GLG News by Shallow Drilling Experts

Mark Landler reported in the December 10 issue of The New York Times that the world economy is on the edge of a rare recession. The World Bank made this forecast on December 9. World trade will fall in 2009 for the first time since 1982. World Bank officials warned that the downturn could place developing...

All across the U.S. exploration companies are quickly reacting to falling crude oil and natural gas prices. budgets for 2009 are being reduced by many producers with more to follow. Until a few months ago, energy exploration was a bright spot in a sinking general economy. Now that is changing. Matthew...

The Rigzone Newsletter reported December 3 that Southern Star Energy had drilled and logged the Haynesville interval in its Burt 20-1 well in Sentell field, Bossier Parish, Louisiana. The well had already found a pay zone in the Cotton Valley. The company then drilled ahead and found 312 feet of laminated...

RIGZONE news reported on an article by James Herron of Dow Jones Newswires on December 3. Mr. Herron said that funding for small to medium-sized oil companies will be scarce in 2009. When capital becomes available, it will be expensive. Michael Powell of Barclays Capital confirmed this opinion. Simon...

Gene Kliewer, Technology Editor, Subsea & Seismic reported in Offshore Magazine on December 3 on an address at the opening ceremony of the Deep Offshore Technology Asia/Pacific. The speaker John Smith, CEO of Clough, asked whether deep offshore operations were feasible from a market rather than...

Oilvoice News reported on November 28 an announcement by PT Chevron Pacific Indonesia that Area 12 of the North Duri field had begun to produce crude oil on November 14. Chevron produces nearly half of the nations production. By 2012 production from this area will increase to 34,000 bbl/day. Next year...

The staff of Offshore Magazine in Houston reported on December 1 that Callon Petroleum Company will suspend operations in the Entrada field located in Garden Banks 782 block in the deep water of the Gulf of Mexico. Higher costs and lower crude oil prices have caused a serious decline in the project’s...

Jad Mouawad in New York reported in the November 28 issue of the International Herald Tribune that for the first time in a decade, OPEC members face a test of their unity. Falling crude oil prices, reduced demand and declining revenue are on their collective minds. Although these three distressing factors...

Marcus Hand reported in the Lloyd’s List Newsletter on November 27 that Keppel Offshore and Marine announced that Scorpion Offshore, Seadrill and Ezra Holdings are in talks to possibly cancel rig and support vessel contracts worth $871 million. The two jack up contract is valued at $420 million. The...

In September of 2006, a group of doomsayers in Pisa, Italy predicted the end of the Oil Age. Proponents of the theory say that oil production is at or near its peak. Some geologists think that production has already declined. The peak oil "movement" is an alliance of geologists, physicists, oil industry...