GLG News by LNG Experts

Michael LynchConsultantMichael E. Lynch

Where is the ultra-deepwater rig market?

December 12, 2011

Analysis of:Hope Floats on Petrobras Rig Contracts | www.rigzone.com

To develop the large pre-salt crude oil deposits in the Santos basin, offshore Brazil, Petrobras has an ambitious plan to build 21 expensive deep water rigs. Each rig will cost about $700 million. If the tender launched last October results in construction awards, SembCorp and Keppel Fels stand to be the big winners. Financing for the construction could come from a consortium of several Brazilian pension funds, commercial banks and Petrobras.

Michael LynchConsultantMichael E. Lynch

It's too early in the game to write off Shtokman

December 8, 2011

Analysis of:US Shale Gas Poses New Challenge to Shtokman | www.rigzone.com

The Shtokman natural gas/gas condensate field was discovered in the Barents Sea over twenty years ago. Though it was not economically viable at the time due to low natural gas prices, it was a huge deposit and not to be ignored. Today the technical problems have been resolved and the project can be financed. Despite current difficulties, there will almost certainly be an agreement on the project by year end 2011.

Michael LynchConsultantMichael E. Lynch

U.S. shale gas: Farewell to the feathermerchants

December 8, 2011

Analysis of:Musings: Imagining the Future for The Natural Gas Industry | www.rigzone.com

Mr. G. Allen Brooks always presents valuable and entertaining insights on the state of the oil and gas industry. Lately he’s given special focus to how shale gas drilling will affect the U.S. economic scene. In this thoughtful "Musings," he tries, with some success, to illuminate the financial problems of the shale gas drillers.

Michael LynchConsultantMichael E. Lynch

Syrian crude oil production to decline further as Shell exits the scene

December 6, 2011

Analysis of:Shell Exits Syria Amid Fresh Sanctions | www.rigzone.com

As late as 2002, Syria produced over 500,000 bbl/day, but all of those fields are small to medium-sized and old enough to be classified as "mature." Today, normal production hovers around 330,000 bbl/day. Shell has been a large producer in Syria. With the supermajor out of the picture, further production declines are inevitable.

Michael LynchConsultantMichael E. Lynch

Royal Dutch Shell continues to lead in research and development

December 5, 2011

Analysis of:Swellable Packers Help Boost Hydrocarbon Recovery | www.rigzone.com

Swell Fix, a company backed by Shell, commercialized swellable well packers in 2005,  following more than ten years of testing. Then in 2009, SwellFix was combined with four other companies backed by Shell into a company called “Tendeka.” Shell Technology Ventures Fund, which has existed for some years, has an open door for inventors looking for capital to build new products. This is one of many approaches Shell uses to stay ahead in research and development.

Michael LynchConsultantMichael E. Lynch

Election year politics cloud the oil and gas employment picture

December 5, 2011

Analysis of:Will EPA Shut Down Shale? | www.rigzone.com

The oil and gas industry has done pretty well in 2011 despite the “slow go” in the Gulf of Mexico. Shale oil and gas drilling has prospered, as has redevelopment activity in the depleted fields of West Texas, Oklahoma and California. Shale gas drilling in particular has been helped by foreign oil companies determined to get in on the boom. However, this has now slowed for two reasons. The shale gas economics remain far from ideal and environmentalists seem determined to stop it.

Michael LynchConsultantMichael E. Lynch

Imaginative shale gas propaganda from Rice University's Baker Institute

December 2, 2011

Analysis of:U.S. Shale Boom Reduces Russian Influence Over European Gas Market | www.rigzone.com

Kenneth B. Medlock III, Amy Myers Jaffe and Peter R. Hartley of the Baker Institute have published an imaginative picture of how U.S. shale gas production has damaged Gazprom’s European sales model and will have a future impact on all liquefied natural gas (LNG) producers.  The study covers the period from 2009 to 2040. The flaw in their thinking is that since 2009 Russia  has continued to increase natural gas sales to Europe, and any predictions about the future can only be based on speculation. The Baker Institute study was funded by the U.S. Department of Energy.

Michael LynchConsultantMichael E. Lynch

Drying up capital will impact future crude oil supply

December 2, 2011

Analysis of:Argos Rejects Participation in Falkland Drilling Campaign | www.rigzone.com

Until 2011, solid oil and gas companies, both large and small, easily found capital for worthy exploration and production campaigns. Today, capital must go to recapitalizing banks and paying down maturing debt. While the major international oil companies can continue to fund their programs with retained capital, many, if not most, of the smaller companies rely on capital markets. This can only have one consequence. The majors will budget to meet their own demand forecasts for refined products. Smaller companies will defer projects until funds become available again.

Michael LynchConsultantMichael E. Lynch

Remote operated vehicle surveys improve prospects for oil offshore Jan Mayen

December 2, 2011

Analysis of:Jan Mayen Ridge Rock Samples Indicate Bright Future | www.rigzone.com

Jan Mayen, Norway, is a 146-square mile island that separates the Greenland Sea to the northwest from the Norwegian Sea to the southeast. Beerenberg mountain,  on the northeast tip of the island, is the northernmost active volcano in the world. The Jan Mayen Ridge formed before the Eocene Epoch, about 40 million years ago, during which continental drift began toopen the northeastern Atlantic. Because of the island’s proximity to the Norwegian shelf, speculation of possible hydrocarbon formations have intrigued geologists.

Michael LynchConsultantMichael E. Lynch

International oil companies continue to do what they do best: Manage money

December 2, 2011

Analysis of:Oil Majors Face Tall Order Replicating Shale Boom Overseas | www.rigzone.com

Much has been published about the worldwide rush to shale gas. It is exaggerated. The internationals continue to be risk-averse and are staking out positions in prospective shale gas plays around the world because they know how to make money at it. That doesn’t mean they will be in a hurry. What they are in a hurry to do is maintain their pre-eminent positions as producers of energy sold at prices the people of the world can afford. It is only on this basis that recent moves into promising foreign shale gas plays can be evaluated.

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