GLG News by Offshore Drilling Rig Experts

Michael LynchConsultantMichael E. Lynch

Total to develop natural gas deposits in the Arctic to supply France and China

December 21, 2011

Analysis of:Total, Novatek to Develop Termokarstovoye | www.rigzone.com

Last summer Total and Novatek, agreed to invest $38 billion in a liquefied natural gas project on Russia's Yamal Peninsula. Called Yamal SPG, the project is owned by Novatek, in which Total has a 12% interest. Additionally, the Russian government recently approved Total's purchase of a 20.5% interest in Yamal SPG. Novatek owns several rich natural gas fields in northwest Siberia with an estimated 1.3 trillion m3 of gas, plus 52 million tons of gas condensate.

Michael LynchConsultantMichael E. Lynch

Vaca Muerta oil shale drilling hindered by regulations

December 20, 2011

Analysis of:Fitch: Regulations to Limit Near-Term Growth in Argentina Shale | www.rigzone.com

The Vaca Muerta shale has been the focus of Patagonian exploration in 2011. The interested companies include ExxonMobil, Apache, YPF/REPSOL and others. Although lightly explored, it appears that it could be possible to recover up to 750 million bbls of crude oil from the regions tested so far. The Neuquén basin is large and about 250,000 acres show promise. Government regulations will have to be relaxed to make it worthwhile for private companies.

Michael LynchConsultantMichael E. Lynch

Anadarko's Lucius appears to be a big field on a large subsalt structure

December 20, 2011

Analysis of:Apache to Develop Lucius Project in Deepwater Gulf of Mexico | www.rigzone.com

The 2009 discovery well cut 200 feet of high quality 29º API crude oil. The appraisal sidetrack drilled upstructure found 650 feet of crude oil plus a gas condensate zone. Anadarko (which holds a 35% stake) completed a unitization agreement with co-owners Plains E&P (23.3%), Apache (11.7%), Petrobras (9.6%), ExxonMobil (15%) and Eni (5.4%). The unit is expected to go on production from a spar in 2014 at 80,000 bbl/day.

Michael LynchConsultantMichael E. Lynch

Reading the tea leaves on Gulf of Mexico OCS lLease sSale 218

December 19, 2011

Analysis of:First Post-Macondo Lease Sale Draws US $337 million in High Bids | www.rigzone.com

The first federal offshore lease sale since the MC-252 spill in April 2010 resulted in $337 million in high bids. The auction included 3,913 blocks covering more than 21 million acres (an average of 5,366 acres/block). Twenty oil and natural gas companies submitted 214 bids totalling $712 million, up 28% from lease sale 210 in August 2009. In the 2009 sale, 27 companies bid on 162 tracts.

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.

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