GLG News by OCTG Experts

Michael LynchConsultantMichael E. Lynch

Eagle Ford shale discovery in Louisiana extends play probability in Texas

December 15, 2011

Analysis of:Eagle Ford activity doubles in 2011, tests move into Louisiana | www.ogfj.com

The Eagle Ford was originally developed as a dry gas play in LaSalle County in 2007-08 when natural gas prices were higher than today's. Later, a condensate window and then a northern oil rim was found. This liquids-rich find in Louisiana suggests that other Texas counties are prospective.

Michael LynchConsultantMichael E. Lynch

Venoco says the Sevier discovery is risky, but it will keep drilling

December 14, 2011

Analysis of:Venoco Updates 2012 Spending, Monterey Shale Activity | www.rigzone.com

Venoco reported production guidance and drilling plans for 2012 in a press release dated December 12. Production is expected to be in the range of 17,750 - 18,250 bbl/day of oil equivalent. The company reported a capital and exploratory budget of $255 million with $100 million to drill Monterey shale wells. The Sevier discovery still needs to be derisked.

Michael LynchConsultantMichael E. Lynch

Sister Chevron aims to produce 3.3 million bbl/day by 2017

December 12, 2011

Analysis of:Chevron Sets 2012 Capex at $32.7 B | www.rigzone.com

Each passing year sees increased capital and exploratory expenses for all oil companies. Chevron will spend $33 billion in 2011 and again in 2012. To get to 3.3 million bbl/day by 2017, Chevron's annual budgets will have to rise every year after 2012 to account for inflation and the increasing difficulty of replacing reserves.

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.

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