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Started By
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re: 6 oilfield baws laid off in my building today.
Posted on 8/30/18 at 3:04 pm to roguetiger15
Posted on 8/30/18 at 3:04 pm to roguetiger15
quote:Wrong Morgan baw.
morgan stanley baw
1
Posted on 8/30/18 at 3:09 pm to Count Chocula
quote:
Recent shifts in underlying economics and timing indicate that things might finally be changing for the better, leading to more offshore activity.
LINK
quote:
Shell’s most recent deepwater development in the U.S. Gulf of Mexico, Vito, will enter the construction phase with a forward-looking breakeven price below $35 bbl., after the company reduced costs by 70% from the original concept.
Kaikias, also in the deepwater Gulf, is another good example of Shell’s strategy. It took approximately four years from discovery to first production earlier this year, a year ahead of schedule. And since Shell took the final investment decision (FID) in early 2017, Shell has reduced costs by around 30%, lowering the forward-looking, break-even price to less than $30 bbl.
Appomattox has seen a similar 30% cost reduction post-FID. And, following the completion of the pre-drill campaign and the sail away of the facility for offshore installation in June, the project is on track to begin production in 2019.
Shell said that over the past two years, the company has reduced unit operating expenses in the Gulf of Mexico by more than 20%. Shell is certainly not alone in this achievement.
Lower development prices, shorter development times, the recent decline in U.S. petroleum stockpiles and strong demand from an expanding economy should increase the pressure to return to the offshore market.
“In an environment in which our customers are experiencing relatively high and stable oil prices, relatively low and declining project cost, and some very real reserve replacement challenges, one can reasonably expect to see additional investments in the offshore market,” Jeremy Thigpen, president and CEO of Transocean Ltd., said in the company’s second-quarter earnings call in July. “And as evidenced by the recent contract awards and the conversations that we’re having with customers around the globe, we are starting to see just that.”
Combined with lower development prices, shorter development times, the recent decline in U.S. petroleum stockpiles and strong demand from an expanding economy, the pressure to return to the offshore market should increase. That bodes well for the offshore service vessel industry, and day rates in particular, especially in light of the recent restructurings that have streamlined the OSV fleet.
Posted on 8/30/18 at 3:28 pm to tgrbaitn08
I know very little about O&G and the recovery or lack thereof but I do know that Edision Chouest Offshore has had a bunch of boats stacked in mothballs for the past few years and they are starting to take them out and bringing them into the shipyards to get checked out and put back into service. I have seen large crew boats and work boats/supply boats coming out and going back into service. I also have a friend that works for Grand Isle Shipyard doing oil field construction and fabrication and he tells me that he cannot keep up with the work that has exploded in the past few months.
Seems to me that someone thinks a recovery is in the works.
Seems to me that someone thinks a recovery is in the works.
Posted on 8/30/18 at 3:30 pm to deathvalleygrassmmmm
Freeport isn’t around anymore right? They sold their deep water fields.
Posted on 8/30/18 at 3:32 pm to KG6
I sure hope it comes back around. My father in law was laid off about 2 years ago from being a crane operator in Africa off shore, to know jumping from job to job inland and he can't stand it. Making him highly aggravated all the time.
Posted on 8/30/18 at 3:36 pm to TheIndulger
Pretty sure they are still around. They still have offices here.
Posted on 8/30/18 at 3:41 pm to Kracka
quote:
I wouldn't move there, but it's not really that bad. There is money to be made there, and it's crazy busy there. For someone with no kids or family, it would be foolish to not consider it. Up north too. I went to Midland 3 times a couple years ago, and while it wasn't some metropolitan utopia, it wasn't south central LA either.
I know that Midland is quite remote and I've always been curious about a locale so remote.
I figure that it could still be a great place to live and raise a family. UNLESS I'm wrong because there are not enough human females to approach a decent 50/50 balance.
It the area a huge sausage factory or do they have enough cowgirls to go around?
Posted on 8/30/18 at 3:49 pm to Champagne
Sorry, but I don't know jack shite about Midland.
Posted on 8/30/18 at 4:26 pm to TheIndulger
quote:
Freeport isn’t around anymore right? They sold their deep water fields.
Correct. I work on one of the 3 platforms that was sold. We are now Anadarko.
I believe Freeport still has some shelf stuff. They had no clue what they were doing out here
Basically said "Uh, keep doing what youre doing." We operated just like we were still BP, just had a different logo
This post was edited on 8/30/18 at 4:32 pm
Posted on 8/30/18 at 4:38 pm to TxWadingFool
quote:
Tell them to hook uhauls up to their 250's and head to Midland.
No kidding. I have a friend who used to work in offshore drilling off the coast of West Africa. That dried up and he and his family made the move to Midland last week for work.
Posted on 8/30/18 at 4:53 pm to Champagne
quote:
t the area a huge sausage factory or do they have enough cowgirls to go around?
I think you know the answer to this. You move out as a single man and you’re going to be fighting for the few female engineers or field engineers around there. Otherwise you should just get your experience and dart out if you want to settle down
Posted on 8/30/18 at 4:57 pm to Count Chocula
People lose their jobs and the OT jokes about it
Damn shame
Damn shame
Posted on 8/30/18 at 5:00 pm to Walt OReilly
Fortunately, there were few jokesters.
Posted on 8/30/18 at 5:08 pm to TigerstuckinMS
I’d have to be pretty hungry to move to midland
Posted on 8/30/18 at 5:10 pm to rowbear1922
Hmm maybe
Posted on 8/30/18 at 5:10 pm to LSU2001
[quote]Edision Chouest Offshore has had a bunch of boats stacked in mothballs for the past few years and they are starting to take them out and bringing them into the shipyards [/quote
A baw I know who is an offshore utility boat captain who was laid off a couple of years ago was recently called back to skipper a boat that I s being put back into srvice. He's thrilled, he has been working for his brother in law in the construction business and he hated it.
A baw I know who is an offshore utility boat captain who was laid off a couple of years ago was recently called back to skipper a boat that I s being put back into srvice. He's thrilled, he has been working for his brother in law in the construction business and he hated it.
Posted on 8/30/18 at 5:10 pm to Champagne
quote:
huge sausage factory
pretty much. i couldnt do it. took a job in houston for less $$$
Posted on 8/30/18 at 5:35 pm to Nado Jenkins83
I’ll put this here, Pittsburgh is cool.
Old city, lots of green space in the city. It’s dirty like a city, but clean.
Parks and trails everywhere, Schenley Park is awesome.
I moved to Shadyside, central location not far from downtown. I have two rabbits that live in my yard and saw three deer one morning a few blocks away. Highly recommend if you have the opportunity.
Old city, lots of green space in the city. It’s dirty like a city, but clean.
Parks and trails everywhere, Schenley Park is awesome.
I moved to Shadyside, central location not far from downtown. I have two rabbits that live in my yard and saw three deer one morning a few blocks away. Highly recommend if you have the opportunity.
Posted on 8/30/18 at 5:38 pm to StickD
I would move there in a heartbeat if I could. What’s the job outlook for petroleum engineers over there? Always seemed kind of bleak since it’s mainly gas, but they still have a lot of activity
Posted on 8/30/18 at 5:44 pm to Fourteen28
Midland is bad enough, but it is 10X better than Odessa. That's not saying much, though
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