GLG News by Oil Sand Experts

Michael LynchConsultantMichael E. Lynch

Japanese and German nuclear capitulations strain LNG supply system

September 30, 2011

Analysis of:UK 2Q Oil, Gas Production Declines, Imports Rise-Govt | www.rigzone.com

The decline of crude oil and natural gas production from the North Sea and the U.K. in particular has now changed from an unhappy but manageable situation to one where climbing liquefied natural gas prices (LNG) will be inevitable. The extra demand from Japan because of nuclear plant shutdowns has aggravated the supply to the U.K. This can only get more severe. More supply will come frrm the Norwegian Arctic shelf but not soon. Once the Nord Stream pipeline is packed and sales begin this quarter, the situation may ease somewhat but not for long.

Michael LynchConsultantMichael E. Lynch

Circle Oil seeks partner for exploring offshore Oman in Block 52

September 30, 2011

Analysis of:Oman 2D data identifies strong offshore prospectivity | www.offshore-mag.com

Circle Oil of Limerick, Ireland seeks to enhance shareholder value by finding and surveying oil and gas prospects with high potential which it then places in a bid package to entice partners. The company has production in Egypt and good prospects in Morocco. But it is with offshore Block 52, Oman that the company hopes to hit the jackpot.

Michael LynchConsultantMichael E. Lynch

Natural gas markets beckon Total

September 29, 2011

Analysis of:Total Raises O&G Output Growth Outlook to 2.5% for 2010-2015 | www.rigzone.com

Total lifted its outlook from 2% to 2.5% growth. The company expects to be running 600,000 bbl/day of oil equivalent by 2015. Total has plans to spend $10 billion during next 18 months on new acreage, but only 40% of new projects target dry gas.

Michael LynchConsultantMichael E. Lynch

North Sea Oilfield: Why would ExxonMobil sell to Apache?

September 28, 2011

Analysis of:Apache aiming to revive declining Beryl field in North Sea | www.offshore-mag.com

Apache has developed excellent redevelopment skills with regard to offshore assets in the North Sea. Their rejuvenation of Forties Field, acquired from BP in 2003, has been a remarkable success. From production of 33,000 bbl/day in Q-2 2003, production now stands at 57,000 bbl/day. Apache uses time lapse seismic technology to find relatively undeveloped zones in the mature Forties Field.

Michael LynchConsultantMichael E. Lynch

BP tests Feds with application to drill at Kaskida in Gulf of Mexico

September 28, 2011

Analysis of:BP Asks for Gulf Drilling Approval, Cites 'Enhanced' Safety Standards | www.rigzone.com

BP has understandably has laid low during the various investigations and castigations hurled after the Deepwater Horizon spill in April 2010. As the holder of the largest portfolio of Gulf of Mexico prospects, it is important for the company to either resume drilling or systematically sell off its assets. So this application to the Bureau of Ocean Energy Management, Regulation and Enforcement after a long “cool off” period is an attempt to get things going again. The application covers further drilling at Kaskida, originally approved in 2008.

Michael LynchConsultantMichael E. Lynch

Cuadrilla's shale gas exploration in U.K. creates good jobs

September 27, 2011

Analysis of:Lancashire Shale Drilling Results Could Create Job Boom | www.rigzone.com

Since its beginning in the U.S. over 15 years ago, shale gas drilling has spread to Europe, South America and Asia. This latest endeavor by Cuadrilla Resources has now placed the U.K. in focus where it is estimated that the Lancashire resource base alone could be 5,660 billion cubic meters, a 56-year supply.

Michael LynchConsultantMichael E. Lynch

Libya crisis forces OMV to rethink strategy

September 26, 2011

Analysis of:OMV Sets Sights on E&P Growth | www.rigzone.com

With Libyan crude oil likely to be shut in for at least another year, Gerhard Roiss, CEO of Austrian energy group OMV is set to make a strategic review. He will place more emphasis on exploration and production while reducing refining and marketing. The plan calls for an increased rate of return on the capital employed.

Michael LynchConsultantMichael E. Lynch

Shale gas exploration begins in Spain

September 26, 2011

Analysis of:Spain: Cantabrian basin shale concession awarded | www.ogj.com

Spain’s hydrocarbon resources have dwindled over the years. Offshore oil fields in the Mediterranean, discovered between 1970-1980 have declined appreciably. Meanwhile, Spain’s natural gas consumption in 2010 was 34.4 billion cubic meters, nearly all of it imported. Thus the lure of shale gas is at the root of new exploration.

Michael LynchConsultantMichael E. Lynch

ExxonMobil eying Argentina's Vaca Muerta shale

September 23, 2011

Analysis of:ExxonMobil, Americas Petrogas seek shale gas in Argentina | www.ogfj.com

The Vaca Muerta shale is a late Jurassic-early Cretaceous formation in the Neuquen Basin of Argentina. It underlays 8,500 square miles and is found between 5,500 and 14,000 feet. The Vaca Muerta can be up to 2,000 feet thick.

Michael LynchConsultantMichael E. Lynch

Fast growing Utica shale play attracts Chesapeake, Hess, Rex, Gulfport and others

September 20, 2011

Analysis of:Chesapeake's first horizontal Utica result offers promising start to the play | www.ogfj.com

The Utica shale underlies most of Pennsylvania, nearly all of West Virginia, almost half of Ohio and two-thirds of New York. It extends under parts of Lake Erie and Lake Ontario.

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