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Posted on 11/13/17 at 3:07 pm to Brazos
Brazos, I knew it was only time before someone responded to my post because I clearly believe oil is on the way out but also clearly believe gas is on the way in. The original poster was referencing the gulf which is heavy downstream oil and why I answered yes. Gas doesn't do much for offshore oil platforms, supply vessels, rig workers, or offshore service companies which litter the gulf and have been the main economy for areas like Morgan City, Houma, Lafayette, and New Iberia areas. So to clarify my answer, oil is done with no signs of it ever coming back to anywhere near where it was. I believe the way things are right now is the new normal for oil.
Gas is great on the upstream side of production as all the plants are investing billions to have the ability to process it. The problem is we have so much of it, there isn't any money in the downstream end, especially in the gulf region.
The only shale play in our region is the Tuscaloosa Shale which is way to expensive to go after right now. Oil needs to be in the 90 dollar a barrel range for that to ever happen. The only affordable shale plays are in the northern states which can compete at 50 dollar a barrel oil. Some parts of texas being eagle ford and haynesville have slowed down tremendously as they are still too expensive to compete. Oil needs to be around 60-70 for those to start kicking back up again.
Long story short, downstream anything for oil and gas are going to be very very slow. Upstream processing of gas is they only thing going right now and will be for a while.
Gas is great on the upstream side of production as all the plants are investing billions to have the ability to process it. The problem is we have so much of it, there isn't any money in the downstream end, especially in the gulf region.
The only shale play in our region is the Tuscaloosa Shale which is way to expensive to go after right now. Oil needs to be in the 90 dollar a barrel range for that to ever happen. The only affordable shale plays are in the northern states which can compete at 50 dollar a barrel oil. Some parts of texas being eagle ford and haynesville have slowed down tremendously as they are still too expensive to compete. Oil needs to be around 60-70 for those to start kicking back up again.
Long story short, downstream anything for oil and gas are going to be very very slow. Upstream processing of gas is they only thing going right now and will be for a while.
Posted on 11/13/17 at 3:50 pm to fareplay
The number of rigs exploring for oil and natural gas in the U.S. increased by nine this week to 907. Louisiana's tally was unchanged for the week at 58, but up from 48 a year ago.
The U.S. count is up from the 568 rigs that were active a year ago. The count bottomed out in May of 2016 at 404.
Houston oilfield services company Baker Hughes said Friday that 738 rigs sought oil and 169 explored for natural gas this week.
Among major oil- and gas-producing states, Oklahoma gained six rigs; New Mexico, four; and Alaska and Utah, one each.
Texas lost two rigs and West Virginia decreased by one.
Arkansas, California, Colorado, Louisiana, North Dakota, Ohio, Pennsylvania and Wyoming were unchanged.
The U.S. count is up from the 568 rigs that were active a year ago. The count bottomed out in May of 2016 at 404.
Houston oilfield services company Baker Hughes said Friday that 738 rigs sought oil and 169 explored for natural gas this week.
Among major oil- and gas-producing states, Oklahoma gained six rigs; New Mexico, four; and Alaska and Utah, one each.
Texas lost two rigs and West Virginia decreased by one.
Arkansas, California, Colorado, Louisiana, North Dakota, Ohio, Pennsylvania and Wyoming were unchanged.
Posted on 11/13/17 at 4:18 pm to fareplay
The last 3 Presidents have been lobbying for the switch to clean energy. I'm not sure why anyone would imbed their career in O&G... Maybe I just pay too much attention??
Posted on 11/13/17 at 4:33 pm to NikeShox
Because it will take 6 or more additional presidents before the world has the technology to be full clean energy capable. The gap is natural gas.
In the 1980’s the world was led to believe that we were 10 years away from electric cars for everyone.
In the 1980’s the world was led to believe that we were 10 years away from electric cars for everyone.
This post was edited on 11/13/17 at 4:36 pm
Posted on 11/13/17 at 5:21 pm to fareplay
quote:
With its largest consumption: transportation, moving towards electric, is the O&G dollars gone? I see chevron laying people off left and right and wondering if this is the end to the hard working baws in the gulf coast and the start of a migration towards the west and east coasts.
Its dead in South Louisiana and Offshore shelf. West Texas is blowing and going
Posted on 11/13/17 at 5:24 pm to Double Oh
There's been a slight offshore uptick in the last few months.
Posted on 11/13/17 at 6:10 pm to Double Oh
quote:
Offshore shelf
It’s not, in fact is busier than this time last year
Posted on 11/13/17 at 6:46 pm to Bazzatcha
It appears as if the haynesville activity is increasing with drilling and the re-fracs of older wells with new spacing. Lots of work in N La
Posted on 11/13/17 at 6:49 pm to NikeShox
The cleanest would be natural gas for the time being. Coal powered plants need to be converted to nat gas. Lots have been so far. The quality of east Tx coal is so bad that the are receiving coal from Colorado. How is that cost efficient in one of the oldest/largest gas fields on the continent?
Posted on 11/13/17 at 6:49 pm to fareplay
How do you think electricity gets made?
Posted on 11/13/17 at 6:56 pm to Pueblo Battle
hoping this picks back up soon or i wont be doing this much longer. West texas sucks. At least i dont live here
Posted on 11/13/17 at 7:04 pm to Nado Jenkins83
Who you working for and what is your expertise?
Posted on 11/13/17 at 7:04 pm to fareplay
quote:
With its largest consumption: transportation, moving towards electric, is the O&G dollars gone?
Posted on 11/13/17 at 7:05 pm to Pueblo Battle
quote:
The cleanest would be natural gas for the time being. Coal powered plants need to be converted to nat gas. Lots have been so far. The quality of east Tx coal is so bad that the are receiving coal from Colorado. How is that cost efficient in one of the oldest/largest gas fields on the continent?
That’s nothing. The Bonaza Power Plant in NE Utah sits square in the middle of a developed natural gas field. There are literally gas pipelines running all around it and they bring in coal by rail to power it.
Posted on 11/13/17 at 7:05 pm to fareplay
Got a good job baw , we cleanin dem holes out
Posted on 11/13/17 at 7:07 pm to Pueblo Battle
12 years in directional drilling. Im 34
Posted on 11/13/17 at 7:15 pm to dpd901
quote:
It will be in the next 20-30 years for sure..
Yet Tesla can't even come close to production targets laid out on last quarters investor call.
Posted on 11/13/17 at 7:19 pm to fareplay
There's miles and miles of pipeline pipe stacked in between Monahans and Kermit,Texas. Three different lines going in on the ROW I'm working on.
Lay that pipe, baw!
Lay that pipe, baw!
Posted on 11/13/17 at 7:40 pm to The Torch
When there are 8,500,000,0000 people in 2030 do you think they will all travel via electric vehicles or ICE vehicles. Every well is experiencing declining production. Billions of projects have been cancelled. My guess is oil will go up starting second half of 2018.
Remainder of this year:60
1st half 2017: 60-70
2nd half: 70-75 with an increase in hiring and day rates
Remainder of this year:60
1st half 2017: 60-70
2nd half: 70-75 with an increase in hiring and day rates
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