GLG News by OCTG Experts

Michael LynchConsultantMichael E. Lynch

More than lower oil production plagues Tullow in African operations

January 20, 2012

Analysis of:Tullow Oil's 2011 Trading Update Fails to Impress | www.rigzone.com

Tullow Oil issued a disappointing trading update. Total revenue for 2011 is expected to be around $2.3 billion, more than double  2010. However,  analysts who follow Tullow had expected higher figures. Weakness in production rates appears to be across the board. The stock market reacted negatively.

Michael LynchConsultantMichael E. Lynch

South Sudan's first oil deals are highly speculative

January 19, 2012

Analysis of:South Sudan Signs First Oil Deals Since Independence | www.rigzone.com

South Sudan signed its first oil deals with Chinese and Malaysian firms. The China deal includes “economic and financial cooperation”. China National Petroleum has agreed to assist South Sudan to train personnel. China supports negotiations between the two Sudans regarding pipeline fees.

Michael LynchConsultantMichael E. Lynch

Australian explorers find natural gas and condensate near Paloma field

January 18, 2012

Analysis of:San Joaquin Paloma deep test flows gas condensate. | www.ogj.com

Neon Energy of Perth and Solimar Energy of Melbourne discovered a new Stevens Zone pay in the Paloma Deep Sidetrack-2.  The test went to 13,320 feet, into the Fruitvale shale west of giant Paloma field. Two production tests, inhibited by junk in the hole, flowed 1.9 million cubic feet/day and 226 bbl/day of condensate. Once the well bore is cleaned up, the companies plan to test the Paloma sands, Middle Stevens, Round Mountain, Lower Stevens, Fruitvale shale, Antelope shale, Lower Antelope shale, Tulare and Western Flank.

Michael LynchConsultantMichael E. Lynch

McMoran's five wells on the Louisiana shelf indicate a new subsalt province

January 12, 2012

Analysis of:McMoran Begins Drilling at La. Prospect, Updates GOM Ops | www.rigzone.com

McMoran is completing its Davy Jones No. 1 project with drilling underway at Blackbeard East, Lafitte and Blackbeard West No. 2. Since 2008, McMoran has drilled deep wells that test potential pay zones below the salt weld. The Middle and Lower Miocene, the Frio (Oligocene), Wilcox, Tuscaloosa and Cretaceous carbonates are all prospective. Davy Jones No.1 and No. 2 both found pay in the Wilcox.

Michael LynchConsultantMichael E. Lynch

Repsol buys into Sandridge redevelopment projects in Oklahoma and Kansas

January 12, 2012

Analysis of:Repsol buys into US unconventional hydrocarbons with Mississippi Lime JV | www.ogfj.com

As a part of its intention to convert from a natural gas company to an oil company, Sandridge acquired a large number of depleted oil fields in what is called the Mississippian lime play. Sandridge has aggressively sought partners to help pay for the redevelopment. Repsol has signed on.

Michael LynchConsultantMichael E. Lynch

Talisman joins the ranks of cautious E&P companies

January 12, 2012

Analysis of:Talisman Sets 2012 Spending Budget at ?4B | www.rigzone.com

Canadian oil and gas producer Talisman plans to reduce capital and exploratory spending in 2012 by $500 million. The company will focus on profitable liquids opportunities. Spending will amount to just over $4 billion. CEO John A. Manjoni remarked that the company’s plans have been shaped by continuing low natural gas prices in North America.

Michael LynchConsultantMichael E. Lynch

PDVSA may see 20 pending Orinoco suits come due all at once

January 5, 2012

Analysis of:Venezuela Seen Getting off lightly in $908M Exxon Payment | www.rigzone.com

The $908 million judgement against Petroleos de Venezuela will likely be followed by the ConocoPhillips’s claim and 19 other derivative suits. Another suit, also filed by ExxonMobil, could add fuel to the flame. Potential claims could run to billions of dollars and threaten Venezuela's sovereign debt. The verdict took four years but the other suits, having a precedent, will be settled faster.

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.

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