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Posts on ‘September 2nd, 2006’

Petroleum News: Blackbeard casts doubt on ultra-deep (world’s most closely watched exploration well)

EXTRACT: Shell is believed to be the first major oil company to drill below 25,000 feet on the Gulf’s continental shelf, an arbitrary line that separates deep from the ultra-deep. The Shark well, drilled to a depth of around 26,000 feet, turned out to be a dry hole.

THE ARTICLE

Wildcat hits higher than expected pressure, falls short of 32,000-38,000 foot target on Gulf’s OCS

Ray Tyson
For Petroleum News

Blackbeard West No. 1, perhaps the world’s most closely watched exploration well because of its extremely deep target, fell well short of its goal and cast at least some doubt over the future of “ultra-deep” drilling for natural gas on the Gulf of Mexico’s outer continental shelf.

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The Wall Street Journal: BP Prepares to Move Beyond Browne

Before Passing the Reins,
Chief Needs to Tighten Grip
To Restore Stock’s Premium
September 2, 2006; Page B14

Lord Browne of Madingley is near the end of his time at the helm of BP PLC. During the past 11 years, he has certainly turned the former British government-owned oil company into a giant. Along the way, Lord Browne’s reputation has grown with BP’s girth. Shareholders, however, haven’t correspondingly benefited from BP’s global shopping spree.

Regulatory investigations into possible market manipulation in the U.S. and accidents in Alaska and Texas have thrown the issue into sharp relief and reduced the premium traditionally accorded to BP’s shares. BP says it is aware of the regulatory inquiries and “cooperating fully” with U.S. authorities.

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The Wall Street Journal: Oil News Roundup: September 1, 2006 4:59 p.m.

THE WALL STREET JOURNAL ONLINE
September 1, 2006 4:59 p.m.

Crude oil prices tumbled to nearly $69 a barrel on the New York Mercantile Exchange after widely watched hurricane forecaster Colorado State University again cut its Atlantic storm forecast for the year. Here is Friday’s roundup of oil and energy news.

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RAID IN ALASKA: Federal agents raided the offices of at least six Alaska state lawmakers — including the son of Sen. Ted Stevens — in an investigation of a large oilfield-services company, officials said. The company named in the search warrant was Veco Corp., said Tam Cook, the legislature’s top attorney. Aides told the Associated Press the agents were looking for any ties between the company and lawmakers, including financial information and gifts.

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Daily Telegraph: Database: Energy: Saturday 2 September 2006

• BG has found a gas-condensate field in the central region of the North Sea. Shares rose the highest in five weeks.

• Fugro, surveyor of deepwater oil fields, agreed to buy Rovtech, a UK provider of offshore services using remotely operated vehicles, for €51m (£34m).

• US regulators have proposed closing a gap that allowed BP inadequate inspection of its Alaska pipelines.

• Shares of Linde, a German industrial gases maker, rose for a third day as its £8bn purchase of BOC nears completion.

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Business News Americas: Shell hires ENSR to help in licensing process – Brazil

Published: Sep 01, 2006

(BNamericas.com) – Anglo-Dutch oil company Shell (NYSE: RDS-B) has awarded a US$4mn, three-year contract to US environmental services company ENSR to license its offshore operations in Brazil, ENSR said in a statement.

ENSR will help shell obtain the necessary licenses and permits for its operations in Brazil, the statement said. Shell has solicited ENSR’s services for its exploration blocks in the Campos and Santos basin.

Shell is the only foreign company producing oil in Brazil. In addition to the productive fields of Bijupira and Salema in the Campos basin, Shell has interest in other Brazilian development blocks.

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Financial Post (Canada): Western to join with Chevron on Ells project: ‘A key stepping stone’

Published: Sep 02, 2006

CALGARY – Western Oil Sands Inc. said it will partner with Chevron Corp. in the Ells River oilsands project.

The company, already a partner with the San Ramon, Calif.-based multinational in the Athabasca Oil Sands Project led by Shell Canada Ltd., said it has exercised its option to participate to at least 20% in Ells River, which will use in-situ technology.

“Our participation in this project directly aligns with our vision to develop large, long-life hydrocarbon resources,” said Jim Houck, president and chief executive of Western.

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Oilonline: EV Offshore inspects five wells for Shell on Corrib Gas Field

By: OilOnline
Friday, September 01, 2006

EV Offshore has successfully completed a series of downhole inspections for Shell E & P Ireland Ltd on the Corrib Gas Field offshore Ireland.

Located approximately 72 kilometres west of the County Mayo coastline in water depths of 350 metres (1,150 feet), the 237 million year-old reservoir lies 3,300 metres under the seabed. When developed, the Corrib Gas Field – which is currently Shell’s second largest UK project – will be produced over a period of between 15 and 20 years. Shell anticipates that the Corrib gas field will eventually supply upwards of 35% of Ireland’s natural gas through 2020.

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