A Barrel Full

We don’t know yet whether it will turn out to be Russia’s worse nightmare, or just a useful diversification of Poland’s energy needs. Polish Shale Gas is certainly not short of interested parties these days though.
Canada’s Talisman is the latest.
San Leon Energy PLC is pleased to announce that its decision to enter into the Baltic […]

Whilst the world worries about peak oil, it is obvious that some companies have more to worry about than others.
Exxon, as usual is sitting pretty.
Exxon Mobil Corporation announced today that additions to its proved reserves in 2009 totaled 2.0 billion oil-equivalent barrels, replacing 133 percent of production.
And its not just the big boys, the smaller integrated companies can […]

When captains of industry get together to warn the world of potential doom, everyone listens. When said captains include the publicity seeking Richard Branson, the impact is even more pronounced. So what are we to make of The Oil Crunch?
As we reach maximum oil extraction rates, the era of cheap oil is behind us. We […]

The recovery in Rig numbers continues.
Baker Hughes Incorporated announced today that the international rig count for January 2010 was 1,047, up 23 from the 1,024 counted in December 2009, and up 3 from the 1,044 counted in January 2009.
So despite the rash of announcement last year concerning budget cuts, we are back to where we […]

My last post was on the potential of Venezuela’s heavy oil reserves. As if by magic, almost immediately we have news of a major new development. ENI and PDVSA are to form a Joint Venture to exploit a major heavy oil field.
Under the terms of the agreement, which will be finalized in the next 60 […]

In a move likely to cause sleepless nights in Caracus, The U.S. Geological Survey has reassessed the size of recoverable reserves in Venezuela’s Orinoco Belt, and pronounced them much bigger than before.
The U.S. Geological Survey estimated a mean volume of 513 billion barrels of technically recoverable heavy oil in the Orinoco Oil Belt Assessment Unit […]

Last week, the energy minister for Alberta made a controversial statement in an interview.
“I believe we have an opportunity to sit down as a cabinet and have that discussion and say, ‘As this thing starts to crank up again, are we going to change our policy of come one, come all into the development of […]

Today’s theme is Brazil, simply because a number of unrelated stories nicely illustrate the rise of that country as an energy giant. Brazil is the most fashionable thing in the industry.
First up we have an update on drilling in the sub salt, by one of the fortunate first movers.
BG Group (25%) and partners Petrobras (65% […]

Whilst the world prays for another Canterell Field, even mature areas can produce impressive results sometimes.
McMoRan Exploration Co. announced today a discovery on its Davy Jones ultra-deep prospect located on South Marsh Island Block 230 in approximately 20 feet of water.
In shallow water, but at great depth below the sea bed, is a huge reserve […]

Rig count numbers are out for December 2009.Though down on a year ago, the rig count continues to grow as companies have overcome their reluctance to invest upstream.
The worldwide rig count for December 2009 was 2,509, up 100 from the 2,409 counted in November 2009 and down 712 from the 3,221 counted in December 2008.
Interestingly, […]