GLG News by Oil Sand Experts

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.

Michael LynchConsultantMichael E. Lynch

Drying up capital will impact future crude oil supply

December 2, 2011

Analysis of:Argos Rejects Participation in Falkland Drilling Campaign | www.rigzone.com

Until 2011, solid oil and gas companies, both large and small, easily found capital for worthy exploration and production campaigns. Today, capital must go to recapitalizing banks and paying down maturing debt. While the major international oil companies can continue to fund their programs with retained capital, many, if not most, of the smaller companies rely on capital markets. This can only have one consequence. The majors will budget to meet their own demand forecasts for refined products. Smaller companies will defer projects until funds become available again.

Michael LynchConsultantMichael E. Lynch

Remote operated vehicle surveys improve prospects for oil offshore Jan Mayen

December 2, 2011

Analysis of:Jan Mayen Ridge Rock Samples Indicate Bright Future | www.rigzone.com

Jan Mayen, Norway, is a 146-square mile island that separates the Greenland Sea to the northwest from the Norwegian Sea to the southeast. Beerenberg mountain,  on the northeast tip of the island, is the northernmost active volcano in the world. The Jan Mayen Ridge formed before the Eocene Epoch, about 40 million years ago, during which continental drift began toopen the northeastern Atlantic. Because of the island’s proximity to the Norwegian shelf, speculation of possible hydrocarbon formations have intrigued geologists.

Michael LynchConsultantMichael E. Lynch

International oil companies continue to do what they do best: Manage money

December 2, 2011

Analysis of:Oil Majors Face Tall Order Replicating Shale Boom Overseas | www.rigzone.com

Much has been published about the worldwide rush to shale gas. It is exaggerated. The internationals continue to be risk-averse and are staking out positions in prospective shale gas plays around the world because they know how to make money at it. That doesn’t mean they will be in a hurry. What they are in a hurry to do is maintain their pre-eminent positions as producers of energy sold at prices the people of the world can afford. It is only on this basis that recent moves into promising foreign shale gas plays can be evaluated.

Michael LynchConsultantMichael E. Lynch

Oil fields are dangerous but remunerative places to work

December 2, 2011

Analysis of:Canadian Rig Worker Shortage Prevails, Despite Innovative Training | www.rigzone.com

ho have wanted to find work in the oil fields have been able to do so. When work became slack in one region, another would be getting started. This remains the case. In North America, Canada, Texas, California, Oklahoma, much of the mountain west and parts of the east are booming. There are also many opportunities abroad. The jobs pay well and there is little monotony. Drilling operations change by the hour. Danger always lurks but it also lurks in aviation, space travel, diving and even in road construction. Today when unemployment is high in the U.S. and Europe, oil field jobs go begging. Why is this so?

Michael LynchConsultantMichael E. Lynch

Sea floor oil seep at Chevron's Frade field roils Brazilian government

December 1, 2011

Analysis of:Government Suspends Chevron's Offshore Brazil Operations | www.rigzone.com

Chevron has now cemented off the pay zone in the appraisal well. While this seep is nothing compared to the Macondo disaster in 2010 in the Gulf of Mexico, the Brazilian government has magnified a minor incident. Brazil needs money and sees a chance to extract it from Chevron. This story is far from over and may have political repercussions that affect all operators in Brazil.

Michael LynchConsultantMichael E. Lynch

Total puts giant Pazflor on line offshore Angola

November 29, 2011

Analysis of:Total Inaugurates Pazflor Development | rigzone.com

Total is determined to hold its own in the ranks of the international major oil companies. Its involvement in offshore Angola has been heavy since the first concessions were offered 20 years ago. Now Total’s efforts are paying off in a big way. Total will soon be the largest oil producer in Angola with more to come when CLOV begins production in 2014.

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.

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