GLG News by Drilling Rig Experts

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.

Michael LynchConsultantMichael E. Lynch

Santos basin shallow water wildcat may be game changer for Brazil's oil

February 3, 2012

Analysis of:OGX Confirms Hydrocarbon Find in Santos Basin | www.rigzone.com

Eike Batista, CEO of Brazilian independent OGX, commented that wildcat 1-OGX-63-SPS located in BM-S-57 (Fortaleza) identified hydrocarbons in both the Aptian and Albian of the stratigraphic column. What makes this remarkable is that the well was drilled in 509 feet of water. The OGX-63 cut 361 feet of high pressure Aptian which caused a well control incident.

Michael LynchConsultantMichael E. Lynch

Argentinian politicians' efforts to increase production are likely to backfire

February 3, 2012

Analysis of:Argentinean Governors to Push Oil Companies to Invest More | www.rigzone.com

Governors from 10 of the country’s oil producing provinces have planned a meeting for next week to pressure to oil companies. Last week President Cristina Kirchner attacked the industry for allowing production to decline. In 2011, Argentina imported $9.4 billion in fuel, double 2010 imports. Kircher added that oil companies should remember that they are working on land owned by the Argentine people.

Michael LynchConsultantMichael E. Lynch

Royal Dutch Shell to focus on frontier exploration in Arctic regions

February 2, 2012

Analysis of:Shell CEO Says Arctic Focus on Alaska, Greenland | www.rigzone.com

Shell CEO Peter Voser said in an interview that the company plans activity in Alaskan waters, offshore Greenland and in Russia’s far north. Most of the drilling will be in or near Arctic waters. Voser acknowledged that the Arctic environment is sensitive and challenging but added that he believes Shell can safely conduct operations there.

Michael LynchConsultantMichael E. Lynch

BNP Paribas asset sale puts small oil and gas companies on the spot

January 31, 2012

Analysis of:BNP Paribas O&G Loan Sale is Bad News for Explorers Seeking Funds | www.rigzone.com

The Financial Times reported last Thursday that BNP wants to dispose of its $11 billion oil and gas loan portfolio. The news is important for small companies because BNP has been a key player in funding frontier exploration projects. Risk appetite has changed for banks that lend to the oil and gas sector. Equity indicators for U.K.-listed companies are far from strong.

Michael LynchConsultantMichael E. Lynch

Funiwa Deep 1A may sand up and stop burning before the relief wells are drilled

January 30, 2012

Analysis of:Chevron: Funiwa Ffire Burning at Diminished Rate | www.rigzone.com

Chevron reported on January 27 that the fire burning at Funiwa 1A deep offshore Nigeria has diminished. The well caught fire during the early morning on January 17. By January 25, the KS Endeavor jackup rig had collapsed and no part of its structure was still above water. Chevron plans to drill two relief wells which could begin in the next seven to ten days.

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