Drill

High natural gas prices have allowed Canadian producers to drill smaller prospects and to target unconventional resources that used to be considered uneconomic, resulting in a reversal of the production declines last year. Analyst Thomas Driscoll of Lehman Brothers is predicting a 1.5% increase in Canadian natural gas production this year, “a vast improvement from the decline of nearly 3.5% experienced in 2003.”

High natural gas prices have allowed Canadian producers to drill smaller prospects and to target unconventional resources that used to be considered uneconomic, resulting in a reversal of the production declines last year. Analyst Thomas Driscoll of Lehman Brothers is predicting a 1.5% increase in Canadian natural gas production this year, “a vast improvement from the decline of nearly 3.5% experienced in 2003.”

Even with higher finding and development (F&D) costs, the exploration and production (E&P) sector’s strong cash flow and historically low trading levels make it an ideal time for additional wells to be drilled in North America, according to Raymond James’ latest “Stat of the Week.”

Even with higher finding and development (F&D) costs, the exploration and production (E&P) sector’s strong cash flow and historically low trading levels make it an ideal time for additional wells to be drilled in North America, according to Raymond James’ latest “Stat of the Week.”

Transocean Inc. said Friday that a problem encountered with a drill rig has temporarily suspended drilling operations for BP on the BP-operated Thunder Horse field at Mississippi Canyon block 822 in the Gulf of Mexico.

Newfield Exploration Co. said that BP Exploration & Production Inc. has made clear its intent to drill an initial deep shelf well in the Gulf of Mexico to test the companies’ Treasure Island subsalt exploration concept.

Newfield Exploration Co. said Monday that it received notice from BP Exploration & Production Inc. of its intent to drill an initial deep shelf well in the Gulf of Mexico to test the companies’ Treasure Island subsalt exploration concept.

The Minerals Management Service’s (MMS) royalty relief incentive to drill for deep-gas deposits located in the shallow-water shelf area of the Gulf of Mexico drew a hoard of bidders in Central Gulf Lease Sale 185. The shallow waters of the Gulf (0-199 meters) received by far the most bids in the sale: 374 bids on 1.7 million acres/hectares for $237.8 million.

The Minerals Management Service’s (MMS) royalty relief incentive to drill for deep-gas deposits located in the shallow-water shelf area of the Gulf of Mexico drew a hoard of bidders in Central Gulf Lease Sale 185. The shallow waters of the Gulf (0-199 meters) received by far the most bids in the sale: 374 bids on 1.7 million acres/hectares for $237.8 million.