2009.04.28
24/7 Wall St:
Schlumberger Sort of Beats Low Expectations.
"Schlumberger pointed to a ‘precipitous drop’ in natural gas drilling in North America, a slowdown in Russia, and weak foreign currencies as the principle reasons for the lower numbers. The company also noted it does not expect ‘any significant recovery in North American gas drilling before 2010.’ Foreign prospects are not much better because customers ‘are actively seeking and are obtaining price relief to improve the economics of current projects.’"
Lloyd's List:
WesternGeco to lay up vessels in bid to cut costs.
"According to Lloyd's Marine Intelligence Unit, WesternGeco operates 16 seismic survey vessels, one cargo vessel and an oil production barge." ...
"WesternGeco has five newbuilding vessels on order to expand its position in deepwater markets, with the first of these due for delivery this quarter. It took delivery of the WG Columbus from a Spanish shipyard late in the first quarter. The vessel has started operations in the US Gulf of Mexico."
BBC:
Gray whales granted rare reprieve.
"WWF and Pacific Environment conservation groups praised the Sakhalin Energy consortium for its decision to abandon underwater seismic work scheduled to take place off Sakhalin Island in 2009.... Sakhalin Energy's decision came following the presentation of research revealing how seismic work disrupts the lifecycle of the gray whale."
> This seems like a more cynical take on the news --
Dow Jones:
Sakhalin Energy Halts 09 Seismic To Protect Whales.
"Following the sharp decline in the price of oil and gas in the last nine months, energy companies all over the world are conserving cash by cutting back on expenditure on exploration and development, including activities like seismic surveys."
WSJ:
Chesapeake Holders Denounce CEO's Pay.
"Chesapeake Energy Corp. and its directors are under fire from shareholders for paying Chairman and Chief Executive Aubrey McClendon $112 million last year even as the company's stock price tumbled."
Petroleumworld:
ION Geophysical completed the first phase of its BrasilSPAN seismic data.
"BrasilSPAN is comprised of 12,000 km (7,456 miles) of seismic data that images the entire crustal section in Brazil's Santos, Campos and Espirito Santos hydrocarbon basins."
WSJ:
Squeeze That Sponge.
"One company noted for its successful use of 4D is Norway's StatoilHydro ASA. At its Norne field under the North Sea it has carried out repeated seismic surveys to discover changes in subsurface structures and to monitor flow rates of water, gas and oil in real time. Such techniques have helped lift the recovery factor at Norne to 52% from 40% and extend the field's life past 2015."
Offshore Shipping Online:
PGS rides GeoStreamer wave into North Sea.
"The GeoStreamer completely removes the receiver ghost. The related seismic data is easier to interpret, contains greater frequency bandwidth and has better signal-to-noise ratio than conventional streamer technology."
2009.04.19
Houston Chronicle:
Oil and gas drilling in U.S. sinks to a 5-year low.
"The U.S. rig count has been declining from last
fall's high of 2,031 rigs and is now less than half
that at 1,005, according to the most recent report
by Houston-based oil field services company Baker
Hughes. Of those, 790 are natural gas rigs.
"Many analysts expect the rig count to fall to
about 800 as the industry adjusts to lower demand
stemming from the recession and to a glut of
natural gas from last year's boom in shale
drilling."
AP:
Appeals court cancels offshore drilling program.
"A three-judge panel in Washington found that the
Bush-era Interior Department failed to consider the
effect on the environment and marine life before it
began the process in August 2005 to expand an oil
and gas leasing program in the Beaufort, Bering,
and Chukchi seas [off the Alaska coast]."
2009.04.14
WSJ:
Oil Industry Braces for Drop in U.S. Thirst for Gasoline.
"In the vast market for crude oil, American
gasoline consumption matters. One of every 10
barrels of crude ends up in U.S. gasoline tanks,
more than is used by the entire Chinese economy."
...
"Exxon believes U.S. fuel demand to keep cars, SUVs
and pickups moving will shrink 22% between now and
2030. ‘We are probably at or very near a peak
in terms of light-duty gasoline demand,’ says Scott
Nauman, Exxon's head of energy forecasting."
Press Release:
TGS Q1-2009 Update.
"Based on preliminary reporting from operating units, TGS management now expects net revenues for the 1st quarter of 2009 to be approximately USD 71 million, about 33% lower than revenues reported for the first quarter of 2008."
Dow Jones Newswires:
Court Dismisses $70M CGG Veritas Claim Against PGS subsidiary Arrow.
Penn Energy:
CGGVeritas awarded multi-year seismic data processing contract.
"StatoilHydro has awarded CGGVeritas a multi-year
dedicated in-house processing contract to perform
seismic data processing and imaging services in its
Stavanger office, Norway. The dedicated processing
center will enable CGGVeritas experts to deliver
processing and imaging technology including 4D
time-lapse and advanced subsurface imaging services
to StatoilHydro."
2009.04.07
Exxon Mobil, King of the Majors --
AP:
Exxon Mobil's chief says no cuts planned.
"‘Our business plans are developed with a
very long view in mind,’ [chairman and CEO
Rex] Tillerson said after the inauguration of a
liquefied natural gas plant in the Persian Gulf
state of Qatar. ‘So the fact that we're in a
temporary economic downturn -- and it will be
temporary; it will turn -- really does not affect
our business plans at all.’" ...
"‘In terms of our employment levels, no
change,’ he said Monday. ‘We're still
hiring.’"
> ... and anyone who critized the profits XOM made last year can shut up and sit down.
