GLG News by Oil and Gas Well Drilling Experts

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....

Chief Editor-Exploration G. Alan Petzet reported in the Oil & Gas Journal on September 30 that sedimentary basins in the U.S. appear to contain 10 times the recoverable reserves of conventional natural gas fields. All resources are distributed logarithmically in nature according to Stephen A. Holditch...

Rig Zone Newsletter reported on September 23 that Petrobras plans to run a seismic survey searching for subsalt oil in Angolan waters. According to Samir Awad, executive manager, the survey will begin in 2009. Many earth scientists think that the South American and West African coasts have a similar...

Rig Zone Newsletter reported on September 19 that Royal Dutch Shell plans new exploration in Russia near the city of Sochi. Depth of the wells will be six kilometers. Several Russian oil companies have drilled in the area but technical problems prevented the wells from reaching the more attractive target...

Nelson D. Schwartz in Paris noted in the September 20-21 issue of the International Herald Tribune that 100 years ago, J.P. Morgan and colleagues stopped the Panic of 1907 in its tracks. But the crisis of 2008, building for months, still endures. Market turbulence continues with credit hard or impossible...

Senior Economics Editor Marilyn Radler and Statistics Editor Laura Bell reported in the September 15 issue of the Oil & Gas Journal that the 147 companies that make up the OGJ 200 recorded a decline in earnings last year. Greater expenses caused net income to fall by 2.5% even as revenue increased...

The Oil & Gas Journal reported in the September 15 issue that Chevron has begun natural gas production from its $7.3 billion project in Garfield County, Colorado. Gas is produced from the Williams formation of the Cretaceous. On August 25, the company began running 5 million cubic feet/day through...