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Oil Field Rumblings
Posted on 11/10/16 at 3:57 pm
Posted on 11/10/16 at 3:57 pm
I work for a large oil field services company in the Project Management/Estimating department.
Since the election, less than 48hrs ago, I've received about 10 inquires for new platform projects and about 20 for platform improvement projects. Some on the shelf in the Gulf and some deep water. Let's drill, bitches!
Just goes to show you the immediate affect Trump has had on the economy. Pretty crazy.
Since the election, less than 48hrs ago, I've received about 10 inquires for new platform projects and about 20 for platform improvement projects. Some on the shelf in the Gulf and some deep water. Let's drill, bitches!
Just goes to show you the immediate affect Trump has had on the economy. Pretty crazy.
18
Posted on 11/10/16 at 3:57 pm to ibleedprplngld
Nice! want a job with a construction company out of Metairie?
Posted on 11/10/16 at 3:58 pm to back9Tiger
Can't imagine new drilling with prices per barrel so low. For your sake, I hope so.
Posted on 11/10/16 at 3:58 pm to ibleedprplngld
quote:
Some on the shelf in the Gulf
Please hurry, we are getting killed right now!!! I hope we can hold out long enough to be around for some of these projects.
Posted on 11/10/16 at 3:59 pm to ibleedprplngld
Need to get the Keystone XL pipeline going
Posted on 11/10/16 at 3:59 pm to back9Tiger
Appreciate the offer, but the money in the Oil Field is about to be GOOOOOOOD. haha
Posted on 11/10/16 at 3:59 pm to ibleedprplngld
quote:
I work for a large oil field services company in the Project Management/Estimating department.
Since the election, less than 48hrs ago, I've received about 10 inquires for new platform projects and about 20 for platform improvement projects. Some on the shelf in the Gulf and some deep water. Let's drill, bitches!
Just goes to show you the immediate affect Trump has had on the economy. Pretty crazy.
January was projected as doom and gloom, please let these projects come to fruition.
Was at lunch yesterday and overheard the guys behind me discussing the work for this week. First guy said "we got three this week." Second guy said "three baskets, at least we will have something to do." FIrst guy said "No, three jobs."
Posted on 11/10/16 at 3:59 pm to ibleedprplngld
awesome!
Posted on 11/10/16 at 4:00 pm to Popths
quote:
Can't imagine new drilling with prices per barrel so low. For your sake, I hope so.
Perhaps anticipated lifting of regulatory burdens could make some projects profitable now? I have no clue about the industry.
Posted on 11/10/16 at 4:01 pm to ibleedprplngld
I do oil service stuff and the quote activity has noticeably gone up over the last two days. Today has been wild with quotes.
Posted on 11/10/16 at 4:01 pm to Popths
quote:
Can't imagine new drilling with prices per barrel so low. For your sake, I hope so.
Price doesn't affect construction as much as you would think. There are at least 3 new deep water rigs in process already. One should be completed here in the next 3 months. It's the improvement projects that are more telling of the industries immediate future.
Posted on 11/10/16 at 4:01 pm to Popths
quote:
Can't imagine new drilling with prices per barrel so low
We're going to produce so much oil, no one will make any money off of it!!
'Merica!
Posted on 11/10/16 at 4:02 pm to Popths
I have a few clients that have started investing into new projects. so that once the price gets right they start pumping immediately.
Posted on 11/10/16 at 4:02 pm to Popths
quote:
Can't imagine new drilling with prices per barrel so low. For your sake, I hope so.
Ex oilfield here. While exploration isn't done in a vacuum, the price of oil doesn't necessarily drive the exploration side. They have to drill in a certain time frame to retain a lease regardless of the current price. Granted, if the price is so low they don't have any capital then it's a problem.
A lot of times they will drill and cap off and come back later to complete, produce, or set a platform.
Posted on 11/10/16 at 4:02 pm to ibleedprplngld
I wish this was true.
At best these requests are for budgetary estimates.
What year will these projects go to bid? Much less be built?
The fact is the majors are cash poor right now and are all trying to figure out how to reduce their production costs before Spending anything on capital projects.
At best these requests are for budgetary estimates.
What year will these projects go to bid? Much less be built?
The fact is the majors are cash poor right now and are all trying to figure out how to reduce their production costs before Spending anything on capital projects.
Posted on 11/10/16 at 4:03 pm to back9Tiger
quote:
Nice! want a job with a construction company out of Metairie?
I do
Posted on 11/10/16 at 4:06 pm to TigerFred
quote:
The fact is the majors are cash poor right now and are all trying to figure out how to reduce their production costs before Spending anything on capital projects.
Depends who you define as majors. Shell just invested over 100 million in the pipeline alone for one deep water project set to complete construction in early 2018. Hess will be completing a deep water rig early 2017 with their second on the way. Chevron has one with the pipeline getting the insulation as we speak. Shell has a second 100 million dollar rig in R&D.
Now, companies like Kinder Morgan and Exxon are a snails crawl.
Posted on 11/10/16 at 4:06 pm to TigerFred
Nailed it. This is basically just pure speculation based on the Trump win.
Trump doesn't change supply and demand. We have too much supply or not enough demand at the moment, even if you rescinded every regulation on the book, that isn't going to change.
People are though trying to beat any potential rush on projects that will come to fruition more than two years from now. The Trump win ensures there won't be a moratorium on drilling, so there is less uncertainty in getting bids for long term projects.
Trump doesn't change supply and demand. We have too much supply or not enough demand at the moment, even if you rescinded every regulation on the book, that isn't going to change.
People are though trying to beat any potential rush on projects that will come to fruition more than two years from now. The Trump win ensures there won't be a moratorium on drilling, so there is less uncertainty in getting bids for long term projects.
Posted on 11/10/16 at 4:07 pm to ibleedprplngld
There is no oil supply shortage. More drilling isn't going to help.
Posted on 11/10/16 at 4:07 pm to ibleedprplngld
quote:
Appreciate the offer, but the money in the Oil Field is about to be GOOOOOOOD. haha
Hate to burst your bubble on this one, but until Saudi goes back to May 2014 production levels, any new projects will be limited at best.
Price for unleaded in the NOLA/BR area is about $1.90
WTI is sitting at 44.30 a barrel and the OPEC basket is 41.90.
Prices for both have to be at a minimum of $60.00 for there to be real activity to even begin and the price for a gallon has to be 2.65/2.75
This post was edited on 11/10/16 at 4:08 pm
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