GLG News by LNG Experts

Michael LynchConsultantMichael E. Lynch

Gazprom pushes South Stream now that North Stream is operating

January 5, 2012

Analysis of:Second Black Sea gas line a step closer | www.offshore-mag.com

The Russian government has made no secret of its intent to become Europe's most reliable supplier of natural gas. Then-President Vladimir Putin pushed hard to overcome obstacles and put the North Stream pipeline on production. With that mission accomplished, Putin is pushing just as hard for South Stream, which will run beneath the Black Sea and supply southern Europe.

Michael LynchConsultantMichael E. Lynch

Maersk opens a new below-the-salt oil province offshore Angola

January 5, 2012

Analysis of:Maersk Hits Oil Pay Offshore Angola | www.rigzone.com

Maersk's Azul-1 well in the Kwanza basin may be a commercial discovery but more evaluation is necessary. The deepwater test in 923 meters of water reached a total depth of 5,334 meters. Based on preliminary interpretation, the well had a flow potential of 3,000 bl/day.

Michael LynchConsultantMichael E. Lynch

New North Sea blocks may offer only slim crude oil pickings

January 4, 2012

Analysis of:UK Hands Out 46 New North Sea Exploration Licenses | www.rigzone.com

This was the 26th offshore oil and gas licensing round since North Sea exploration began in the late 1960s. The region is picked over. A quick look at the location of the blocks does not inspire much confidence. U.K. energy and climate change minister Charles Hendry said the "licenses have been subject to rigourous examination," and added that growing excitement could lead to a prosperous 2012. Possibly.

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.

Jay ThompsonPresident and General ManagerTransportation Business Associates

Trucking hours-of-service regulations "final rule redo" released with negative implications

December 30, 2011

Analysis of:Hours-of-Service (HOS) Final Rule (December 2011) | www.fmcsa.dot.gov

The Federal Motor Carrier Safety Administration (FMCSA) released its trucking hours-of-service (HOS) regulation in response to a lawsuit agreement from the 2003 HOS Regulation limitations. The new rule will cost the most productive truck drivers in pay and logbook “gotchas,” cost trucking companies in productivity (profits) and cost shippers more. All of this is passed on to us consumers. The new rules take effect in mid-2013, but the 2003 Regulation-related lawsuit will most probably be reconstituted anyway.

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.

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