A Barrel Full Blog

abarrelfull wrote on 21 Dec 2009 06:50
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Iraq OKs Contracts

created: 07 Jan 2010 09:32
tags: iraq
I don't know if there was really any doubt, but nonetheless it is important news.

After being forced to wait a number of days, Baghdad has finally approved all pending deals with foreign oil companies, updating their contracts to develop several major fields in Iraq. All the oil firms involved have agreed to technical and legal amendments to their contracts that were introduced in order to ensure the deals' compliance with Iraqi law.

Now they can all get cracking, and start investing.

The inked contracts now pave the way for more than $100 billion in investment, according to the Iraqi oil ministry.

For Iraq, that will have massive economic and social implications, for the rest of us, it will provide a big chunk of the new oil that we need.

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Rig Counts in USA

created: 06 Jan 2010 06:44
tags: patterson-uti rigs usa
Patterson-UTI Energy is an oil and gas services company, operating in North America. Each month they release the number of oil rigs they have in operation. For December, the number was up.

For the month of December 2009, the Company had an average of 118 drilling rigs operating, including 108 rigs in the United States and 10 rigs in Canada. For the three months ended December 2009, the Company had an average of 103 drilling rigs operating, including 95 rigs in the United States and 8 rigs in Canada.

These numbers are not necessarily indicative of the market as a whole, Baker Hughes numbers gives us that. However, it is interesting to see that the numbers are moving in the way we would expect them, upwards, together with the oil price.

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Woodside Loses LNG Partner

created: 04 Jan 2010 07:54
tags: australia lng petrochina woodside
Woodside, the Australian company, is now on the look out for a new partner for an LNG project.

A deal worth up to $45 billion between Woodside Petroleum and a Chinese company is in doubt after terms were not be settled by a deadline.

Perth-based Woodside says the agreement penned in 2007 with China’s largest oil and gas distributor, PetroChina, has not been settled by the December 31 deadline.

As the timetable for the project slipped, it seems that the Chinese looked elsewhere. Woodside also has less gas to sell than when they signed a preliminary deal in 2007.

Woodside have lost a big chunk of their production offtake

Although the long term prospects for such projects may be good, negotiating a new deal in the current market would be a big challenge.

Woodside currently have a deal with CPC Corporation Taiwan for some of the gas and are talking to Osaka Gas Co Ltd as well.

Details of the Browse project can be found here.

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