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3
Posted on 5/5/17 at 9:04 am to LSU0358
Shale just pays back faster, much less cost to drill+initial production equal quick ROI. These shale wells die might quick though, that's why the require the rigs.
Offshore is coming back to be able to produce sub $30-40. For instance, Baker Hughes just dropped their Deep Frac process this week at OTC on Monday I think, mentioning $30-40 million reduction in well cost between ability to run 15-stage frac run in 11 DAYS with a max of 20 stages and big time decrease in rig time by saving time on pipeline install and cement jobs. Also, the industry is moving toward standardization of new equipment similar to the shale industry, this massively reduces costs on new rigs. By standardizing equipment BP reduced their cost on the Mad Dog 2 spar rig from $22B to $14B and they are looking to reduce the cost to $10B currently.
Now, most of this decrease in breakeven price is due to increase in subsea tiebacks and step out wells on the same reservoir. Not a whole lot of new exploring which will catch up with us in the next 4-5 years, hopefully shale production will pick up the slack or possibly standardization will help with rig development time reducing overall lead up time to projects coming online.
Offshore is coming back to be able to produce sub $30-40. For instance, Baker Hughes just dropped their Deep Frac process this week at OTC on Monday I think, mentioning $30-40 million reduction in well cost between ability to run 15-stage frac run in 11 DAYS with a max of 20 stages and big time decrease in rig time by saving time on pipeline install and cement jobs. Also, the industry is moving toward standardization of new equipment similar to the shale industry, this massively reduces costs on new rigs. By standardizing equipment BP reduced their cost on the Mad Dog 2 spar rig from $22B to $14B and they are looking to reduce the cost to $10B currently.
Now, most of this decrease in breakeven price is due to increase in subsea tiebacks and step out wells on the same reservoir. Not a whole lot of new exploring which will catch up with us in the next 4-5 years, hopefully shale production will pick up the slack or possibly standardization will help with rig development time reducing overall lead up time to projects coming online.
Posted on 5/5/17 at 10:09 am to TheIndulger
quote:
Yeah that makes sense for a 23 year old to just move to Africa to look for a job
Absolutely. Why not?.
Posted on 5/5/17 at 10:13 am to TheIndulger
Kind of does make sense.
Posted on 5/5/17 at 5:04 pm to TheIndulger
quote:
Yeah that makes sense for a 23 year old to just move to Africa to look for a job
Lol. I think they meant look for a job and be open to a position in Africa.
Posted on 5/5/17 at 6:18 pm to Deactived
Most people that work in Africa work month on month off. Not a bad gig. I had the chance in 2014 to go to Italy and work. Should have taken it. Would have been an awesome experience if only for a few years.
Posted on 5/5/17 at 7:22 pm to Nado Jenkins83
quote:
had the chance in 2014 to go to Italy
And now you'll be in west Texas
Me too
Posted on 5/5/17 at 7:27 pm to malvin
All that Italy work fell through within a year. Should have kept my office job in Pittsburgh. I liked it there
This post was edited on 5/5/17 at 7:28 pm
Posted on 5/5/17 at 7:53 pm to Nado Jenkins83
Yea the job I applied for in Africa was 28/28.
Posted on 5/5/17 at 8:06 pm to Nado Jenkins83
Pittsburgh isn't bad. When I was up there it was Morgantown. That kind of sucked
Posted on 5/5/17 at 8:09 pm to malvin
Yea. Too many jersey kids for me. Miss PNC park and boating on the rivers
Posted on 5/5/17 at 8:09 pm to LSUChamp06
I was a kid during the 80s bust so I really had nothing to compare this to but I never dreamed it would go on this long. I figured two years and something big would happen to the supply side to bring things back in line. Never happened and everybody's still pumping.
This is killing the offshore marine industry too. Lots of guys gave up waiting onshore for a call and left the industry. When/if things pick up, there will be a lot of lapsed licenses.
This is killing the offshore marine industry too. Lots of guys gave up waiting onshore for a call and left the industry. When/if things pick up, there will be a lot of lapsed licenses.
Posted on 5/5/17 at 8:26 pm to Lightning
It seems like most of the major oil companies profits were up for Q1 this year. Not sure if this will continue into Q2. Would be nice if it did and it would probably create new investment spending. I work in the project world and it has been a little lean in the last year or two.
Posted on 5/5/17 at 8:59 pm to Deactived
Posted on 5/5/17 at 9:04 pm to Lightning
quote:
This is killing the offshore marine industry too. Lots of guys gave up waiting onshore for a call and left the industry. When/if things pick up, there will be a lot of lapsed licenses.
Maritime academies have been increasing enrollment(well beyond their capacity) for years so there won't be a shortage from them
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