May 25 (Bloomberg) -- Gulf Petroleum Investment S.A.K.C., or PetroGulf, the Kuwait-based provider of technical services to the oil and gas industry, agreed to buy an offshore oil-drilling rig for $170 million.
PetroGulf agreed to purchase a Nordic rig from U.S. offshore drilling contractor Transocean Inc., the Kuwaiti firm said in a filing to the Kuwait Stock Exchange today.
Sunday, May 25, 2008
Transocean Sells Another Ultra-Shallow Asset
PetroGulf of Kuwait Buys Transocean Nordic Rig for $170 Million
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4 comments:
THE TREND IS CLEAR: EVERYBODY IS HEADING TO DEEPWATER
Big operators, like Transocean, don't mess around with peanuts. They go after big oil plays, where their large investment will pay off.
Transocean is not alone in this regards. Clearly, the oil industry is reacting to the shock wave washing over them from the flurry of news coming off the coast of Brazil.
There are huge petroleum deposits to be found. Deposits that can't be satisfactorily explained by "fossil" theory.
The irony is that all the reasons the ultra-deep crude oil is hard to "lift": Extreme depth below the seafloor, 500 degrees Fahrenheit, tremendous pressure, a salt barrier; these are the same characteristics that "fossil" theory said were impossible for oil to exist in or form under.
Where "fossil" theory said crude oil couldn't be found is producing the biggest oil plays.
Clearly, "fossil" theory is played out, and washed up.
Abiotic oil theory is driving the petroleum exploration and production market.
The real question is how long will "fossil" theory geologists hold onto a theory increasingly being eclipsed in the scientific realm, and out in the oilpatch?
For their own sakes, oil geologists need to let go of that old bone, before people say, "that dog won't hunt no more."
You know what happens to dogs that won't hunt no more, in a competitive business?
MARS: EXPLORATION LOOKING FOR SIGNS OF LIFE; WILL IT FIND SIGNS OF ABIOTIC METHANE INSTEAD?
References,
Spacecraft Reveals Look at Mars' Polar Region,
(AP) May 26, 2008.
Scientists Prove Hydrocarbons are Abiogenic, February 2, 2008, Comment #7, Earth, Titan, and Mars, the Abiotic Link, (OIM) Oil is Mastery, 4/28/08.
It has been argued in this space before that Mars' huge "canals" and other features that suggest large bodies of water once existed on the planet's surface, may, rather, be evidence that liquid methane was expelled from cryogenic "volcanoes" or vents. Please see OIM (Oil is Mastery) post, Scientists prove hydrocarbons are Abiogenic, Comment #7, Earth, Titan, and Mars, the Abiotic Link, 4/28/08.
The NASA spacecraft that landed yesterday, is looking for carbon and hydrogen, as evidence of life on Mars, whether past or present. Also, "Phoenix" is searching for water that is believed to be just below the surface in the polar regions. Phoenix landed in the Northern polar region.
Here's to the quest for discovery of new scientific understanding of Mars and the other celestial bodies in our solar system. Scientific understanding thrives on the journey into the unknown.
But just as important is the need to be open-minded when gathering new data.
Will Phoenix find water just below the surface? While this is generally assumed, scientific evidence has been scanty to support this assumption. And, if water is not found, what will it mean? Will the scientists cast their thought to other possibilities? Such as the possibility that liquid methane carved the features we see today on the planet's surface, much like the observations of Titan, where lakes of methane have been observed, most likely emitted from cryogenic vents or "volcanoes."
Mars is much smaller than Earth, therefore, less pressure and heat would be present in its mantel. Could it be that conditions in the mantel were such that liquid methane was the primary chemical compound that was produced, and the higher molecular compounds of the carbon-hydrogen suite never were produced.
As we know, Titan has literally "oceans" of methane, so this senario is not as far-fetched, as people might think.
Are the scientists prepared to consider possibilities that go beyond their preconceived notions?
And, should Mars eventually be determined to have abiogenic processes (if extinct and from long ago), much like present day Titan, doesn't that make it that much more likely, that Earth has abiogenic processes, too?
What does seem quite clear is that abiogenic processes are not unique or rare in the solar system, so far, they are the rule, rather than the exception.
Why do we, humans, seek out new knowledge on far-away planets? Truth for its own sake, surley, but also it gives us new insight about our own planet Earth.
May further exploration of the planet Mars continue to add to our scientific knowledge, and encourage man to be united in the bond of that common understanding.
So far, everything we have learned about meteorites, planets, and moons have confirmed the science of abiotic oil theory.
That's a good track record in anybody's book.
WHY ARE METEORITES, MOONS, AND PLANETS IMPORTANT TO ABIOTIC OIL THEORY?
References,
Chicago Journals - The Astrophysical Journal,
Infrared Spectoscopy of Diamondoid Molecules: New Insights into the presence of Nanodiamonds in the Interstellar medium,
Olivier Pirali et al., June 1, 2007.
Oil Is Mastery post, Zack's Bullish On Halliburton, May 13, 2008, Comments #1-5, Diamond Fingerprints Prove Abiotic Oil, et al., May 13-22, 2008.
Oil Is Mastery post, Barron's: National Oilwell Varco Ranked 3rd, May 12, 2008, Comment #1, The Biomarkers Argument for "Fossil" Theory Falls Flat -- Chemical Elements Identify Oil as from the Mantel, 5/13/08.
Several references have been made in this space to the idea that meteorites, moons, and planets are important to abiotic oil theory.
Why are the above important to abiotic oil theory? The answer is simple. In all three cases, either abiotic processes have been observed, or are suspected, or molecular compounds have been found that are exactly the same as in natural petroleum.
Diamondoids are naturally present in crude oil. Please see the post and comments cited in the references above. Also, it turns out, diamondoids have been found in meteorites and are known only to be produced in ultra-high pressure and temperature. Please see above cited reference.
Meteorites have also been important because so-called biomarkers identified in natural petroleum, as it turns out, are also present in meteorites, thus casting doubt on so-called biomarkers as proof of petroleum's origin. Please see above referenced Oil Is Mastery post.
Moons are important because abigenic processes have been observed on Saturn's moon Titan. Please see direct links at left-hand column, under Hydrocarbon Moon.
And, on Mars there is possible evidence of past oceans of liquid methane on the planet's surface, rather than the commonly assumed water. Please see direct previous comment: Mars: Exploration...
When one puts these pieces of evidence together from the celestial bodies, one is moved to conclude there is a strong indication of a direct link to the geo-mechanics deep in the Earth.
The fundamental nexus is chemical processes that are unleashed under extreme temperature and pressure, as the result of gavitational physics deep in the Earth.
It's not the first time that knowledge of celestial bodies was instrumental in navigating through the unknown here on Earth.
As Europe's voyages of discovery relied on navigation by the stars and the planets.
Perhaps, there is something to learn by that observation.
EXCELLENT ANIMATION GIVES VISUALIZATION OF THE MOON TITAN
Reference,
NASA: The Solar system's Abiotic Petroleum Factory,
J. Hunter Waite, Ph.D.
(Available by direct link at left-hand column under Hydrocarbon Moon
This is a very detailed visual, primarily animated, presentation of Titan and it's abiotic processes. Look over this power point presentation; it's well worth the effort.
This writer wonders if similar processes once operated on Mars.
Ponder the Mars question, if you like, as you go through the presentation.
Titan and man's exploration of it is remarkable.
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