April 2014 – Present (11 months)Aberdeen area, United kingdom Working on both the Mariner and Bressay projects for Statoil Production (UK) Limited. Responsibilities include contract responsible for the Wellhead & X-Mas tree contract with Cameron. Responsible for the ESP's topside interfaces and tie in to the Platforms SAS system.
Nice to see Stat has a team looking at Bressay. They'll have a lot to look at having paid Xel $15m for some of our EWT data. ... I speculate related to multi-use wells as Schlum were very proud of their efforts for us...
""In the UK sector of the North Sea, Schlumberger Completions technologies were deployed for Xcite Energy in a unique intelligent multizone completion in the Bentley field. The IntelliZone* family of zonal management systems was combined with the SFIV* surface-controlled formation isolation valve system, allowing flow control of two horizontal wellbores during an extended well test. In addition, WellWatcher real-time reservoir and production monitoring technology and DTS were deployed to monitor the production parameters, while an electric submersible pump with a variable speed drive provided the lift required to produce the well. A GROUNDBREAKING 14 control lines were installed in the well to deliver an integrated multiple zone management system, which allowed efficient production testing and data acquisition of the two wellbores without costly well intervention...... http://investorcenter.slb.com/phoenix.zhtml?c=97513&p=irol-resultsNewsArticle&ID=1808588
Please don't give me that old line, you made a statement that the rig count was the reason that the oil price has increased and I just asked you to post up what factual evidence you have that concluded you to reach this assessment?
If its just your opinion, fine, but clearly stating that the rig count was the reason behind the rise without presenting the evidence to back it up and you wonder why somebody challenges your assessment? (I too will not be stifled!)
Anyway that's enough of that.
P.S I asked if you have ever "spoken" to SPKiller (disgusting character) on ADVFN before?, maybe you missed that post?
Yes, and I think he interpreted the API number of 14m as likely to be the official number. Had the US Gov come out with 14m too, I think he would have been close to the mark. The fact API got it wrong by a whopping 7m barrels caused the rally to $60 I'm sure. That's why it's important to take industry figures with an element of caution because they can sometimes be wrong. Let's be clear though, the 7m official number was still way above the 3m that had been expected prior to those bizarre API figures we got late Thursday night.
I believe the recent strong rally in POO was in part driven by the dramatic drop off in rig activity in the US. There has however not been an associated dip in inventories, which has probably prevented further rises. When we see stockpiles fall I would estimate POO will continue to rise towards $70. It's clear that not everyone agrees with my assessment of events, that's fine by me. Diversity of opinion is important in a free society and should be encouraged, not stifled. Some interesting posts regarding Statoil and Bressay yesterday. From what I can remember it seems that the development was put on hold following the purchase and assessment of the Bentley EWT data? Is that right? Maybe they are looking at ways of reducing costs and increasing production? I'm sure it has certainly not been abandoned as they seem quite keen on developing challenging prospects. Hopefully we'll get some good news later in the year on events at Bressay.
Are we led to believe that you think that after signing the MoU's all the companies involved do not do one single piece of work on the project .. ??
Correct Rivendell, work has been going on in the background towards getting this field into production.
With a colossal 203 million barrels of 1P oil the Bentley Field WILL go into production, the question is will we (Xel) be the ones to take it there or will the BOD decide it time to hang up their computers after getting FDP approval but before production starts?......
How many more years will SK and RC want to keep going one wonders, especially if the temptation of an industry valued offer hit the table sometime in the next couple of years.....
This field is quite big and appraised enough to stick onto a majors/ super-majors books having paid the "going rate" imo............especially Statoils, given its Bressay proximity and the cost savings they would benefit from by buying our field (scales of economy and all that). In fact as would go as far as to say for Statoil to buy us it must nearly be a no-brainer for them, even if we required $12 - 13 per 2P barrel after FDP approval. The opex and capex savings they would have with a Bentley/ Bressay joint development may mean in real terms they have got the 2P oil for say $5-7?? per barrel once the joint development savings are taken into account......
I am not just saying this because I hold Xcite shares and would love Statoil to buy us out at some point for obvious reasons (providing the price was right) but it does make one wonder when Statoil have spent hundreds of million of dollars on finding very little oil (I have the figures somewhere) how they can justify this to shareholders when they have a field sat next door to Bressay in an area where they are clearly expanding with a vast amount of 1P oil and the scale of economies would pay a significant cost of what they had to pay us for our oil reserves....
Sorry MarkESmith I find those two statements very contrary, the easiest thing for you to do to validate what you are saying is list the rig count announcements and the subsequent lift of oil prices that happened on each occasion (if you are unable to do this then how can you claim the rig counts are responsible for the rise?) ........
I think you may find that in fact it is not as simple as the rig counts that have caused the overdone drop and rise in oil prices, there are far far more pieces in the jigsaw in my opinion
Pre-Feed could be described as setting out the principles. If not, what is 'setting out the principles' ? In your opinion Rivendell, what would your rough estimated guess be, as to what Xcite paid for this work during 2014 ? That would surely indicate the level of forward progress.
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