GLG News by Oil and Gas Industry Experts (Gulf of Mexico)

Clifford Krauss in Houston assisted by Michael M. Grynbaum in New York reported in the September 3 issue of the International Herald Tribune that crude oil futures fell to $105/bbl when it seemed evident that damage to oil and gas installations in the Gulf of Mexico were relatively slight. Hurricane...

Jad Mouawad in New York reported in the September 5 issue of the International Herald Tribune that OPEC is concerned about falling crude oil prices. Venezuela and Iran said they did not want the price to fall below $100/bbl. Both signaled that there was now a need to cut production. Algeria and Kuwait...

Drilling Editor Nina M. Rach reported in the September 1 issue of the Oil & Gas Journal that solid natural gas prices and focus on deep shale gas drilling is pushing expansion of land rig construction. Day rates in August for land rigs in the U.S. were in the range $18,000-$23,500, up from $15,000-$21,000...

Elisabeth Rosenthal in Rome reported in the August 30-31 issue of the International Herald Tribune that Europeans are willing to pay the current high cost of driving. High fuel prices alone may not deter drivers. Some people are driving less and gasoline purchases in Italy have fallen by 10% from a...

Clifford Krauss reported in the August 30 issue of the New York Times that drivers in Utah pay the equivalent of 87 cents/gallon for transportation fuel. Utah is the first state in the U.S. with broad consumer interest in compressed natural gas (CNG) cars but Oklahoma is catching up. Drivers search...

Anna Driver (Reuters) reported in the August 28 issue of the International Herald Tribune that concerns about a potential over supply of natural gas in the U.S. may limit investor interest in the independent natural gas exploration and production companies. Production is growing at double-digit rates...

Senior Correspondent Eric Watkins reported in the August 25 issue of the Oil & Gas Journal that the presalt oil fields in the deep water of Brazil are likely to be contiguous. Eduardo Molinari of Petrobras announced that recent seismic studies in the Tupi discovery area of 2007 indicate that the...

Rob Gilles with the Associated Press in Fort McMurray, Alberta reported in the August 26 issue of the International Herald Tribune that Shell is rapidly expanding oil sand production from Muskeg river open pit mines in the Athabasca region of Alberta. They are joined by ExxonMobil, Chevron, Imperial...

Clifford Krauss in Houston reported in the August 23-24 issue of the International Herald Tribune that U.S. natural gas production is rising faster than it has in decades. It reverses conventional thinking about the irreversible decline of domestic gas fields. New drilling technology allows commercial...

David Jolly in Paris reported in the August 23-24 issue of the International Herald Tribune that Europe, seeing American exploitation of shale gas, has now begun a similar search. The first chore is to determine how much gas could be available. Many of the same type of North American shale formations...