US Company Deferring Drilling in the Gulf; Russia Moves In: This is Not Rocket Science -- And China Gets Its First Deep Water Submersible

Gulf of Mexico moratorium lifted? Think again. Yes, the moratorium might be lifted but there is still not a lot of action (nor is much action action expected in the near future); see previous note same subject.

Today we learn that a company drilling in the Bakken, Newfield, will defer its exploratory drilling in the Gulf of Mexico and will start E&P activity in the Marcellus.

The moratorium, however, has not stopped a little company headquartered in Moscow, Russia. JSC Gazprom has acquired a stake in several blocks in the Gulf of Mexico controlled by Cuba.

Blocks 44, 45, 50, and 51 lie 100-200 miles west of Havana and slightly farther southwest of Key West, Florida. The agreement is subject to approval by Cuban authorities.

Gazprom said, “The possibility to work on the shelf of Cuba was initially considered by Gazprom Neft’s board of directors in early October 2010, when the board acknowledged a positive long-term outlook to the company’s activity in this region.”  

Tsk, tsk.

It's interesting to note the date (early October, 2010) when Gazprom noted a positive long-term opportunity in the gulf.

Meanwhile, it's being reported that China took possession of its first deep water submersible. So, while the US shuts things down wherever it can (first the gulf, next hydraulic fracturing?), every other country keeps moving forward.