Postagens
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Schlumberger Ltd. (SLB) will acquire Smith International (SII) for about $11 billion in an all-stock deal that is the year's largest acquisition and will make Schlumberger by far the world's biggest oilfield services company. The deal, which the companies announced Sunday, will cement Schlumberger's position atop the oil-services industry, which helps oil producers locate and drill for oil deposits. After the deal, Schlumberger, already the biggest company in the sector by revenue and market value, would have revenues double that of its nearest rival, Halliburton Co. (HAL), although most analysts expect Schlumberger to sell some assets for antitrust or other reasons. Under the terms of the deal, Smith shareholders will receive 0.6966 Schlumberger share for each Smith share they own--a 37.5% premium over Smith's share price on Thursday, when news of the deal was first reported. The deal, which must still be approved by shareholders of both companies, is expected to close in the second half of this year. Smith shareholders would own about 12.8% of the combined company. The $11 billion price tag, which values Smith at $44.51 per share based on Friday's close, was higher than most analysts expected. Dan Pickering, an analyst for energy-focused investment bank Tudor Pickering Holt & Co., said some Schlumberger shareholders might also have preferred a cash-and-stock deal to an all-stock deal. But he said the deal makes sense for Schlumberger, which will now be able to package Smith's products with its own services to win more business. "The deal makes sense operationally," Mr. Pickering said. "It's a bit more than I would have expected from a price perspective." Markets had a mixed reaction to news of a possible deal on Friday. Smith shares jumped 13%, or $4.35, to $37.70, while Schlumberger's fell 2.9%, or $1.91, to $63.90, both in 4 p.m. trading Friday on the New York Stock Exchange. Goldman Sachs & Co. advised Schlumberger on the deal. Smith was advised by UBS Investment Bank. A Schlumberger-Smith pairing has long been the subject of rumors in the industry. The companies already work together closely through a jointly owned drilling fluids business, M-I Swaco, and Smith's top two executives--CEO John Yearwood and Chief Financial Officer William Restrepo--are former Schlumberger executives. The two sides came close to finalizing a deal at different times last year, only to have it fall apart over price considerations, said people familiar with the matter. Acquiring Smith will make Schlumberger, which maintains headquarters in Houston, Paris and The Hague in the Netherlands, a major player in one of the few areas of the industry where it didn't already have a significant presence: manufacturing drilling bits. It will also give Schlumberger complete ownership over M-I Swaco, the drilling fluids business that has been jointly owned by the two companies since 1999. "Smith's drilling technologies, other products and expertise complement our own, while the geographical footprint of Schlumberger means we can extend our joint offerings worldwide," Schlumberger Chairman and CEO Andrew Gould said in a statement Sunday. Mr. Gould said the merger will result in savings of about $160 million in 2011 and $320 million in 2012. The company declined further comment. The Schlumberger-Smith deal is the latest in a series of mergers in the sector as oil services companies seek scale. In May, Weatherford International Ltd. agreed to pay close to $500 million for the oil services business of the Russian oil company TNK-BP. In August, Baker Hughes Inc. agreed to buy smaller rival BJ Services Inc. for about $5.5 billion; that deal is expected to close later this year. A wide breadth of services offerings and financial size have become increasingly important for services companies, which help oil companies locate and drill for oil deposits. As more and more of the world's oil is produced overseas, the industry's customers are increasingly state-run oil companies, which often prefer to work with companies that can offer a full range of products and services. Big companies like Schlumberger are also taking advantage of weakness in their smaller rivals. The entire industry has struggled recently as global demand for energy has fallen, leading to less drilling for oil and gas. But Schlumberger's size and geographic diversity have helped the company weather the economic storm better than many competitors. That, combined with the company's $4.6 billion in cash and short-term investments as of Dec. 31, have prompted speculation that Schlumberger could snap up weaker rivals. Smith's profits fell 80.7% in 2009 from 2008. Just last month, Mr. Gould told investors that the company was "still are actively pursuing opportunities in acquisitions." The acquisition, Schlumberger's largest ever, sparked speculation that rivals such as Halliburton, Baker Hughes (BHI) and Weatherford (WFT) could be forced to make their own moves to keep up. But Mr. Pickering said he didn't see the deal setting off a wave of mergers. "I don't think it alters the landscape in such a dramatic fashion that it forces folks to quickly and dramatically react," Mr. Pickering said. But the deal could raise antitrust issues. U.S. authorities have yet to sign off on Baker Hughes' acquisition of BJ Services (BJS), even though the companies are in almost entirely different segments of the oil business. Analysts have said antitrust concerns will probably force Schlumberger to sell Smith's PathFinder Energy Services business, which helps evaluate oil reservoirs. Schlumberger spokesman Stephen Whittaker said the companies don't anticipate antitrust problems. The two companies have dealt with antitrust issues before. In 1999, the companies paid a combined $14.6 million for violating a 1994 anti-trust consent order in which Smith agreed not to sell its drilling fluids business to certain companies, including Schlumberger. When Smith and Schlumberger merged their drilling fluids businesses in 1999, a judge ruled they had violated the 1994 agreement. Copyright (c) 2010 Dow Jones & Company, Inc. |
segunda-feira, 22 de fevereiro de 2010
Companhias de Serviço se unem
quinta-feira, 18 de fevereiro de 2010
Entrevista exclusiva com Lula pré-sal anexo
From: Peter Howard Wertheim
Subject: Entrevista exclusiva com Lula pré-sal anexo
To: Luciano da Costa Elias
Oi,
Anexo Lula on pré-sal.
Abraço,
Peter
Favor enviar link qdo artigo for publicado. A Offshore magazine pertence ao grupo PennWell fundado a mais de 100 anos em Houston, Texas. PennWell Corporation publica 40 revistas e cerca de 100 online newsletters, nos EUA e Inglaterra..
Luciano da Costa Elias escreveu:
Sim, Posso publicar no meu blog.
Basta que me envie a entrevista da mesma maneira como você gostaria de publicá-la que eu mando para o blog.
Obrigado por acompanhar o meu blog de óleo e Gás.
um abraço,
Luciano
-------------------------------------------------------
OFFSHORE MAGAZINE
October 2009 
Bullish on Brazil
Lula rides wave of optimism over pre-salt
Peter Howard Wertheim
Contributing Editor
In this exclusive interview for Offshore magazine, Brazil's President Luiz Inácio Lula da Silva exudes optimism when talking about the significance of the new rules proposed for the development of potentially vast oilfields buried beneath a thick layer of salt off the coast of Brazil.
Notwithstanding the global economic downturn, the string of discoveries of pre-salt fields has generated excitement among Brazilians who are caught up by something similar to a feverish black gold rush fueled by massive and constant media coverage about the potential staggering reserves of light oil and the huge amount of cash the pre-salt may yield.Although the total volume of reserves is not known, it seems enough to vault Brazil well into the Top 10 oil-producing countries. Analysts are estimating that 80-100 Bbbl of oil may be found in the whole pre-salt area, some 149,000 sq km (57,529 sq mi) off Brazil's southeast coast.
The 28% of the pre-salt area that was already contracted under the concession regime is being developed by Petrobras in partnership with foreign oil companies including Royal Dutch Shell, ExxonMobil, Amerada Hess, BG, Repsol, and Galp Energia.
In the prolific Santos basin alone, where huge pre-salt oil reserves have already been found, these companies are expected to invest $150-200 billion in exploration and production through 2020. Santos basin is predicted to produce 2 MMb/d by 2020, more than Brazil's current total daily output of 1.9 MMb/d.
On Aug. 31, the Brazilian government sent to Congress four draft bills with new legislation for the development of the remaining 107,228 sq km (41,401 sq mi) or 72% of the pre-salt area that was not yet auctioned, as well as any other area considered strategic for the country.
However, the huge nationalistic celebration organized to launch the proposal did not cool heated discussions concerning the distribution of royalties among producing states; regarding the effectiveness of the proposed law to attract foreign investors, and the role of the proposed state oil company that will administrate the pre-salt area.
President Lula's draft bills to change regulation of the pre-salt are undergoing vigorous debate in Congress with hundreds of changes proposed.
Early on in the debates, the focus was on the extraordinary power granted by Lula to Petrobras to operate all new subsalt concessions in the country.
Nevertheless, Lula is confident that the regulatory changes in their essence will be approved by a majority coalition of party loyalists and allied centrists.
Lula has the ability to make friends among unlikely allies: "That is my man, right here. I love this guy," US President Barrack Obama said, while shaking Lula's hand at the G20 summit in London, and Fidel Castro refers to him in the warmest of fraternal terms as "our brother Lula." The former shoe shine boy, lathe operator, union leader, and hugely popular president well into his second of his two-term administration, Lula has an understanding of his nation's psyche, now poised between its newfound eminence on a global scale and troubling reminders of past economic crises.
With his message of hopeful enthusiasm, it is easy to believe that the legislative effort will pass.
"Brazilians no longer need to feel an inferiority complex. The pre-salt wealth could significantly boost Brazil's economy and boost the country's influence on the world stage, while shifting the dynamics of global resource geopolitics," he says.
The president sees oil as one of the factors within a major development project for the country.
"Petrobras' innovative technology, know how, and persistence in very challenging environments led to these massive oil discoveries, showing what Brazilians are capable of in terms of generating wealth," Lula says, defending the company's major role in his proposal to calibrate development of pre-salt riches in accordance to national interests.
One of these will be creating jobs. The Brazilian Association of Industry and Machinery (Abimaq) estimates that a minimum of 500,000 new jobs will be created to supply $211 billion worth of equipment that will be needed to extract the pre-salt oil and gas up to 2020. And this is only one segment of the industry.
The President emphasizes that the pre-salt oil will be refined in Brazil and exported in the form of oil products, establishing lasting industries onshore for transportation, shipping, and heavy industry such as port infrastructure: "Oil is what we can do with it, including the expansion of industries that provide exploration, production and refining equipment, enhancement of ship building firms, or to fund science, to deploy advanced technologies, as well as promote educational development and fight poverty."
Offshore: Mr. President, based upon the experience of countries that use the production sharing agreement model, what do you say to critics who argue that changing the regulatory model from concession to production sharing may scare away foreign investments?
President Luiz Inácio Lula da Silva: I do not believe in a capital flight scenario. Quite on the contrary, I see great interest in pre-salt. The production sharing model is used in many important countries with large reserves presenting low risk and high profitability. Also, the interest shown by several international companies for working in the pre-salt in the last few months contradicts this criticism. The definition of a regulatory framework for pre-salt fields proposed by the Brazilian government is the result of careful and patient work. Extensive studies and internal debates taking into account all the factors involved in the economic exploitation of discoveries of this magnitude were carried out.
Some examples are the evaluation of historic precedents in the international scenario, assessment of the technological challenges to be faced, and of the scope of suitable investments for the task at hand.
Among the guiding principles considered for the draft bill was the understanding that this wealth belongs to the whole Brazilian population. We know that pre-salt resources, if well administrated, can be a catalyst for great transformations in Brazil. It is a historic opportunity and to use it well we needed an adequate regulatory structure.
For this reason the production sharing model was chosen. This model prevails in areas with low exploratory risk and great profitability as is the case of the pre-salt. To maintain the previous concession model, appropriate for blocks with great exploratory risk, would be an inexcusable error.
Also, it is necessary to remember that Brazil has respected and will always respect contracts inked in the concession model, including contracts for blocks already tendered in the pre-salt area. The proposed new model applies to the future and this means that Brazil would actually have a mixed model. Pre-salt areas already auctioned regulated by the concession regime and the new pre-salt areas plus some strategic areas regulated by the production sharing model sent to the National Congress.
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| It is estimated that 80-100 Bbbl of oil may be found in the whole pre-salt area, some 149,000 sq km (57,529 sq mi) off Brazil's southeast coast. Map courtesy of Petrobras. |
In the last few years Brazil developed with investors a relationship based on mutual respect. The definition of an appropriate regulatory structure, in face of the new and important discoveries is a new chapter is this relationship, based on clear rules to be debated and approved democratically in a country that has consolidated its democratic institutions.
Offshore: As an associate secretary of the State Department for Latin America, Thomas Shannon, who is the new US ambassador in Brasilia, said that "biofuels, oil, and gas are at the center of attention of the Obama government and its relationship with Brazil. The US is very interested in the Tupi discovery and in other mega fields." Knowing that the US is striving to diminish its dependence of petroleum from the Middle East, we ask: in what stage are negotiations with the US?
President Lula: The questions related to energy are a priority in our bilateral agenda and have been treated by both governments with great perseverance. It is important to remember that during the visit of former President George W. Bush to São Paulo in 2007, the agenda included a visit to the installations of Transpetro, Petrobras' transport subsidiary, where he got acquainted with the logistics of Petrobras' ethanol and biofuels distribution and also with 'flex-fuel' cars technology. With the recent election of President Obama, known for his interest in energy, and above all in renewable energies, this dialogue continued, also because Brazil has a very successful experience in renewable and non-polluting energy sources. Our energy matrix is a living proof of this.
Offshore: Is it viable to exploit pre-salt petroleum when prices of oil are much lower? When the Tupi discovery was announced the prices of oil and of commodities in general were sky-high.
President Lula: The information I have indicates that the response is a clear yes. Pre-salt exploration costs projections are still being detailed, but all information available point to its commercial viability with current or even at lower prices for the barrel of oil in the international market. However, we really make investment plans in energy exploration on the basis of strategic criteria and long range estimates. Considering the non renewable aspect of these reserves, it is reasonable to suppose that prices may rise.
Offshore: We understand that Brazil can only be a member of the Organization of Oil Exporting Countries (OPEC) after becoming a net exporter of petroleum. But we would like to know your opinion, whether Brazil should accept OPEC's invitation. It seemed that the invitation was already rejected because Brazil does not intend to export crude oil but rather to export value added products such as gasoline, etc. But top government officials also said that the invitation is being evaluated. Please clarify.
President Lula: This is not a question to be considered at this time, for the simple reason that the question itself points out. Brazil does not discuss becoming a member of OPEC because it is not a net petroleum exporter and, besides this, it does not intend to export crude oil. Brazil just achieved oil self sufficiency and is now getting ready to explore the pre-salt reserves. Thus, it is too soon to even discuss this matter. I am now working with the idea that Brazil should not be a crude oil exporter. Brazil should build large refineries throughout the country and export oil derivatives with more value added. And, at the right time, if it is necessary, this matter may be discussed again.
I have emphasized on several occasions that one of the ways to generate development from the pre-salt is to add value to crude oil. This is one of the reasons why large volumes of investments have been allocated for expanding the refinery network and the petrochemical sector in Brazil.
Offshore: Will the beginning of production in Tupi mean a leap forward in the position Brazil occupies among the oil and gas producing countries? Petrobras said it aims to become the fifth largest integrated energy company in the world by 2020.
President Lula: Estimates for new discoveries suggest that Brazil will rise to another level as an international producer of oil and gas. There is no doubt about that. It is not yet possible to evaluate how many billion barrels will be added by pre-salt reservoirs to current Brazilian reserves, but these discoveries will certainly turn Brazil into one of the countries with the largest reserves in the world. For now, I believe, we should concentrate in overcoming pre-salt technological challenges and in debating a well-adjusted regulatory frame to make sure this new reality benefits all Brazilians. The government has done its homework and is sure that the proposals sent to the Brazilian Congress are the best way to face the pre-salt challenge.
The strengthening of Petrobras, guaranteed by pre-salt revenues, will help the country to overcome technological challenges in the pre-salt exploration as well as in the diversification of our energy matrix, especially concerning renewable fuels. Our commitments with ethanol and above all with biodiesel are fundamental to transform Petrobras into an integrated energy company capable of meeting the energy and environmental demands of the 21st century.
Offshore: The extraction of petroleum found at 6,000 m (19,685 ft) depth started last May first in Tupi field, Santos basin, will be very meaningful for Brazil's future. How will this development resound in the relationship between Brazil and other Latin American countries?
President Lula: Brazil's development runs side by side with growing integration with our South American neighbors. Thus we give priority to initiatives that enhance political dialogue and economic integration in South America. It is impossible to think of development in Brazil without taking into account the prosperity of our neighbors, and this depends upon alliances nurtured in harmonious ways to fulfill the economic vocation of each country.
The pre-salt exploitation can offer an important contribution for this end. With the new demands created by the exploration of new reserves, related to the production of platform and ships, there is a great potential for new synergies to emerge between Brazil and South America. Not everything will be produced in Brazil. Much of what we will need may be imported from our South American neighbors. I have already invited leaders of neighboring countries to indicate in which industrial sectors they are capable of contributing to meet part of this future demand.
Offshore: Do you agree that the discoveries in the pre-salt layer go way beyond the confirmation of the capacity to produce petroleum and are adding geopolitical weight to Brazil in the international scenario?
President Lula: The questions related to geopolitics involve a series of factors and petroleum is one of them, but I believe that in Brazil's case there are many other achievements that have been recognized by the international community. The democratization of the country, the maturity of our institutions, the stabilization of our economy, the resurgence of development, and advances in combating social inequalities are some examples. We should also include the diplomatic performance, compatible with Brazil's importance as a regional and global player.
The increased importance of petroleum in the Brazilian economy, an accomplishment and the outcome of the investment of the whole Brazilian society, starting with the creation of Petrobras, may be considered another element in this process of self affirmation of the country, both domestic and international. But, by no means, this is the only element of Brazil's domestic and international assertion.
Fortunately, the wealth and diversity of the country offer an ample set of positive elements and initiatives that have characterized Brazil's performance in the international scene. I am sure the increased geopolitical weight that petroleum will add to the country is yet to come. It will come on the day that we demonstrate our capacity as a nation to employ this wealth with intelligence, as for example, by upgrading the educational system and the technological capability of the country.
On the other hand, we cannot forget the great contribution Brazil gave in the field of renewable energies, which is part of a firm environmental commitment. Brazil's experience in this field points to a way to tackle problems such as climate change. We will continue along this road.
Brazil's energy matrix is one of the most environmentally friendly in the world. Around 85% of the electricity consumed in Brazil is generated by hydropower. Thanks to the contribution of successful programs such as Proalcool (ethanol) and biofuels, 46% of all energy consumed in the country originates from renewable resources, while the international average is of only 11%. The discoveries in the pre-salt will not change this situation. We will not give up our achievements in renewable energy and will continue to expand it due to our own interest and due to the global responsibilities that we assumed in environmental issues.
Offshore: With the strengthening of the Brazilian position in multilateral organizations, what proposals should Brazil put forward to stake out its position in the international arena?
President Lula: Brazil will carry on diplomatic efforts in favor of peace and development. At present, the country is actively working to influence institutions to update and democratize the rules of the international game. Without this effort there is no way to face the challenges of a world increasingly integrated and interdependent, be it in the economy, politics, or environmental questions.
The multilateral political institutions cannot maintain the state of affairs inherited from the post Second World War era. For this reason we defend with such emphasis the need to reform the United Nations and particularly the Security Council.
The economic/financial institutions also do not reflect the realities of today's world and for this reason they cannot offer effective answers in moments of crisis such as the present one. The creation and consolidation of the G-20 with the participation of heavy weight emerging economies such as Brazil, China, and India, already indicate a trend to be followed and the leaders of developed countries recognize this new reality.
Speaking about trade, for example, it is impossible to passively admit the continuity of rules that perpetuate injustices while closing the doors of development for countries that are unable—due to tariffs and all types of barriers—to benefit from their comparative advantages and their agriculture competitiveness. For this reason, we work vigorously in the World Trade Organization, in close cooperation with developing countries to defend the conclusion of the Doha Round multilateral commercial negotiations.
Offshore: Do you consider that the G-20 meetings resulted in a greater opening for the effective participation of countries such as Brazil, China, and India in the decision making process? Could this more intense participation spread to other multilateral organizations? Which?
President Lula: I have no doubts that the G-20 meetings in Washington and London represent a landmark and also the recognition of the importance of countries such as Brazil, China, and India in the debate for overcoming the economic/financial international crisis and about the urgent need to modernize governance mechanisms of international institutions. The G-8 July meeting and the G-8 plus G-5 meeting in Italy, in which Brazil participated, were also important steps, both in the same way, and from these meetings emerged the idea of increasing the G-8 to become the G-14. But this debate is still on going and its practical results in terms of improvements will depend upon the articulation capacity of the emerging nations.
In the first summit of the BRICs (Brazil, Russia, India, and China) that recently took place in Ecaterimburg, Russia, the global crisis was discussed. Statistics show that the BRICs have faced the economic crisis in better conditions than most of the countries, and analysts recognized that these four countries play a fundamental role in the revitalization of the world's economy.
The growing importance of emerging countries must be recognized in the decision making process of multilateral institutions. For this reason during the recent G-20 meeting in London we demanded that developed countries commit themselves with the reform of the voting system and of the institutional quotas of the Bretton Woods system. Only in this way the voice of the developing countries will be heard.
This is only the first step of a modification that we would like to see advancing during the G-20 meeting, scheduled for September, in Pittsburgh, US. Within the G-20, we also defend that in response to the crisis, the Doha Development Round should be concluded quickly.
But the need for changes in the international scenario goes way beyond economy and finances. It is just as urgent to renew the United Nations, if we want multilateral institutions to recover their relevance. To postpone reforms, especially that of the Security Council, will only allow the authority of international institutions to erode more and more.
Offshore: You affirmed that the pre-salt discoveries "give Brazil another chance to repair its historical debt with the poor." How do you intend to insure that the wealth from the pre-salt will not benefit only the national and international elites as it happened in the past during the gold, rubber, and sugar-cane prosperity cycles in Brazil?
President Lula: We will take advantage of the opportunity presented by the pre-salt to benefit Brazil in the best way and above all to help those who depend upon the State. For this reason I have mentioned the historic debt of the country with the poor and the need to increase investments in areas capable of creating opportunities to overcome poverty, with priority to education. In the last few years, income distribution policies and the country's economic growth led 30 million Brazilians to rise from poverty to the middle class, which already amounts to more than half of the population.
This is an important result, but much more needs to be done. The proper exploitation of natural resources such as petroleum in the pre-salt will certainly help the country in this task.
As I said in my speech presenting the new regulatory framework on Aug. 31 in Brasilia, pre-salt is a passport for the future and we do not have the right to make mistakes, nor to waste resources which are essential for a development leap.
When I speak about a passport for the future, I am speaking about the efficient use of a resource which is non-renewable, such as petroleum, to invest in permanent resources like education, scientific, and technological knowledge which have a multiplying effect that we will pass on to present and future generations. For this reason we give emphasis to education, which forms the basis for any important transformation in society and an indispensable tool for any serious developmental project for the country.
Brazil's successful experience in deepwater oil exploration reinforces our optimism about the possibility of overcoming these challenges.
Editor's note: Contributing Editor Peter Howard Wertheim is based in Rio de Janeiro, and can be contacted by e-mail at peterhw@frionline.com.br
According to Manuel Ferreira de Oliveira, Galp Energia's international president, the company's stake in Tupi – the largest find so far with a recoverable reserve estimate of up to 8 Bbbl – is 10%. "With the discoveries already made the reserves belonging to Galp amount to around 1.5 Bbbl," Ferreira says. Galp, based in Portugal, will invest $2.6 billion in Brazil's pre-salt up to 2013.
Out of 24 oil producing countries, 18 have adopted mixed regulatory models that include production sharing and services contracts or production sharing and concession contracts. Only six countries currently work with concession contracts.
The Brazilian government's proposed model includes a production sharing system for pre-salt contracts in which oil companies give part of the oil they produced to the government, replacing the existing concession system in which companies take ownership of whatever oil they discover.
Under the new regulations, Petrobras would operate all blocks and hold 100% interest in some blocks, especially when oil reserves overlap blocks already owned by Petrobras. In areas subject to public bids, Petrobras will hold a 30% minimum interest with the additional right to participate in bidding processes to increase its interest in those areas.
A new public company (Petrosal) would be created to oversee pre-salt contract agreements and the administration of a social fund which would invest in education and in mitigating poverty in Brazil.
In addition, the Brazilian government's draft bills include boosting Petrobras' capital to the equivalent of 5 Bbbl of oil. Source: BP and Petrobras.
Petróleo nas Malvinas (Falklands)
UK Firms Mobilize in New Falklands
by Caroline Henshaw | The Wall Street Journal | Monday, January 25, 2010
   
LONDON (THE WALL STREET JOURNAL via Dow Jones), Jan. 25, 2010
Twelve years after the last prospectors left the Falkland Islands, British oil-exploration companies are returning, lured by rising oil prices and advances in deep-water drilling technology.
But exploration and production around the remote, wind-swept islands -- best known as the location of a brief, bloody war 28 years ago -- have been handicapped by a harsh climate and dicey politics.
Analysts say that as much as 60 billion barrels of high-grade oil could be found in the 200-square-mile economic zone surrounding the islands. That could make the Falklands one of the world's largest oil reserves, comparable with the North Sea, which so far has produced about 40 billion barrels.
Next month, Desire Petroleum PLC and Rockhopper Exploration PLC will begin exploring a region of the North Basin, 22 miles from the islands, where they have shared and separate prospects.
They are drilling in the same area where a consortium of large oil companies, including Royal Dutch Shell PLC, led the first wave of drilling in 1998. Only six wells were drilled in an area half the size of Texas. Although oil was found, prices around $10 a barrel made the prospects commercially unviable and further development was abandoned.
But improved technology and higher prices are prompting oil companies to return. The four companies that are leading the campaign, all listed on the Alternative Investment Market, raised a total GBP 327 million ($527 million) in share placements in a single month. Desire's shares have nearly doubled during the past three months.
"Exploration and risk are back in vogue," says Howard Obee, chief executive of Borders & Southern Petroleum PLC, which has prospects to the south. Borders & Southern raised GBP 113 million in rights placements, more than its market capitalization.
Geologists believe the uncharted waters of the south could hold the largest finds.
Tim Bushell, chief executive of Falklands Oil & Gas Ltd., holds four prospects in the south in partnership with BHP Billiton. He compares the geology with that found near off Argentina's coast, where six billion barrels have been found.
If a company finds oil, it could be viable as long as oil fetches $25 a barrel, less than a third of current market prices, Mr. Bushell says. Crude oil closed Friday at $74.54 on the New York Mercantile Exchange.
The Falklands government takes only a 26% share of oil earnings plus a 9% royalty on each barrel of oil sold, making it one of the most favorable areas in the world for exploration.
Still, the hurdles to exploration are vast. The South Basin reaches depths approaching 10,000 feet. Temperatures in the basin, one of the southernmost prospects in the world, average a low around 36 degrees Fahrenheit in winter, and the average rainfall can be as high as 2.4 inches a day. While this environment is similar to the established oil fields of the North Sea, the costs of operating a rig run to around $1 million a day, meaning losses are high if drilling stops during storms.
Political tensions surrounding drilling are also high. After the 1982 Falklands War, the islands remained a U.K. overseas territory. But Argentina has done its best to isolate the Falklands and pressured neighboring countries, such as Chile, to do the same.
Tensions in the region have been growing in recent weeks, after Argentina's Congress passed a law on Dec. 9 identifying the Falklands, as well as part of the Antarctic shelf, as belonging to Argentina. Britain says it "firmly rejects" the claim, but Argentina continues to agitate in diplomatic forums to have its sovereignty recognized.
The political complications make it difficult to know who would be willing to purchase or operate any finds in the Falklands, says Malcolm Graham-Wood, an analyst with Westhouse Securities. None of the majors with operations in Argentina, including Spain's Repsol YPF SA, the U.K.'s BP PLC and Brazil's Petroleo Brasileiro SA, which are drilling in the nearby Cuenca Malvinas, have ventured into the islands.
But despite the politics, the Falklands will remain the next frontier. "Geology doesn't stop at political borders," says Mr. Obee, of Borders & Southern. "There are complications, but if it were that easy, everyone would be in exploration."
Copyright (c) 2010 Dow Jones & Company, Inc.
sexta-feira, 12 de fevereiro de 2010
Petrobras anuncia descoberta de óleo em águas rasas em Campos
| Noticiário cotidiano - Indústria naval e Offshore |
| Sex, 12 de Fevereiro de 2010 07:27 |
| Poço deve iniciar produção ainda neste ano e faz parte de nova estratégia da companhia |
segunda-feira, 8 de fevereiro de 2010
M-I-SWACO Rates First in EnergyPoint Research's Oilfield Services Survey
independent customer satisfaction ratings & rankings released for oiflield service Suppliers
M-I-SWACO Rates First; Results Highlight Suppliers' Abilities to Execute in Cyclical Times
HOUSTON (February 3, 2010) – Houston-based EnergyPoint Research, a market research company specializing in measuring and monitoring customer satisfaction in the oil and gas industry, today announces results from it's 2008-09 comprehensive Oilfield Services Survey on customer satisfaction in the industry.
M-I SWACO, a global provider of oilfield fluids and fluids-related systems and services, ranked number one in customer satisfaction in the survey. In addition to its top overall rating, the company placed first in numerous regions, both within the U.S. and internationally. Other honors going to M-I SWACO, which is jointly owned by Smith International and Schlumberger, include first-place rankings for offshore, high-pressure high temperature (HPHT) and non-vertical wells, as well as for special applications.
"M-I SWACO has rated well in EnergyPoint Research's surveys for several years now," said Doug Sheridan, managing director of EnergyPoint. "Respondents to the survey indicate the company has performed particularly well over the last 24 months, especially on the service side. Contributing to its strong showing are improved ratings for the company's sales and field personnel, pre-job planning, service and professionalism, and responsiveness to requests for new technologies. The company also enjoyed standout scores for offshore applications, especially in the deepwater."
The survey, which is a successor to a similar study published by EnergyPoint Research in 2006, measures customers' satisfaction with oilfield services suppliers across a range of attributes, categories and global regions. Evaluations were collected from customers of oilfield suppliers operating in multiple oil and gas producing regions, both in North American and international markets.
Core Laboratories placed second in the Oilfield Services Survey. The company rated number one in core and fluids analysis, as well as in the related category of formation and well evaluation. Sheridan noted that Core Laboratories has traditionally enjoyed strong marks in EnergyPoint Research's surveys, driven by its performance and reliability. The company also placed first with larger multinational customers and in land-based applications.
Other top-five finishers overall in the survey include Geoservices, the Frank's companies and Wood Group.
Among larger integrated service providers, the top spot in the survey was captured by Smith International; the company also rated number one in both directional drilling and in fishing services. Halliburton placed just behind Smith, in part based on the top ratings it garnered in the categories of hydraulic fracturing, perforation, sand control and well testing services. Halliburton also placed first in the regions of Latin America & Mexico and Asia & Pacific Rim.
Other category winners from the survey include BJ Services in cementing services, Basic Energy Services for workovers and well servicing, and Baker Hughes in the region of Africa. Schlumberger rated number one in the category of health, safety and environmental (HSE), as well as in logging-while-drilling (LWD), measurement-while-drilling (MWD) and wireline logging services. Weatherford International placed first overall in the region of Eastern Europe & FSU.
A total of 16 companies received the minimum number of evaluations required to be included in the survey. Those rating in the top half, listed by descending rank, are M-I SWACO, Core Laboratories, Geoservices, the Frank's companies, Wood Group, Smith International, Halliburton and TETRA Technologies. Companies ranking in the bottom half of the survey, listed alphabetically, include Baker Hughes, Basic Energy Services, BJ Services, Expro International, Key Energy Services, Schlumberger, Scientific Drilling and Weatherford International.
"Results from this survey are some of the most interesting we've observed since launching our ratings back in 2003," said Sheridan. "Not only does the survey cover the period leading up to both commodity prices and corresponding demand for oilfield services reaching all-time highs, it also covers the subsequent and precipitous drop in prices and demand later in 2008 and 2009." Sheridan added, "To a large extent, the survey measures suppliers' abilities to manage on behalf of customers in times of change."
The Oilfield Services Survey was conducted as part of EnergyPoint Research's 2008-09 industry-wide Oilfield Products & Services Survey, which was comprised of more than 3,800 in-depth evaluations performed in 2008 and 2009 by domestic and international customers of oilfield suppliers. Respondents from both multinational and independent E&P companies, from all parts of the globe, were represented in the Oilfield Services Survey.
For the Oilfield Services Survey, providers were evaluated in the areas of total satisfaction, pricing and contact terms, performance and reliability, technology, job quality, safety and environmental, service and professionalism and corporate capabilities, as well as across various service segments and domestic and international regions. For categories in which pre-2008 supplier ratings existed, historical ratings were included in the calculations at lesser weightings. In no case were historical ratings assigned a weighting of more than 20 percent for the purposes of calculating category winners.
About EnergyPoint Research, Inc.
EnergyPoint Research provides independent research regarding the oil and gas industry's satisfaction with the products and services it purchases and utilizes. Founded in 2003, the firm offers oil and gas industry professionals and their employers opportunities to both provide and access confidential ratings and customer feedback in areas important to oilfield product and service suppliers through objective and independent evaluation processes. For more information regarding EnergyPoint Research and its surveys and data, visit the company's website at www.energypointresearch.com or contact the company at info@epresearch.com.
Guará: FPSO para piloto já fretada
Guara pilot production FPSO chartered
By OGJ editors
HOUSTON, Jan. 29 -- Petroleo Brasileiro SA (Petrobras) along with partners BG Group and Repsol YPF SA signed a letter of intent with the Schahin Group and Modec Inc. for a 20-year charter and operation of a floating production, storage, and offloading vessel that will be used for the Guara pilot production.
Guara is a presalt oil discovery in the Santos basin on Block BM-S-9 off Brazil.
The FPSO will have 65% Brazilian content and be capable of handling 120,000 bo/d and 5 million cu m/day of gas. Conversion work on the hull will take place outside of Brazil while several modules will be integrated in Brazil.
Petrobras expects Guara to go on stream in late 2012.
Flow tests, limited by equipment capacity, on the Guara presalt discovery well 1-SPS-55 (1-BRSA-594), in 2,141 m of water, produced at about 7,000 bo/d and Petrobras estimates that the well initially could produce at about 50,000 bo/d (OGJ, Sept. 14, 2009, Newsletter).
Petrobras believes that the area contains about 1.1-2 billion bbl of recoverable 30° gravity oil.
Operator Petrobras holds a 45% interest in the block. The remaining interest is held by BG 30% and Repsol YPF 25%.
terça-feira, 2 de fevereiro de 2010
Venezuela e suas possiveis reservas
Enviado por Eloi Fernández y Fernández - 1.2.2010 | 13h39m
Em época de pré-sal, a USGS reporta: a Venezuela senta-se sobre a maio
A USGS é a United States Geological Survey, a companhia de geociências dos EUA. Só que os recursos humanos e materiais da USGS a tornam algo incomparável a agências de muitos outros países, com raras exceções.
Tudo isto é para dizer que a USGS saiu com um novo relatório, datado de 22 de janeiro de 2010, afirmando que a Venezuela pode ter algumas centenas de bilhões de barris de petróleo bruto, na chamada faixa do Orenoco. Ora, o número de 513 bilhões de barris, dado como provável, é apenas duas vezes o tamanho das reservas da Arábia Saudita!
A Venezuela passaria direta e disparadamente a ser a nação mais rica em petróleo do mundo.
A não se duvidar da honestidade, dos interesses e da competência da USGS que, afinal, é uma agência do governo americano, o timing do anúncio foi impressionante: poucos dias antes do primeiro leilão de concessão de contratos para explorar justamente parte desta área, chamada de Carabobo. Leilão do qual, aliás, a Petrobras desistiu de participar na undécima hora, sem fornecer maiores explicações dos seus motivos.
A pesquisa, ou comunicação técnica da USGS, pode ser encontrada diretamente clicando-se em seu site. Seu resultado é espantoso. Sua conclusão: " A estimativa é de que 513 bilhões de barris de petróleo pesado, tecnicamente recuperáveis, estão no Orenoco, no cinturão de petróleo da Venezuela".
Uauuuuu!!!!!!!!!