have a major impact on how exploration and production companies view the economics of oil field development. The small reactor provides a disposal route for uneconomic associated gas: instead of flaring, it converts the gas into liquid reserves.

Michael LynchConsultantMichael E. Lynch

ConocoPhillips/Keppel Fels design new jackup rig for Arctic service

February 13, 2012

Analysis of:Keppel, ConocoPhillips to Build 1st Ice-worthy jackup | www.rigzone.com

The two companies are designing a first-of-its-kind ice-worthy jackup rig to operate in Arctic seas. The rig will have dual cantilevers to optimize operations within a limited time window. The hull will be designed for towing through ice and resisting impacts from floes. The design is expected to be complete by year-end 2013.

Michael LynchConsultantMichael E. Lynch

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.

Michael LynchConsultantMichael E. Lynch

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.

Michael LynchConsultantMichael E. Lynch

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.

Michael LynchConsultantMichael E. Lynch

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.

Michael LynchConsultantMichael E. Lynch

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.

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