Summary

The 66-month regulatory ordeal of Canada’s Arctic natural gas project includes epic efforts to drum up aboriginal participation in the process, according to a summary provided to the National Energy Board (NEB) by the federal justice department.

The 66-month regulatory ordeal of Canada’s Arctic natural gas project includes epic efforts to drum up aboriginal participation in the process, according to a summary provided to the National Energy Board (NEB) by the federal justice department.

Although slight, the Gulf of Mexico (GOM) was the only region in the world to show a gain in offshore rigs in April, according to GlobalSantaFe’s Summary of Current Offshore Rig Economics (SCORE).

FERC last Thursday issued a final rule that implements provisions of the Energy Policy Act of 2005 (EPAct) giving the Commission the authority to coordinate the schedule of other federal and state agencies in processing natural gas pipeline, liquefied natural gas (LNG) and storage projects and to maintain a consolidated record of all agency decisions for use in judicial reviews.

The Gulf of Mexico (GOM) saw its offshore drilling rig dayrate climb 7.2% from May to June and 5.1% over last year, according to the latest Summary of Current Offshore Rig Economics, or SCORE, for June 2003. SCORE, compiled by oil and gas drilling contractor GlobalSantaFe Corp., reported that worldwide, SCORE was up 3.0% from the previous month.

Drilling company GlobalSantaFe Corp. said its worldwide Summary of Current Offshore Rig Economics, or SCORE report, for November 2002 was down from the previous month’s SCORE by 1%. CEO Sted Garber said the SCORE in various international markets “continues to fluctuate. The offshore drilling rig market will likely be in a holding pattern until operators’ 2003 exploration and production budgets provide some direction.” The SCORE report compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle.

U.S. Bankruptcy Judge Dennis Montali has denied Pacific Gas & Electric Co.’s request for a summary judgment against the alternative reorganization plan proposed by the California Public Utility Commission.

Houston-based international drilling contractor GlobalSantaFe reports that declines in the Gulf of Mexico’s Summary of Current Offshore Rig Economics, or SCORE, “have slowed considerably,” with the international SCORE near its highest level since early 1999. Overall, the SCORE for February 2002 was down from January by 1.1%. “The improving U.S. economy, which has strengthened U.S. natural gas prices, bodes well for the outlook in the Gulf of Mexico jackup market — the source of significant weakness over the last six to eight months,” said Sted Garber, GlobalSantaFe CEO. According to the latest data, the Gulf of Mexico SCORE for February was 29.7, down from 29.9 the month earlier. For the year, the SCORE is off 41.2%, and is down 45.5% over the past five years. Worldwide, the February SCORE was 44.7, down from 45.2 in January and 0.9% off from a year earlier. SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates in the 1980-81 peak of the offshore drilling cycle. In the 1980-81 period, when SCORE averaged 100%, new contract dayrates equaled the sum of daily cash operating costs plus approximately $700/day/million dollars invested. SCORE calculates the jackup and semisubmersible rig rates in the Gulf, the North Sea, West Africa and Southeast Asia.

Houston-based international drilling contractor GlobalSantaFe on Monday reported that declines in the Gulf of Mexico’s Summary of Current Offshore Rig Economics, or SCORE, “have slowed considerably,” with the international SCORE near its highest level since early 1999. Overall, the SCORE for February 2002 was down from January by 1.1%.