GLG News by Shallow Drilling Experts

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...

Jad Mouawad in New York reported in the September 23 issue of the International Herald Tribune that crude oil prices posted their largest one day gains on Monday. The price rose more than $25/bbl as investors rushed into commodities. The government mulled a bail out plan to save the financial system....

Hatem Nasr with vMonitor Inc., Houston, reported in the September 22 issue of the Oil & Gas Journal that because of expanding use of electric submersible pumps (ESP), companies in the Middle East now deploy more surveillance and optimization technology. In many parts of the world, operators install...

The Oil & Gas Journal reported in the issue of September 22 that Talisman Energy Inc is encouraged by tests from its first Utica shale gas well in Quebec’s St. Lawrence Lowlands. The firm holds 760,000 net acres. They plan to drill three more wells by end 2008. Gentilly-1, completed in the Utica,...

Hyun Young Lee (Dow Jones) reported in the Rig Zone Newsletter of September 19 that plummeting oil process have now been joined by the banking crisis in jangling the nerves of Canadian oil sands executives. Richard Gusella CEO of Connacher Oil & Gas said that if credit markets shrink, there will...

Carter Dougherty in Frankfurt, in the September 19 issue of the International Herald Tribune, asked rhetorically if future historians will write about the Great Depression of the 2000s.the world’s central bankers are flooding the international financial system with liquidity on the amount $180 billion...