.

Big oil is going to the Arctic because its just so easy to drill there (for a few weeks a year before it ices over) and so close to markets and so easy to do everything and cheap to develop and its so easy to get to.

But of course the Falklands are too remote (according to the kermits) and have only 365 days a year drilling potential.

http://www.reuters.com/article/2012/11/01/us-bigoil-results-idUSBRE8A00WB20121101

;)

Will test the Argies resolve now.

After pissing off Europe with the YPF scandal - will they now upset the USA to help their Ecuadorean friends ?

I mean, a "united South America" is going to be tested here, if the Argies do not help in getting those Chevron assets seized then their reputation will be in tatters......... Surely Chavez (who is the supporter and backer of CFK) will want to piss off the USA if he can, surely CFK is not going to help the USA over her "South American" friends ?


http://www.washingtonpost.com/business/ecuadoreans-seeking-chevrons-argentine-assets-to-enforce-19-billion-oil-spills-judgment/2012/11/01/14074326-2437-11e2-92f8-7f9c4daf276a_story.html

.

When you read this, and Shell have spent 4.5 billion US$ in the Arctic already....... for a prize which might be just 25 billion barrels for the whole area (and note they highlight the gas and gas condensate too).........

It makes you realise how savvy Noble have been. They will spend a couple of hundred dollars and if Scotia strikes will have the same potential 25 billion barrels in the mid-cretaceous targets.

Noble appear to be heads screwed on, Shell spending billions on what is really remote...... and some people have the nerve to say the Falklands is remote.......

http://www.ft.com/intl/cms/s/0/3e186b66-fc07-11e1-af33-00144feabdc0.html



September 11, 2012 2:45 pm

Shell halts Arctic drilling after one day

By Guy Chazan in London
©Alamy

Shell’s Arctic programme has already cost $4.5bn

Encroaching sea ice has forced Royal Dutch Shell to suspend drilling off north-west Alaska a day after it began, in a sign of the huge logistical challenges it faces in trying to explore for oil in the Arctic.

The company said that as a precautionary measure it had “made the decision to temporarily move off the Burger-A well to avoid potentially encroaching sea ice”.

The Anglo-Dutch oil group said that once the ice moves on, its Noble Discoverer drill-ship would reconnect to anchors and continue drilling. It said it would be using a combination of satellite images, radar and on-site reconnaissance to monitor the ice.

“This temporary stop in operations proves we have the capability to track the movement of sea ice and the ability to make adjustments to maintain safe operations,” it said.

The move came just a day after Shell began drilling the Burger-A well in the Chukchi Sea, ushering in a crucial phase in a programme that has already cost $4.5bn and taken more than seven years to prepare.

Greenpeace, the environmental group, claimed that stopping operations after just 36 hours meant Shell’s “reckless Arctic drilling has cost them just under $2.1m per minute”. It said the halt was “a dire warning to their shareholders and the shareholders of other companies wanting to exploit the Arctic”.

Shell believes the Chukchi and Beaufort Seas seas could contain 25bn barrels of oil and has spent billions of dollars on licences to drill there. But it is running out of time to complete a well. Regulators have set a deadline of September 24 for the end of drilling because of the threat of winter ice.

On Sunday morning, the Noble Discoverer began to cut an 8.5in diameter pilot hole into the seabed, the initial stage in a well designed to reach an oil reservoir about 8,000ft down.

But even if it resumes drilling again in the next few days, Shell will be forced to stop the well only 1,400ft down. Regulators have stipulated that it must put in place all the systems for responding to possible spills before it can drill down any further.

A key piece of equipment – the containment system for catching oil leaking on the seabed – is still in port in Washington state, awaiting final approval. It is mounted on a barge, the Arctic Challenger, which has not yet been passed as seaworthy by the US Coast Guard.

.
.

Shell could've, should've bought FOGL out for a couple of billions and saved themselves a lot of trouble....Ha Ha!!..

Word is BOP is fixed and now drilling ahead again.

200,000 sell trades X 3?

I would of thought it time to buy, and not sell........Any thoughts?

And a 270k sell. Funny!!

Operations Update

FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, announces, further to the statement of 25 October 2012, that the necessary repairs were carried out on the blow-out preventer within the expected timeframe, and drilling has re-commenced.

The Company estimates it will take a further 4-6 weeks to complete drilling operations. The Company will make a further announcement at that time.

Tim Bushell, Chief Executive of FOGL said:
"Whilst this work has resulted in a two week delay to our drilling operations, safety is our number one priority and it was essential to resolve this issue before recommencing drilling operations."

http://www.trustnet.com/News/379278/how-to-invest-in-falklands-oil/

.

Good article in Shares mag today......they say it's risky but but if the discovery is oil,... (if there is one : the shares will rocket)...

Wow, wonder how much the author got paid for coming up with that pearl of wisdom? And you think that's a good article?

i'm afraid shares mag does not have a very good record with all its tips ..... not that anyone could ever be bothered to do it, but it would be interesting to know its real strike rate as against my own gut feeling

It's their job to promote shares....obviously we have to pick out the best ones...not easy...it might be gas again but there is that chance that it might be oil.....something big shows up on the AVO seismic ...mighty unlucky if it's muddy water or such....to me it's either some form of gas or oil....plenty more prospects to be drilled later if you are prepared to wait for the next campaign...

you know my views on gas whatever Superramp may shout from the rooftops

I shall have to put that cd of his on again...how does it go....taught me to be sensible...and oh...yes ...a cynical....Breakfast in America....

he's trying to deride gkp at the mo.....must be bored.,.

Sold out of here early last week making half a penny on each share then chucked everthing in to caza.........happy days.

Lost the faith Marky ...?

What you lot all need is some ITM power....

Its the last drill RF so if it comes in as a dud these shares will tank also if it comes in they will rocket.

I dont have the ears i used to have on this rig.

CAZA the writting was was on the wall in the RNS on 30.10 so i jumped ship also i think in the last RNS by them on 11.11 the writting is on the wall for more good news so i will stay put for now.

I may jump back in to FOGL at some point but its very high risk,the Falklands bubble burst along time ago hence not the same following.

Good luck RF i hope it does hit oil