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Deepwater
"Although recent crude oil prices have improved close to 90% since declining below $35 per barrel in February 2009, many customers remain cautious in securing additional near-term rig time in deepwater exploration and production drilling. The higher average crude oil price experienced during the second quarter of 2009, if sustained, is expected to benefit deepwater activity over the next 12 to 24 months. Customer inquiries and formal tenders for deepwater rig requirements have trended higher during the second quarter of 2009, relative to levels seen during late 2008. The large majority of inquiries and tenders address deepwater exploration and field development projects with commencement dates in 2010 to 2012. These projects are globally diverse, including expected rig requirements in Mexico, Brazil, India, Angola and Australia, with average contract durations expected to range from two to five years. These incremental deepwater rig needs, along with the continued execution of projects in progress, are expected to keep the industry's deepwater fleet at or near full utilization for the immediate future, with dayrates for units capable of operating in greater than 7,000 feet of water displaying resilience to short-term oil price fluctuations. At June 30, 2009 the company had 91% of the available rig days in its deepwater segment under contract in the final two quarters of 2009, 89% in 2010 and 81% in 2011."
Midwater
"Near-term contract opportunities remain limited for midwater units around the world, resulting in a growing number of idle rigs, which totaled eight at June 30, 2009, up from four at December 31, 2008. The pervasive economic uncertainty, which has caused a number of customers to postpone drilling programs, is expected to result in an increased number of idle midwater units over the course of 2009, while the subleasing of rig time by customers remains active. The company's semisubmersible rig Pride South Seas is expected to complete a drilling program offshore South Africa in September. The increasing idle time and active subleasing market are expected to lead to a more challenging dayrate environment through 2009 and into 2010. The company has 68% of the available rig days contracted in the last two quarters of 2009, 67% in 2010 and 63% in 2011."
Jackupit:
"Idle capacity among independent leg jackup rigs operating internationally continues to build, with worldwide fleet utilization declining to approximately 82% at June 30, 2009, down from 93% at December 31, 2008. Dayrates for standard jackup rigs continue to decline as customers, especially in the Middle East, Asia and West Africa, reassess rig needs over the near- to intermediate-term. At the same time, jackup rig supply continues to build as new units complete construction, most without contracts. A total of 12 jackups were added to industry supply over the first six months of 2009, with another 17 units expected during the second half of the year. An estimated 11 units that have completed construction are presently idle in various yards in the Far East. Improving crude oil prices, if sustained, are expected to encourage incremental customer demand in 2010, but an imbalance between jackup rig supply and demand is expected to persist for the immediate future, resulting in lower average dayrates, relative to the dayrates achieved over the past 24 months. The company's jackup rig Pride Wisconsin is expected to conclude its current drilling assignment offshore Mexico in late-August."
Matto j-u:t
"Incremental jackup rig requirements in Mexico are expected as Petroleos Mexicanos (PEMEX) evaluates new field exploration and production projects. Many of these potential projects are expected to require jackup rigs with advanced capabilities, such as water depth ratings of 250 feet and greater."
"Included in the report is a revised drilling schedule for the deepwater semisubmersible Pride South Pacific. In mid-June 2009, the rig commenced the previously announced two-well, estimated 90-day program offshore West Africa at a dayrate of $650,000. The program is now expected to end in August. The customer has committed to additional work, in direct continuation of the current well in progress, at a dayrate of $320,000 which is expected to end in the third quarter."
"Zargon Energy Trust ("Zargon") (TSX:
ZAR.UN) (TSX: ZOG.B) and Churchill Energy Inc. ("Churchill") (TSX VENTURE: CEI) are
pleased to announce that they have entered into an Arrangement Agreement pursuant to which Zargon will acquire all of the outstanding common shares of Churchill. Pursuant to the agreement, Churchill shareholders will receive, for each common share held, at the election of each holder, either (i) 0.01363 trust units of Zargon for a deemed value of $0.22; (ii) $0.22 in cash; or (iii) a combination thereof, subject to proration such that a maximum of $4.6 million will be paid in cash. The consideration to be received by the Churchill shareholders represents a premium of approximately 90%, based on the five day weighted average trading price of the Churchill common shares ending on July 27, 2009 and a 100% premium based on the closing price of the Churchill common shares on July 27, 2009. The proposed transaction is valued at approximately $15.0 million, including the assumption of approximately $5.8 million of net debt(inclusive of adjustments and transaction costs and based on a 5 day volume weighted average trading price to July 22, 2009 of Zargon units of $16.14 per unit)."
"At the same time, in the quarter we did take our three Matt jack-ups, and have idled those and stacked them in the Gulf of Mexico in a cluster, which is typical in the industry and have a skelton crew to keep powered and keep the rigs up to snuff, but for the movement we’ve elected not to beat our heads against the Matt jack-up area.
The market for jack-ups here in the Gulf of Mexico was obviously very severely impacted. It’ll be difficult. I think you’ll have to go all the way back to 1986 to see as few jack-ups operating as though we have currently."
"Well, we would be more than pleased to look at the number that you’ve spoken about. I think that may have been a unique situation and I just don’t have all the facts on that. Numbers that we have been talking about are one, given what we paid for, we would be more than pleased to get a number in the fours. What we obviously want is higher day rate as we can and it would all depend upon whatever market it ended up"
Q: "My next question is, I hate asking you jack-up questions, but kind on the newer builds you’ll have on the fleet, what would you say leading edge for something of that caliber would be in the international community for the 350-footers?
Larry Dickerson
Well, again it varies by market, but they are certainly down from the rates. Our two units, we had a rig in the 190s and we’ve got a rig still in Australia working in the 200s and I don’t think we’re going to see those type rates, because you have a number of the new builds; the new generation of jack-ups that they are rolling and you continue to have new units delivered.
Q:
So, would you just say closer to 100 or closer to 150?
Larry Dickerson
I think you could bracket it in that. I think in some circumstances you could exceed the 150, probably in little ways away from 100."
"Q:One of your competitors recently sold a jack-up for about $175 million, which seems pretty high or seemed very high. Do you think that was more of a one-off situation? I don’t know if you have any insight there and would you care to guess on maybe where the market would be for the type of rig that was sold?
Larry Dickerson
Yes, I thought that was a little high and my understanding is there maybe some circumstances around there that helped put it into that place. So I would think, the market would seem to me for new construction rigs to be below that number."
"Several Hercules Offshore rigs in the U.S. Gulf and Mexican waters have picked up new contracts.
Jackup Hercules 350, previously ready stacked, has secured a 14-day contract in the U.S. Gulf of Mexico with Dynamic Offshore Resources from July 23 to Aug. 6 at a day rate of US$44,000 to US$46,000.
Jackup Hercules 150 has picked up a 68 day contract with Hilcorp Energy at a day rate of US$34,000 to US$36,000. The contract lasts until Sept. 27. The rig is currently drilling in the East Cameron area of the U.S. Gulf..."
The Guarani well, which was drilled by US supermajor ExxonMobil in Brazil's pre-salt fairway and came up dry, was spudded "in the wrong place” Brazilian Energy Minister Edison Lobao has claimed.
State-run Petrobras recommended the Guarani well be drilled in a different location, Lobao said today in an interview in Brasilia.
“The dry well occurred because they drilled in the wrong place. It was a mistake,” he said in an interview with Bloomberg. “There is no risk with the pre-salt...”
"Occidental Petroleum has made a significant discovery of oil and gas reserves in Kern County, California.
Occidental believes there are between 150 million and 250 million gross barrels of oil equivalent reserves within the outlined area where Oxy has drilled six wells to date to delineate the discovery.
The multi-pay zone discovery area, whose areal geological extent is still being defined, has both conventional and unconventional pay zones, the company said in a statement..."
"Dozens of fruitful wells beneath the rich Bakken shale in North Dakota continue to fuel a hunch among oilmen and geologists that another vast crude-bearing formation may be buried in the state's vast oil patch.
Lynn Helms, director of the state Department of Mineral Resources, said recent production results from 103 newly tapped wells in the Three Forks-Sanish formation show many that are "as good or better" than some in the Bakken, which lies two miles under the surface in western North Dakota and holds billions of barrels of oil."
"State and industry officials are conducting a study to determine whether the Three Forks is a unique reservoir. The plan is to compare results from closely spaced wells, one aiming for the Three Forks, and the other at the Bakken. Researchers will look at pressure changes in the formations to determine if they are connected.
Results from the study could be ready later this year, officials say. It already is spurring some speculation that the state has billions of barrels more in oil reserves."
"Eventually, it could equal the Bakken, which is remarkable, and that's an understatement," Helms said"
"Kelso, of Whiting Petroleum, said his company's drilling activity shows that Three Forks likely is a separate formation. He said core samples taken from the Bakken and Three Forks show more hydrocarbons in the latter."
"From the core samples, Three Forks looks better for us than the Bakken," he said.
Promising production results from the Three Forks could mean that companies that come up empty in the Bakken could use existing leases to drill in the same area for Three Forks oil."
Kessel believes that not all of the Three Forks is laden with oil.
"Right now, we're doing Bakken, and in those areas it doesn't look like the Three Forks is going to work," he said.
"With Three Forks, you have got to find a sweet spot where it develops," Kessel said. "It is not sandwiched like the Bakken between two shales producing oil."
"Despite a recovery of the oil price during the quarter we have seen little improvement in the activity among oil companies for increased activity in 2009 and first half of 2010. They are still aiming at cutting costs and reduce or postponed spending plans by trying to sub let drilling units and defer additional rig commitments. However, in a longer perspective, the balance between supply and demand for offshore floating drilling units is believed to be healthy."
"US Senator Robert Menendez (D-NJ) last week introduced new legislation, co-sponsored by Senate Majority Leader Harry Reid (D-NV) and Senator Orrin Hatch (R-UT) that extends and increases tax credits for natural gas vehicle purchasing, refueling and manufacturing.
Under the NAT GAS (New Alternative Transportation to Give Americans Solutions) bill (S. 1408), the purchase tax credit cap for a light-duty natural gas vehicle would be increased to $12,500, up from the current $5,000. For the three other covered vehicle weight classes, the purchase tax credit cap would double; the maximum credit would be $80,000 (up from $40,000)..."
"US independent Forest Oil said its Driver 13-1H horizontal Haynesville Shale well in Red River Parish, Louisiana was producing 20.3 million cubic feet of equivalent per day with 6500 psi flowing casing pressure into the sales line..."
"Seadrill is pleased to inform that the ultra-deepwater semi-submersible rig West Eminence has commenced drilling operations for Petroleo Brasileiro S.A - Petrobras in Brazil. West Eminence, which was delivered from Samsung Heavy Industries in South Korea in March this year arrived offshore Brazil in June and has since arrival prepared for start-up of operations. West Eminence is chartered to Petrobras under a six-year contract for operations in the Santos Basin nearly 350 km offshore Rio de Janeiro. The commencement of the West Eminence contract completes the delivery of the original eight deepwater rig newbuilds that were contracted in 2005 and 2006. It is the second deepwater newbuild delivered to Seadrill that starts on a long-term contract with Petrobras."
"Strata Oil & Gas said Friday it has entered into an option agreement with TEC Edmonton, a joint venture between the University of Alberta and the City of Edmonton, for the exclusive Canadian licence to "steam-over-solvent injection for heavy oil recovery in fractured reservoirs," as described in a Canadian patent application."
"Industry experts have long known that northern Alberta hosts a massive carbonate resource, but have been unable to economically extract it using existing technology. Oilsand in carbonates is thought to comprise a quarter of Alberta's bitumen endowment, or more than 400 billion barrels.
"The carbonate-hosted bitumen resources of Alberta are the next frontier in the North American oil industry," said Strata president Manny Dhinsa, who has worked with companies such as Canadian Natural Resources, EnCana and Nexen."
"According to Peter Clark, a chemistry professor with the University of Calgary, more than 80 per cent of the province's oilsands resource is considered non-recoverable. The Grosmont carbonates could vault Alberta into the top reserve holder in the world, well ahead of Saudi Arabia, he said in a report prepared for the university. "With an oil-in-place equivalent that likely exceeds that in the Cretaceous oilsands, the carbonate trend might be classified as a supergiant oilfield."
Strata owns 100 per cent of the Cadotte project near Peace River, and is hoping to build a 56,000-barrel-per-day operation with an expected production life of more than 20 years"
"Company officials hope the technique will yield 80 per cent recoveries compared to less than 20 per cent with conventional steam-based methods."
"US player Hess said the Guarani appraisal well on the BM-S-22 licence in the Santos Basin offshore Brazil showed disappointing results..."
"Seadrill has today exercised its right to repurchase the jack-up drilling rig West Ceres from a subsidiary of Ship Finance International Ltd, for the pre-agreed price of US$135.5 million.
Furthermore, Seadrill has subsequently entered into a memorandum of agreement to sell the jack-up rig to a reputable Middle East drilling company for a consideration of US$175 million plus an additional US$ 3 million for inventory related to West Ceres. Seadrill is expected to record a gain on sale of approximately US$20 million in the third quarter 2009. Closing of the agreement and transfer of ownership of the unit is scheduled to early July 2009."
"Vermilion Energy Trust (“Vermilion” or the “Trust”) (VET.UN - TSX) announces that it has entered into an agreement to acquire Marathon Oil Corporation’s (“Marathon”) 18.5% non-operated interest in the Corrib field located approximately 83 kilometres off the northwest coast of Ireland. Vermilion will pay US$100 million to Marathon on closing of the transaction, which is expected to occur before the end of 2009, subject to Government and regulatory approvals. Vermilion will also make an additional payment to Marathon, the amount of which will vary dependent on the date when first commercial gas (‘first gas’) from the field is achieved. This amount will range from approximately US$300 million to US$135 million. Currently, first gas is expected by the end of 2011, and the expected additional payment due pursuant to the terms of the agreement would be between US$190 and $200 million. The deal structure, with a deferred payment, will help mitigate some of the risks associated with first gas timing. Given the advanced stage of the project, the risk of major cost overruns is considered manageable. The transaction structure also increases Vermilion’s flexibility to finance the acquisition from available cash flow and thereby maximizing the accretion metrics. Pursuant to the agreement, Vermilion will assume its share of future capital expenditure obligations in order to reach first gas, which are anticipated to range up to US$300 million net to the acquired interest. These capital costs are primarily for the completion of the facilities necessary to bring this gas on-stream..."
YPF SA has won a bid to explore for oil in offshore blocks near the coast of Uruguay, the company said in a statement late Wednesday.
YPF will have a 40% stake in the exploration, sharing the other 40% with Petrobras Uruguay, a unit of the Brazilian oil giant Brazil's Petroleo Brasileiro SA, and Portugal's GALP, which has a 20% share.
YPF will operate the deep water "exploratory block 3" while Petrobras will operate the shallow water "exploratory block 4," both located along the coast of Punta del Este..."
