GLG News by Offshore Drilling Rig Experts

Michael LynchConsultantMichael E. Lynch

Safe and responsible oil production coming to GOM by 2017

November 29, 2011

Analysis of:BOEM announces proposed Outer Continental Shelf oil and gas leasing program for 2012-2017 | www.offshore-mag.com

The Bureau of Ocean Energy Management announced its Outer Continental Shelf (OCS) oil and gas leasing program for 2012-2017. Interior Secretary Ken Salazar offered it as an expansion of “safe and responsible oil and gas production from the outer continental shelf.” Twelve annual area-wide lease sales will begin in the fall of 2012 to make available all unleased acreage in the western, central and eastern Gulf of Mexico. There will also be sales in the Beaufort Sea (2015), Chukchi Sea (2016) and Cook Inlet (2013). This proposal is consistent with the administration’s Blueprint for a Secure Energy Future.

Michael LynchConsultantMichael E. Lynch

Technip continues rocket-like growth in oil and gas industry

November 23, 2011

Analysis of:Technip Creates Consultancy Company | www.rigzone.com

Technip was organized in Paris in 1958 with 100 people. During the 1970’s, the French Petroleum Institute established Coflexip to design, manufacture and supply flexible subsea flowlines. In 2000, Technip and Coflexip merged. Today Technip is a recognized leader in the engineering, design, manufacturing and installation of various types of projects in areas including petrochemicals refining, natural gas-LNG and upstream exploration and production, in both shallow and deep water and onshore. Technip’s subsea operations are a fast-growing segment as umbilicals replace rigid steel tubulars. Technip operates all over the world and employs 25,000 people.

Michael LynchConsultantMichael E. Lynch

Environmental concerns plus cost savings drive "Green Rig" construction

November 22, 2011

Analysis of:First Movers in 'Green' Drilling:Low-Footprint Rigs | www.rigzone.com

For the last decade there has been increased focus on manufacturing drilling equipment with automated features, greater emphasis on safety and lower transportation costs. The effort has paid off and several manufacturers including National Oilwell Varco and Huisman lead the charge. These new rigs are now operating in eight countries.

Michael LynchConsultantMichael E. Lynch

Crude oil prices inch up as demand nears 90 million bbl/day

November 17, 2011

Analysis of:Crude Makes a Run at $100 A Barrel, Comes Up Just Short | rigzone.com

In Q3 2011, the International Energy Agency (IEA) estimated that world oil demand averaged 89.78 million bbl/day. That’s up over a million bbl/day since the same period in 2010. For all of 2011, IEA estimates that average daily demand will be 89.23 million. The implication is that at some point next year, demand will hit the 90 million mark. Given what we know about the supply side, OECD stockpiles will continue to fall and crude oil prices will go up.

Michael LynchConsultantMichael E. Lynch

With Mozambique find, Eni joins rush into to Asia gas market

November 15, 2011

Analysis of:Eni To Invest $50B in Giant Mozambique Gas Find | www.rigzone.com

Eni has struggled for years to catch up with the oil supermajors considered the remaining five “sisters.” The Kashagan field in Kazakhstan was supposed to give Eni a long leg up, but the weather and the complexity of the field has delayed development. It should be much easier to develop the huge fields in Mozambique. The company expects to begin Asian exports by 2016.

Michael LynchConsultantMichael E. Lynch

Gazprom rings Nord Stream bell at Lubmin, Germany

November 15, 2011

Analysis of:Gas begins flowing through Nord Stream Line 1 | www.offshore-mag.com

After five years of struggling to obtain rights-of-way and environmental clearances, and overcoming the physical and logistical difficulties of working on the Baltic’s seabed, Gazprom began construction of the Nord Stream natural gas pipeline in April 2010. Today the first line is running gas. By late-2012, the second line will be completed. This is good news for Europe and it comes just in time for winter.

Michael LynchConsultantMichael E. Lynch

Shale gas glut offers an opportunity to change the U.S. transportation fuel market

November 14, 2011

Analysis of:Can America Use All This Natural Gas From Shale? | www.rigzone

When the development of shale gas fields began, the U.S. faced natural gas shortages as conventional fields declined. Today, shale gas development has been so rapid in so many regions that in just a few years prices have fallen from over $10/million btu to below $4/million btu. With more gas wells being drilled every day, the glut promises to endure.

Michael LynchConsultantMichael E. Lynch

The world has plenty of shale oil and gas but there are catches

November 10, 2011

Analysis of:ExxonMobil Exec: US Shale Boom Will Spread Across the Globe | www.rigzone.com

All geologists realize that oil and gas deposits, both conventional and non-conventional, exist beneath land and sea worldwide. Conventional resources tend to have relatively long lives. Many of the world’s supergiant oil fields have been producing for 50 years or longer. Decline rates tend to be low. That is not true with shale deposits.

Michael LynchConsultantMichael E. Lynch

Gazprom holds high ground in E. U. dispute

November 9, 2011

Analysis of:Gazprom: EU Wrong to Assume Company Behaves Anticompetively | www.rigzone.com

European Union (E.U.) authorities raided gas companies in central and eastern Europe looking for evidence that Gazprom is not complying with E.U. competition rules. Gazprom’s deputy chief executive Alexander Medvedev, at the official opening of the Nord Stream pipeline, said European authorities were wrong to assume that it does not comply with the rules.

Michael LynchConsultantMichael E. Lynch

BP-Bridas Argentina deal collapses

November 8, 2011

Analysis of:BP's $7 B Argentina Asset Sale Collapses; Bridas Cancels Talks | www.rigzone.com

In November 2010, BP agreed to sell Pan American Energy properties to Bridas/CNOOC. It was a time of financial stress for BP and raising money was  imperative to cover the costs of the Macondo spill. Crude oil was trading in the $75-85/bbl range which didn’t reflect the value of the properties given expectations of higher demand in the future. Still, BP was in a bind and the Argentine assets were pretty good.

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