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

Oil Diplomacy Editor Eric Watkins reported in the October 13 issue of the Oil & Gas Journal that Indonesia’s declining oil production is said to be the result of political uncertainty. The nation recently withdrew from OPEC. When the Suharto government fell in 1998, confusion pevailed in the state-run...

The Oilvoice Newsletter of October 13 reported on a credit update published by FX Energy. The company has taken steps to improve its liquidity by drawing $14 million from its Royal Bank of Scotland (RBS) Senior Credit Facility. This brings the company’s cash position up to $24 million and will be used...

In the October 6 issue of the Oil & Gas Journal, Drilling Editor Nina M. Rach reported on the Brazilian “presalt” play in the Santos basin. Petrobras, Chevron and Royal Dutch Shell shared their experiences in Rio de Janeiro in September. From 2003 to 2006, Petrobras discovered five giant fields...

While it is logical to expect that the demand for crude has and will continue to fall as the worldwide economic slowdown continues, the current levels of decline are not related to that fundamental part of the equation. Massive hedge fund and speculator margin calls are more responsible for the forced...

David Jolly in Paris reported in the October 11-12 issue of the International Herald Tribune that oil prices fell on Friday to their lowest level in over a year. The International Energy Agency cut its forecast for global demand as the world’s economy slowed. Forecast for 2008 demand was reduced by...

James M. Peck of Deep Seek Exploration Experts reported in the October 6 issue of the Oil & Gas Journal that the Eastern Mediterranean basin is a prolific hydrocarbon area. The geology is the result of a five-stage tectonic process from the Late Triassic to the Pliocene flood period. The basins...

Contributing Editor Nick Tordre reported in the September issue of OFFSHORE Magazine that the final chapter of the Ekofisk oil field in the North Sea is soon to begin. ConocoPhillips has awarded a contract to Heerema Marine Contractors for the removal of nine platforms. Demolition will begin in 2009...

Drilling Editor Nina M. Rach reported in the October 6 issue of the Oil & Gas Journal that operators are rushing to expand their leaseholds in the Marcellus shale play in Appalachia. The Marcellus, a Devonian age shale, is are among the oldest shale plays in the U.S. the Marcellus has been a known...

Oil Voice reported in the newsletter of September 23 that Chesapeake Energy will reduce its capital budget by $3 billion through 2010. Excess cash generation through 2010 will be used for debt reduction of $2 billion. Production growth forecast for 2008 is lowered to 18% from 21%. In September the company...

Jad Mouawad in New York reported in the October 3 issue of the International Herald Tribune that rising oil prices this past year have taken a toll on the global economy. But lately with crude oil prices dropping fast, billions of dollars and euros could again find their way into the pockets of consumers....