Tag: drilling

Ultra-Deepwater Rigs are Back

Ultra-Deepwater Rigs are Back

Ben Bernanke, head of the Federal Reserve, went on 60 Minutes over the weekend and talked about a third round of quantitative easing (QE3). I’m of the opinion that you can’t spend your way out of a debt crisis, but Ben believes in “priming the pump” by spending — or loaning to banks, anyway. And by banks, we mean the massive trading companies that got us into this mess to begin with. Bernanke thinks that by giving money to banks so that they can loan it will spur small business growth and other spending… The problem is that money is like your ex-girlfriend; it goes where it is treated best. And right now, the market believes that the commodity super-cycle spurred by emerging market demand and inflationary fears will continue to push higher. Unintended consequences As I write this, oil is running just shy of $90 a 26-month high. Gold popped up to $1,424 — a near record. Silver is at a 30-year high. According to the Associated Press , Bernanke said he hopes the Fed’s bond buying will lower bond yields and encourage investment in stocks, boosting business activity and economic growth in the country. But what is happening is that — at a time when we need inexpensive commodities to lower costs — we have record prices in coal and gasoline will average more than $3.00 a gallon by Christmas. If you remember the sharp rise in commodity prices (most notably oil to $147 a barrel) crushed the U.S. economy back in 2008. The low price of oil ($33bbl) coincided with the bottom in March of 2009. (Oil is black, SP500 is gold in the chart below): The shakeout in commodities also took out a host of highly-leveraged hedge funds as they got crushed with margin calls. The New York Times reported in March 2009 that more than 200 hedge funds went under with losses of $84 billion. In December 2008, I recommended buying four gold companies that were trading at less than cash at the time. This was back when gold miners were sold off to a negative market value during a severe economic crisis, and when the gold price was moving up as a safe haven. That is the power of speculators in the commodities market. And right now, the speculators are being fed free money from Ben…

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Aurizon Mines (AMEX:AZK) Increases Gold Resource Estimate at Hosco Deposit

Filed in Aurizon Mines, Gold, Gold Bullion prices, Hosco by on July 6, 2010 0 Comments

Aurizon Mines (AMEX:AZK) (TSE:ARZ) has increased its gold resource projection at its Hosco deposit, based on infill drill programs in the fall of 2009 and winter of 2010. An estimated increase of 35 percent over the Pre-Feasibility Study of a cut-off grade of 0.5 grams of gold a ton, measured and indicated gold resources rose 446,000 ounces resulted from the drilling. Vice president of

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Safety fluid was removed before oil rig exploded in Gulf

Filed in economy, gld, Gold Spot Market by on May 30, 2010 0 Comments

There was, however, a simpler protection against the disaster: mud. An attorney representing a witness says oil giant BP and the owner of the drilling platform, Switzerland-based Transocean Ltd., started to remove a mud barrier before a final cement plug was installed, a move industry experts say weakens control of the well in an emergency. This article is an earlier article written May 6, 2010. WRH permalink

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Seabridge Gold (AMEX:SA) Begins KSM Drilling

Today Seabridge Gold (AMEX:SA) said it has started to drill at its KSM project in the Stewart, British Colombia, Canada area.KSM, which is 100 percent owned by Seabridge, said the purpose of the drilling will be to convert its existing mineral resources to proven and probable reserves to a larger amount.The Iron Cap zone of the project will also resource definition drilling conducted in it, in

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Vantage Drilling Company (VTG) Reports Higher Net Income in First Quarter of 2010

Filed in Gold Prices by on May 11, 2010 0 Comments

Vantage Drilling Company reported net income of $6.0 million, or $0.03 per diluted share, in the first quarter of 2010. The company earned net income of $2.4 million, or $0.03 per diluted share, in the same quarter of 2009. Although net income for Vantage Drilling Company more than doubled on a year over

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Iran offers to help contain US oil spill

Filed in gld by on May 4, 2010 0 Comments

Press TV | The National Iranian Drilling Company (NIDC) has offered to assist the US in efforts to prevent an ecological disaster caused by the spreading oil spill in the Gulf of Mexico.

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Kodiak (TSX.V:KXL) Grants Option on Roy Property / Drilling Continues at Athabasca Basin Project

Filed in Gold Investing by on March 6, 2010 0 Comments

Kodiak (TSX.V:KXL) Grants Option on Roy Property / Drilling Continues at Athabasca Basin Project Vancouver, British Columbia – March 4, 2010 – Kodiak Exploration Limited (TSX.V:KXL) is pleased to announce that it has entered into an …

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Baker Hughes to Present at the CLSA AsiaUSA Forum

Filed in Gold Holdings by on February 19, 2010 0 Comments

HOUSTON, Feb. 19 /PRNewswire-FirstCall/ Baker Hughes Incorporated announced today that Scott Schmidt, President, Drilling&Evaluation, will present at the CLSA AsiaUSA Forum in San Francisco, CA, on March 1, 2010, at 12:30 p.m. Eastern time .If you Baker Hughes to Present at the CLSA AsiaUSA Forum

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Timor Sea Drilling Update – Lolotoe-1 Well

Filed in Gold Investing by on December 17, 2009 0 Comments

OILEX LTDtimor sea Timor Sea Drilling Update – Lolotoe-1 Well

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Oil, gas companies object to paying higher fee for drilling permit applications

Filed in Debt, Dollar Strength by on November 12, 2009 0 Comments

BLM now collecting higher drilling application fee CHEYENNE, Wyo. — A huge increase in the application fee for oil and gas companies to drill on federal land is unfair and won’t speed up review of drilling permits, industry officials said Wednesday. The $6,500-per-well fee was part of the Interior Department appropriations bill passed by Congress and signed

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IOGCC Selects HARC Program for Stewardship Award

Filed in Uncategorized by on October 13, 2009 0 Comments

The Environmentally Friendly Drilling Systems Program, a collaborative project led by the Houston Advanced Research Center , has been selected by the Interstate Oil and Gas Compact Commission’s Stewardship Award Subcommittee as the winner in the En …

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