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Can someone explain the "6-month Drilling Moratorium"?
Posted on 5/28/10 at 9:58 am
Posted on 5/28/10 at 9:58 am
1) Is this thing official?
2) It seems like many of the independent O&G companies that do 100% of their work in the Gulf are basically screwed. Is this correct? The "president" just won't allow them to make revenue for the next 6 months? Will most declare bankruptcy?
3) What about the service companies? Will most have to fire employees and place others internationally?
4) It seems like this could REALLY hurt the gulf coast economies, specifically Louisiana and Texas. Am I correct? I feel like "big oil" cities such as Houston, New Orleans, and Lafayette will REALLY be hurting at the end of something like this.
Thanks in advance, guys!
2) It seems like many of the independent O&G companies that do 100% of their work in the Gulf are basically screwed. Is this correct? The "president" just won't allow them to make revenue for the next 6 months? Will most declare bankruptcy?
3) What about the service companies? Will most have to fire employees and place others internationally?
4) It seems like this could REALLY hurt the gulf coast economies, specifically Louisiana and Texas. Am I correct? I feel like "big oil" cities such as Houston, New Orleans, and Lafayette will REALLY be hurting at the end of something like this.
Thanks in advance, guys!
2
Posted on 5/28/10 at 10:00 am to TammanyMan02
quote:
1) Is this thing official?
yes.
quote:
2) It seems like many of the independent O&G companies that do 100% of their work in the Gulf are basically screwed. Is this correct? The "president" just won't allow them to make revenue for the next 6 months? Will most declare bankruptcy?
america's economy will die rapidly. just watch.
oil and gas companies will be fine. drilling contractors, boats, and service companies will suffer in the gulf.
however, make no mistake, the drilling rigs will go to overseas markets and continue to drill.
This post was edited on 5/28/10 at 10:02 am
Posted on 5/28/10 at 10:06 am to tigerdup07
quote:
drilling contractors, boats, and service companies will suffer in the gulf
I believe this only affects deep water wells. I believe most smaller companies do their work on the shelf (guessing) while the bigger boys venture out. We have slowed some of our operations near there but we have just moved to other jobs further out south west.
This post was edited on 5/28/10 at 10:07 am
Posted on 5/28/10 at 10:12 am to TammanyMan02
Here is a good article explaining what is currently known about it. There are still some issues that need to be cleared up.
LINK
The moratorium is only going to affect 33 rigs working deep water GOM that are not involved with the bp well kill. The two rigs involved with the bp job will not be affected.
The shelf and land will still keep working so a lot of your smaller independents will still be okay.
But don't get me wrong, this is really f'd up and will devestate a large portion of the oilfield. Personally I think service companies will be the hardest hit. Most operators will have to warm stack the rigs working for them to insure they will still be there when the moratorium is lifted. If they don't and cancel their contracts the rigs will go work where they can make money.
LINK
The moratorium is only going to affect 33 rigs working deep water GOM that are not involved with the bp well kill. The two rigs involved with the bp job will not be affected.
The shelf and land will still keep working so a lot of your smaller independents will still be okay.
But don't get me wrong, this is really f'd up and will devestate a large portion of the oilfield. Personally I think service companies will be the hardest hit. Most operators will have to warm stack the rigs working for them to insure they will still be there when the moratorium is lifted. If they don't and cancel their contracts the rigs will go work where they can make money.
Posted on 5/28/10 at 10:13 am to tigerdup07
quote:
oil and gas companies will be fine. drilling contractors, boats, and service companies will suffer in the gulf.
however, make no mistake, the drilling rigs will go to overseas markets and continue to drill.
Rosetta Stone's Portuguese program's sales have probably gone through the roof.
Posted on 5/28/10 at 10:14 am to creoleLSUfan
The purpose of the Moratorium is to drive the price of oil & gas up. 
Posted on 5/28/10 at 10:14 am to bigwheel
I'll take it.
Posted on 5/28/10 at 10:27 am to creoleLSUfan
quote:Umm... GOM rig count was 48 last week. LINK Cutting 33 of them is kind of a big deal.
The moratorium is only going to affect 33 rigs working deep water GOM that are not involved with the bp well kill.
Posted on 5/28/10 at 10:46 am to Taxing Authority
I didn't mean to make it sound like it wasn't a big deal. I meant "only" as in not including the shelf. And the rig count we were referencing yesterday actually showed 35 active in the GOM. Active as in either drilling, completeling, or workover. Trust me I see how big of a deal it is.
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