A Barrel Full Blog

abarrelfull wrote on 21 Dec 2009 06:50
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Massive New Find in Mexico Gulf

created: 12 Jan 2010 06:59
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Whilst the world prays for another Cantarell Oil 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 just waiting to be exploited.

McMoRan’s Co-Chairman, James R. Moffett, said: “Davy Jones log results confirm our geologic model and indicate that the previously identified sands in the Wilcox section on this large ultra-deep structure encompassing four OCS lease blocks (20,000 acres) provides significant additional development potential which, upon confirmation development drilling, could make Davy Jones one of the largest discoveries on the Shelf of the Gulf of Mexico in decades.

With the volume of oil imports that the USA is making, any new discovery is welcome. It seems unbelievable that so much of the US coastal area is off limits. Who knows what might be discovered otherwise.

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Rig Counts December 2009

created: 11 Jan 2010 07:14
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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, by far the biggest YonY variation was in the USA, down 34%, versus a worldwide (excluding the US) total of just 7%. So we can see that drilling in the USA is far more price sensitive than elsewhere.

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Crude and Product Inventories

created: 08 Jan 2010 08:35
tags: eia propane stocks
The EIA released their latest weekly numbers on Wednesday.

Crude oil inventories rose from 326.0 million barrels to 327.3 million barrels, versus expectations of a fall due to the cold weather.

However, the cold weather cut demand for gasoline, and led to refineries reducing their production runs. So we get both an increase in gasoline and crude oil stocks.

The big winner from the weather is propane. Stocks fell 3 million barrels in just a week. Demand was about 225.000 barrels per day higher than a week before.

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