GLG News by Offshore Drilling Rig Experts

Michael LynchConsultantMichael E. Lynch

Santos basin shallow water wildcat may be game changer for Brazil's oil

February 3, 2012

Analysis of:OGX Confirms Hydrocarbon Find in Santos Basin | www.rigzone.com

Eike Batista, CEO of Brazilian independent OGX, commented that wildcat 1-OGX-63-SPS located in BM-S-57 (Fortaleza) identified hydrocarbons in both the Aptian and Albian of the stratigraphic column. What makes this remarkable is that the well was drilled in 509 feet of water. The OGX-63 cut 361 feet of high pressure Aptian which caused a well control incident.

Michael LynchConsultantMichael E. Lynch

Argentinian politicians' efforts to increase production are likely to backfire

February 3, 2012

Analysis of:Argentinean Governors to Push Oil Companies to Invest More | www.rigzone.com

Governors from 10 of the country’s oil producing provinces have planned a meeting for next week to pressure to oil companies. Last week President Cristina Kirchner attacked the industry for allowing production to decline. In 2011, Argentina imported $9.4 billion in fuel, double 2010 imports. Kircher added that oil companies should remember that they are working on land owned by the Argentine people.

Michael LynchConsultantMichael E. Lynch

Royal Dutch Shell to focus on frontier exploration in Arctic regions

February 2, 2012

Analysis of:Shell CEO Says Arctic Focus on Alaska, Greenland | www.rigzone.com

Shell CEO Peter Voser said in an interview that the company plans activity in Alaskan waters, offshore Greenland and in Russia’s far north. Most of the drilling will be in or near Arctic waters. Voser acknowledged that the Arctic environment is sensitive and challenging but added that he believes Shell can safely conduct operations there.

Michael LynchConsultantMichael E. Lynch

BNP Paribas asset sale puts small oil and gas companies on the spot

January 31, 2012

Analysis of:BNP Paribas O&G Loan Sale is Bad News for Explorers Seeking Funds | www.rigzone.com

The Financial Times reported last Thursday that BNP wants to dispose of its $11 billion oil and gas loan portfolio. The news is important for small companies because BNP has been a key player in funding frontier exploration projects. Risk appetite has changed for banks that lend to the oil and gas sector. Equity indicators for U.K.-listed companies are far from strong.

Michael LynchConsultantMichael E. Lynch

Funiwa Deep 1A may sand up and stop burning before the relief wells are drilled

January 30, 2012

Analysis of:Chevron: Funiwa Ffire Burning at Diminished Rate | www.rigzone.com

Chevron reported on January 27 that the fire burning at Funiwa 1A deep offshore Nigeria has diminished. The well caught fire during the early morning on January 17. By January 25, the KS Endeavor jackup rig had collapsed and no part of its structure was still above water. Chevron plans to drill two relief wells which could begin in the next seven to ten days.

Michael LynchConsultantMichael E. Lynch

Tullow stymied once again in sale of Uganda assets to Cnooc and Total

January 30, 2012

Analysis of:Uganda President: Tullow Asset Deal Deadlocked | rigzone.com

In early 2011, Tullow reached an agreement with Total and Cnooc to sell two thirds of its landlocked crude oil discoveries for $2.9 billion. The Ugandan government has repeatedly found reasons to block the sale. The assets are located in the Lake Albertine rift valley. This time the objection is that the three proposed partners objected to the government’s desire to amend certain stabilization clauses which were intended to manage risk.

Michael LynchConsultantMichael E. Lynch

Chesapeake Energy bites the natural gas bullet

January 25, 2012

Analysis of:Chesapeake Energy Corporation Updates its 2012 Operating Plan in Response to Low Natural Gas Prices | www.chk.com

Chesapeake plans to reduce its dry gas drilling by 50% to 24 rigs by Q2 2012. Its dry gas drilling expenses are expected to decrease to $900 million, down from $3.1 billion in 2011. The company will immediately curtail gas production by 500 million cubic feet/day, equal to 8% of current capacity. This will be the lowest level of dry gas spending since 2005.

Michael LynchConsultantMichael E. Lynch

Five months is a long wait for an Iran oil embargo

January 24, 2012

Analysis of:Unified EU Bans Iranian Oil Imports from July 1 | www.rigzone.com

On Monday, E. U. foreign ministers approved an embargo, beginning July 1, on Iran’s crude oil exports. The purpose of the embargo is to reduce Iran’s income from oil sales. All this owes to worries about Iran’s nuclear intentions. Iran currently exports 600,000 bbl/day to nations in the E.U. Many of Iran’s customers are under financial stress, including Greece, Italy and Spain. The E.U. remains open to negotiate with Iran and awaits a response to an October letter offering to resume talks.

Michael LynchConsultantMichael E. Lynch

Gazprom's South Stream to torpedo Nabucco in December 2012

January 24, 2012

Analysis of:Gazprom: South Stream Construction to Start Year-End | www.rigzone.com

Gazprom CEO Alexey Miller moderated a meeting on January 20 that resulted in the speed up of construction plans for the South Stream pipeline, which will run along the bottom of the Black Sea. Instead of a December 2013 start date, construction is planned for December 2012. Miller observed that everything was now in place. The financing is agreed. A regulatory basis exists and there is great interest from the participants.

Michael LynchConsultantMichael E. Lynch

Will another redevelopment program halt Pemex's oil decline rate?

January 23, 2012

Analysis of:Pemex Seeks Bids to Develop More Mature Oil Fields | www.rigzone.com

Mexico’s state oil monopoly began seeking bids for companies to exploit oil fields in northeastern Mexico. Within three or four years Pemex expects production to amount to 100,000 bbl/day. Mature fields are located in northern Veracruz and southern Tamaulipas states and some offshore areas. This is the second round of incentive contracts for Pemex. Last year, contracts went to Petrofac and Schlumberger.

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