Sneak Peek in the Oil & Gas Drilling and Exploration Industry
June 04 2010 - 8:30AM
Marketwired
www.rothmanresearch.com - At the end of March 2010, President Obama
aimed to boost domestic oil and gas production by lifting a 20-year
ban on offshore drilling in certain regions so as to maintain
economic growth and help reduce dependency on foreign oil with U.S.
energy needs continuing to swell. Even though the new offshore
drilling ban-lift came with certain limitations, this political
decision was met with stern protests from environmentalists.
Ironically, it did not take long for the debate on offshore
drilling to take a dramatic momentum with the Deepwater Horizon
incident which claimed the lives of eleven crew members and till
date is still disgorging oil at estimated rates varying between
5,000 barrels (according to Seattle-based NOAA unit) to 19,000
barrels a day (figure released by Flow Rate Technical Group). The
Deepwater Horizon oil spill is already considered as the worst in
the U.S. history, and President Obama is planning a third visit to
the Mexico Gulf region to emphasize the severity of this man-caused
devastation.
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The Gulf of Mexico oil spill debate has taken a whole new
thespian angle with a number of politicians and pro offshore
drilling activists pointing fingers at environmentalists for
pushing oil companies to go further offshore where drilling is
potentially more risky. Whilst the notion of banning further
offshore, exploratory drilling seems to look like the best feasible
option to prevent any such disasters, the U.S. economic reality has
far more weight at this time for the government than environment
concern. However, decision makers are likely to start enforcing
more rigorous regulations so as to control events leading to the
recent disaster in one of the U.S.'s most prized economic zones.
"Investors are looking at offshore drilling more cautiously. We
believe this will be the case until BP manages to kill the spill
and public opinions are less aggressive towards offshore drilling.
Onshore drilling and exploration companies have recently garnered
more investors' attention than usual, and this has to do largely
due to the recent spill in the U.S.-controlled waters of the Gulf
of Mexico. Companies like Pioneer Southwest Energy
Partners L.P. (NYSE: PSE) which have non-operated working
interests in onshore sites become attractive plays as they
basically monetize on their assets without taking daily operational
risks," commented Jack Benassi of www.rothmanresearch.com.
*Free downloadable research report on Pioneer
Southwest Energy Partners L.P. is available by signing up now
at
http://www.rothmanresearch.com/article/pse/23558/Jun-04-2010.html
"We are seeing more and more interests by small drilling and
exploration companies in the Canadian regions. The main reason is
that small companies have less competition from the big players in
the space and onshore provides them with more stable production
base, which is usually below the production rate expectations of
major companies. However, these small exploration and drilling
companies can become attractive M & A prospects for large oil
and gas companies. The oil sands regions of Canada are also seeing
great strides and companies like Cenovus Energy
Inc. (NYSE: CVE) are likely to benefit from tighter
regulations in the offshore drilling space if the worse does come
to be," added Benassi, senior researcher at
www.rothmanresearch.com.
*Complimentary downloadable research on Cenovus
Energy Inc. is accessible upon registration at
http://www.rothmanresearch.com/article/cve/23559/Jun-04-2010.html
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