GLG News by Drilling Rig Experts

Michael LynchConsultantMichael E. Lynch

Early signs of caution begin to cloud frontier exploration and production

January 4, 2012

Analysis of:Shtokman delays Investment Decision Until March 2012 | www.rigzone.com

Shtokman natural gas/gas condensate field, which was discovered by Gazprom in 1988, still lacks assurance as a commercial project. Both Statoil and Total are seeking better tax terms from Russian authorities. Hopefully, by the end of March an agreement can be reached that will allow the project to go forward.

Michael LynchConsultantMichael E. Lynch

Saudi Aramco invests $8 billion in offshore non-associated gas field

January 3, 2012

Analysis of:Karan marks first-ever non-associated gas project offshore Saudi Arabia | www.offshore-mag.com

Karan is the first-ever non-associated gas development in the country. Five wells are flowing at 120 million cubic feet/day through a 110 kilometer long pipeline to the Khursaniya processing plant. The field will be linked to the Saudi Master Gas System. The natural gas is needed to meet rising domestic demand.

Michael LynchConsultantMichael E. Lynch

Repsol aspires for "sisterhood" status as it explores West Africa's margins

December 29, 2011

Analysis of:Detailed Study Leads repsol to Offshore West Africa | www.rigzone.com

If mixed national-independent oil and gas companies are to prosper, they must somehow become competitive with major internationals. This is not easy to do. Their financial performance dooms them to high borrowing costs and drags on the value of their shares. Eni (Italy) and Repsol (Spain) both are trying to move upward by using innovative exploration methods. For Repsol, the choice has focussed on the West African margins.

Michael LynchConsultantMichael E. Lynch

"Big crew change" impacts future drilling campaigns in the Gulf of Mexico

December 28, 2011

Analysis of:Rigs, Workers Go Abroad Leaving GOM Operators in the Lurch | www.rigzone.com

The offshore oil and gas industry is still pondering the legacy of the BP spill. Industry has already recognized the crippling effect of losing a large number of "baby boomer" employees to retirement. Throw in extra costs and further delays as a result of the drilling moratorium, and it appears that it will be some time before drilling activity in the Gulf returns to 2009 levels.

Michael LynchConsultantMichael E. Lynch

Tight crude oil avails for 2012 look to get even tighter

December 28, 2011

Analysis of:Can Oil Restore Libya's Fortunes? | www.rigzone.com

ates that three year will elapse before Libyan crude oil production returns to pre-war levels. In addition to the destruction of facilities during the fighting, many of the fields are old and require substantial work to restore production. Limited violence may further complicate matters.

Michael LynchConsultantMichael E. Lynch

La Guerre du petrole in its many forms: A Christmas story

December 28, 2011

Analysis of:Ecuador Appeals Arbitration in Chevron Case | www.rigzone.com

Oil and gas companies have been under attack since at least the latter part of the 19th century, when John D. Rockefeller was a name to be feared. During the 20th century, oil companies were attacked by governments for having too many reserves. The U.S.A., Iran, Venezuela, Kuwait and Saudi Arabia were the usual suspects. The new way to attack is after an oil spill or similar infraction.

Michael LynchConsultantMichael E. Lynch

Total to test pre-salt potential pay zones in three blocks offshore Angola

December 27, 2011

Analysis of:Total to Operate 3 New Exploration Blocks in Angola | www.rigzone.com

Total, which has been active in Angola since 1953, now runs 163,000 net bbl/day from blocks 17, 0 and 14. The operated production for the company and its partners is 600,000 bbl/day of oil equivalent. The company announced on December 20 that it had been awarded blocks 40 and 25 and will be a partner in block 39, all located in the deepwater Kwanza basin.

Michael LynchConsultantMichael E. Lynch

Petrobras's ambitious 21 rig tender becomes a cropper

December 27, 2011

Analysis of:Petrobras Cancels Tender to Build 21 Offshore Rigs | www.rigzone.com

Last October, Petrobras launched a tender covering a series of contracts for the construction of 21 rigs to work in the ultradeep waters of the Santos basin. It was a multi-billion dollar tender. To finance the construction, Petrobras formed a consortium that included itself and various Brazilian pension funds and commercial banks. After several delays, the tender was cancelled on December 22.

Michael LynchConsultantMichael E. Lynch

Total to develop natural gas deposits in the Arctic to supply France and China

December 21, 2011

Analysis of:Total, Novatek to Develop Termokarstovoye | www.rigzone.com

Last summer Total and Novatek, agreed to invest $38 billion in a liquefied natural gas project on Russia's Yamal Peninsula. Called Yamal SPG, the project is owned by Novatek, in which Total has a 12% interest. Additionally, the Russian government recently approved Total's purchase of a 20.5% interest in Yamal SPG. Novatek owns several rich natural gas fields in northwest Siberia with an estimated 1.3 trillion m3 of gas, plus 52 million tons of gas condensate.

Michael LynchConsultantMichael E. Lynch

Vaca Muerta oil shale drilling hindered by regulations

December 20, 2011

Analysis of:Fitch: Regulations to Limit Near-Term Growth in Argentina Shale | www.rigzone.com

The Vaca Muerta shale has been the focus of Patagonian exploration in 2011. The interested companies include ExxonMobil, Apache, YPF/REPSOL and others. Although lightly explored, it appears that it could be possible to recover up to 750 million bbls of crude oil from the regions tested so far. The Neuquén basin is large and about 250,000 acres show promise. Government regulations will have to be relaxed to make it worthwhile for private companies.

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