GLG News by Drilling Rig Experts

Michael LynchConsultantMichael E. Lynch

Bold Cairn Energy opens Sri Lanka with offshore discovery

October 20, 2011

Analysis of:Cairn strikes first ever discovery offshore Sri Lanka | www.offshore-mag.com

Cairn is a large U.K. independent oil company with headquarters in Edinburgh. It has been lucky in India where most of its income is derived. The company has 11 concessions offshore Greenland but so far only dry holes to show for them. Not afraid to enter frontier regions, they have now opened up Sri Lanka with a natural gas discovery.

Michael LynchConsultantMichael E. Lynch

Tiny Gallic Energy to retest old gas wells in Aquitaine

October 18, 2011

Analysis of:Gallic Gets Green Light to Re-Enter France Wells | www.rigzone.com

The 13,500 square mile Aquitaine Basin in southwestern France has been producing natural gas from small fields near Pau since the Lacq Superieur field was discovered in 1949. At least a dozen small oil and gas fields have been discovered.

Michael LynchConsultantMichael E. Lynch

Redevelopment of tiny Ororo field shows extent of worldwide depletion

October 18, 2011

Analysis of:Sirius aiming to develop marginal Nigeria field | www.offshore-mag.com

Redevelopment of oil fields on land began over 20 years ago. It began on large fields and small fields soon followed. More recently, redevelopment of offshore fields has become routine. The redevelopment of giant but depleted Forties field in the North Sea was started by Apache after taking over the field from BP in 2003. It has been a success. Today Sirius plans to redevelop the much smaller Ororo field offshore Nigeria.

Michael LynchConsultantMichael E. Lynch

BP's strategy for the next five years is becoming clear

October 17, 2011

Analysis of:BP and Partners Investing ?10 Billion in UK Oil and Gas Projects | www.bp.com

After the Deepwater Horizon spill in April 2010, it has taken Bob Dudley, the new CEO, some months to determine the company’s path back to success. With the announcement of October 13, it seems clear that BP will concentrate capital and exploratory expenditure in the North Sea, West Africa and the Middle East.

Michael LynchConsultantMichael E. Lynch

Kitimat LNG export license a shot in the arm for Canadian gas prices

October 17, 2011

Analysis of:Kitimat LNG partners announce export license approved by National Energy Board | investor.apachecorp.com

In 2006, Apache, EOG and Encana first agreed to build a natural gas liquefaction plant on Canada’s west coast. The deal came with the expectation of transporting British Columbia gas to international markets where prices are much higher than in North America. Several provincial and federal permits were necessary and it was also necessary to gain control of a pipeline. By December of 2010, the permits were in hand to support the filing of an operating agreement to support the Canadian Federal Export License. On October 13, the 20-year license was approved.

Michael LynchConsultantMichael E. Lynch

PetroFrontier swings for the fences with Australia's Arthur Creek "Hot Shale"

October 12, 2011

Analysis of:PetroFrontier Drills AU's 1st HZ Well in "Hot Shale" Formation | www.rigzone.com

PetroFrontier, a small Canadian oil and gas exploration company, has staked its fortune on a shale oil play in the Georgina Basin in Australia’s Northern Territory. The company just drilled the Baldwin-2Hst1 well into the Lower Arthur Creek “Hot Shale” and reported 40 meters of potential petroliferous pay. The “Hot Shale” is slightly radioactive and thus easily identified by gamma ray-neutron logs. PetroFrontier considers the “Hot shale” analogous to the Bakken formation in North Dakota. With 13.6 million gross acres under control, commercial development of the “Hot Shale” would be a bonanza.

Michael LynchConsultantMichael E. Lynch

The logic behind France's cancellation of shale gas leases

October 11, 2011

Analysis of:France Cancels Shale Gas Exploration Permits on Non-Fracturing Commitment | www.rigzone.com

Despite potential problems with nuclear reactors, French citizens appear comfortable with atomic power. If large deposits of shale gas do exist in France, they are not going away. With its grid of nuclear reactors meeting most of the country's needs and two huge French natural gas companies developing resources worldwide, the nation has few -- if any -- worries about domestic energy. Thus the logic is clear: Let technology develop until problems with water pollution vanish. Then revisit the value of shale gas to the economy.

Michael LynchConsultantMichael E. Lynch

Russian oil consortium to begin Venezuela Tar Belt production in May 2012

October 10, 2011

Analysis of:Venezuela, Russia Joint Oil Venture Seen Producing by May | www.rigzone.com

Under President Hugo Chavez, Petroleos de Venezuela has been wooing Russian oil companies. Chavez equates stronger ties with Russia as a bulwark against his ideological enemy, the U.S. Now it appears that he will be successful at least in the Tar Belt. The Russian consortium includes Rosneft, Surgurneftgaz, TNK-BP, Lukoil and Gazprom. The Junin 6 bloc is set to produce 50,000 bbl/day by May of 2012.

Michael LynchConsultantMichael E. Lynch

Financial crisis drives Greece to offer offshore permits for oil exploration

October 10, 2011

Analysis of:Greece to Invite Oil Exploration in January | www.rigzone.com

Greece officially has 10 million barrels of reserves located in Prinos and Prinos North fields. In 2010, production was about 2,300 bbl/day.  At one time the government had plans to pursue a joint venture exploration with Egypt but nothing came of it. The Grecian offshore is lightly explored, however, and the Gulf of Patras could easily have a potential of 200 million barrels. Now, with the nation in duress, a decision has been made to open exploration to international oil and gas companies.

Michael LynchConsultantMichael E. Lynch

Another continental drift play at Jan Mayen Ridge, northeast of Iceland

October 10, 2011

Analysis of:Iceland opens up Dreki Area to Exploration | www.offshore-mag.com

This is the second round of exploration offers from the National Energy Authority (NEA) of Iceland. To date, Iceland doesn’t have oil production or reserves but the continental shelf is prospective. Seismic surveys indicate the presence of structures. TGS-NOPEC has a prospecting license for part of the area. The deadline for bids is in April.

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