First Ladies of O&G

Posted in Uncategorized with tags , , on July 13, 2012 by amandarandjtech
First Ladies of O&G: Frontline Females Retrace Steps Forward
by  Robin Dupre
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Rigzone Staff

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Thursday, July 12, 2012

First Ladies of O&G: Frontline Females Retrace Steps Forward

In the southern part of the United States, past the bayous and swamp lands, lies an offshore world that was once only too familiar to men. An offshore oil rig is home, for a short period of time, to many men and women working in the energy industry.

These cramped quarters, where men and women live together for weeks at a time forces them to mesh, complement and live as one. But what many newcomers fully don’t comprehend is what it took – mistakes, experiences and life changing events – for the gender differences to become obsolete in the eyes of the roustabouts and roughnecks manning the drill.

“I have no clue what it is like for women in the oil field today,” stated Martha Scott, a retired oil rig worker. “For me, one of the female pioneers in the oil field, I believe it could be summed up as respect and forgiveness. It was new for all of us… and there needed to be a respect to the new ground that we were treading, as well as forgiveness for transgressions that might occur while learning the way of this new path.”

In 1964, the federal government passed the Civil Rights Act  prohibiting employment discrimination based on race, color, religion, sex and national origin. A year before, the Equal Pay Act of 1963 was entered, protecting men and women who perform substantially equal work in the same establishment from sex-based wage discrimination.

These two laws helped pave the way for Martha Scott and Valerie Hensley, two best friends that met on an oil rig in a male-dominated industry with the same goal in mind – to make a good living working hard in the oil and gas industry, just like everybody else.

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Crude Oil Settles up on Hope of Fed Stimulus

Posted in Uncategorized on June 15, 2012 by amandarandjtech
by  Dow Jones Newswires
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David Bird

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Thursday, June 14, 2012

Original article found here

Crude oil futures prices rose 1.6% Thursday, settling near $84 a barrel, amid fresh hopes of a new move by the Federal Reserve to stimulate the U.S. economy.

Oil prices recovered from eight-month lows and day earlier, moving higher in line with equities, after the Labor Department said the U.S. consumer price index fell in May for the first time in two years and that new jobless claims rose for fifth of last six weeks.

Phil Flynn, oil analyst at Price Futures Group, said, taken together, the latest data “seems to be begging for more” economic stimulus moves by the Fed, which he said, would pump up oil prices.

Fed Chairman Ben Bernanke said last week the central bank was “prepared to take action” if the economy deteriorates, given the “subdued” inflation outlook. But he said the Fed was still assessing the situation ahead of next week’s policy meeting.

Light, sweet crude oil for July delivery on the New York Mercantile Exchange settled 1.6%, or $1.29 a barrel, higher at $83.91 a barrel, the highest level since Friday.

ICE July Brent crude oil expired down 10 cents at the settlement, at $97.03 a barrel, was 2 cents lower at $97.11 a barrel. That drop marked the fourth straight day that front-month Brent prices settled at the lowest level since January 2011. August Brent settled up 45 cents, at $97.17 a barrel.

Global benchmark crude oil prices were mixed and swinging on either side of unchanged for much of the morning, awaiting developments from the oil output policy meeting of the Organization of Petroleum Exporting Countries.

OPEC formally announced in late trading it was keeping its leaky output ceiling of 30 million barrels a day in place, and said members had made commitments to cut some 1.6 million barrels a day of output to reach that level.

But traders were skeptical that Saudi Arabia, the world’s biggest oil exporter, would cut output significantly or swiftly, given the fragile state of the global economy. Saudi Arabia, in recent months, boosted its output sharply to 10 million barrels a day to cover a potential shortfall of Iranian crude due to stricter sanctions and to bring down soaring prices that threatened the global economy.

Saudi Arabia Oil Minister Ali Naimi said ahead of the talks that his country was meeting customer demand for oil and would continue to do so.

The output cap “doesn’t necessarily have any bearing on the question of actual production,” said Tim Evans, analyst at Citi Futures Perspective. “Whatever language they use in their statement, we’ll have to wait for actual data to see how they perform.”

Gene McGillian, a broker and analyst at Tradition Energy, said he expects U.S. crude oil prices to hold between $80 and $85 in the near term. “The market is catching its breath after the eight-month lows, but I’m not seeing strong enough signals to see a market bottom,” he said. Mr. McGillian said the Greek election results this weekend could determine whether the struggling nation exits the euro and set the course for European and global economies, and thus demand for oil.

Reformulated-gasoline-blendstock futures for July settled 2.10 cents higher at $2.6764 a gallon. July heating oil settled up 1.69 cents, at $2.6278 a gallon.

 

Copyright (c) 2012 Dow Jones & Company, Inc.

USA Drilling Rig Report

Posted in Gas Industry, Oil Drilling with tags , on June 8, 2012 by amandarandjtech

Please see site for updated detail list of rigs

As of May 25, 2012, there are 1,983 rigs in the USA, a change of 136 added since this time last year.  Please visit the link above for a detailed listing of these rigs.  We’re very excited to be a part of such a strong and constantly growing industry.

Williston in the News

Posted in Gas Industry, Oil Drilling with tags , , , , on June 1, 2012 by amandarandjtech

Williston has made the news yet again!  To check out the recent local Utah news story, follow the link below. 

  http://www.kutv.com/news/top-stories/stories/vid_598.shtml

Hiring Warehouse Clerk!

Posted in Oil Drilling with tags , , , on May 22, 2012 by amandarandjtech
We’re hiring! Have you heard the buzz of what’s going on in Williston? Have you wanted to get involved but haven’t known how? Well fantastic news!! R & J is hiring for a Warehouse Clerk position. MUST have previous experience. Housing option available, top pay and benefits, and a chance to see what the hype is all about. Qualified individuals can apply directly through our website at www.powerprosusa.com.

Can the U.S. Be Energy Independent?

Posted in Gas Industry, Oil Drilling with tags , , , on May 11, 2012 by amandarandjtech
by  Karen Boman
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Rigzone Staff

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Monday, May 07, 2012

 

As the United States finds itself with abundant natural gas supply and growing domestic oil production, the phrase ‘energy independence’ has become the new buzzword of politicians and oil and gas industry officials.

According to a recent Raymond James report, the United States could achieve energy independence by the end of the decade, Dow Jones reported in early April.

But can the United States truly become energy independent?

In the short to medium term outlook for oil, the United States effectively has no chance of becoming energy independent, said Dr. Michael Noel, senior vice president of Edgeworth Economics.

“Right now, we import so much oil because it’s cheaper to do so,” Noel said. “To forego a cheaper source of oil and replace it with a necessarily more expensive source generally does not make economic sense.”

The argument for energy independence implies that the Unites States should always pay a premium on energy to avoid Middle East oil instead of just a premium when price shocks coming from the Middle East cause price spikes in the United States.

“It’s an expensive insurance policy and that’s why we still use Middle East oil,” Dr. Noel commented, adding that, as long as the United States uses oil to a certain degree, the United States will always be subject to global oil shocks.

Currently, 20 percent of oil imported by the United States comes from the Middle East and 40 percent from OPEC member countries. Canadian oil comprises 20 percent of U.S. imports and is expected to keep growing. Ten percent of U.S. oil imports come from Mexico; the amount of oil imported continues to fall.

Even if the United States imported all of its oil from friendly countries such as Canada, a supply cut in the Middle East would mean customers in this region would need to source oil from somewhere else, bidding up the price of oil and drawing supply from Canada and other friendly countries. As a result, U.S. customers would be impacted with higher prices.

“The domestic price of oil will reflect the world price of oil, so thinking that more domestic drilling will bring domestic oil prices down is a bit naïve,” said John Z. Wetmore, producer for “Perils for Pedestrians” Television, a television series that examines the issues affecting people who walk.

Additionally, the faster the United States pumps its domestic reserves out of the ground, the sooner it will exhaust them and be even more dependent on foreign supplies, Wetmore commented in a statement.

Assertions by some politicians that U.S. energy independence means the U.S. will not have to send its troops over to the Middle East are not accurate, given the United States support of Israel.

“There is still going to be some involvement, given that a number of Muslim countries don’t like its existence,” Noel said.

“Energy independence doesn’t mean we’ll abandon our friends and allies around the world,” said Mike Amman, a Florida-based business finance and technology consultant. “Isolationism isn’t the answer, we’re joined at the hip (or at the wellhead) to the rest of the world, like it or not.”

The outlook is not good for cheap gasoline, given worldwide demand for oil. Wetmore noted that China is now a larger automobile market than the United States and India.

Other countries are trying hard to catch up with United States’ driving habits, Wetmore commented.

“Four dollars will look cheap when the world economy recovers,” said Wetmore. “It would all be more tolerable if we designed our cities and towns with more transportation choices, so we didn’t have to burn gasoline every time we made any trip for any purpose.”

Chris Nelder, an energy expert who has written numerous articles in the topic of Peak Oil, said that existing data doesn’t support the idea of the United States being energy independent.

Nelder questions whether production forecasts for unconventional oil plays such as the Bakken are feasible, and notes that Mexico’s production has been in long term decline.

While tight oil wells have huge initial production rates, they decline sharply in six months times. Tight oil production will also not work with lower oil prices.

“To be energy independent, we would have to produce about 9 million barrels of oil per day (bopd) from wells that give you 100 bopd,” Nelder noted, adding that oil prices need to stay above at least $85 per barrel to sustain production.

However, higher oil prices have also bolstered gasoline prices, and as U.S. consumers struggle with $4/gallon prices, they start to drive less, which kills demand. Oil production needs to remain on a narrow ledge to keep production flowing, and the incredible price swings to above $100 and below $85 impact supply.

“In that narrow band, do we really think it’s possible that for another decade we can drill thousands and thousands of wells?” said Nelder.

To keep output flat, the U.S. would have to draw down its oil resources more quickly, Nelder commented.. By 2030 and 2040, over two-thirds of the world’s oil fields will be in terminal decline. At that time, the United States will face difficulties in importing oil from anywhere.

“From that point, we’re going to need our domestic resources,” said Nelder. “We could actually be shooting ourselves by trying to achieve energy independence.”

Promise of Natural Gas?

The United States already is energy independent in natural gas, said ConocoPhillips Chairman and CEO James Mulva at a recent conference.

Energy industry leaders such as T. Boone Pickens and Robert Hefner are calling for greater use of natural gas in the United States in transportation.

Nelder thinks that T. Boone Picken’s plan to convert fleet vehicles to run on compressed natural gas makes a lot of sense, but worries that the deluge of natural gas that as resulted from the shale gas rush means that no companies can make money on natural gas.

The land rush mentality that ensued since late 2010 resulted in companies buying up a number of properties and drilling. A lot of gas is being flared, and plans have been proposed to convert liquefied natural gas import terminals constructed in the United States into export terminals.

Nelder said he thinks that the United States shouldn’t get crazy about exporting LNG until the United States really knows what it has in terms of supply, noting that the 100 years of natural gas supply in the United States hasn’t been proven and is highly speculative.

The United States already uses gas that is the equivalent of 11 million barrels of oil per day and faces the serious risk of finding itself faced with very expensive gas if gas use increases and LNG is exported.

A number of shale gas producers such as Chesapeake Energy have taken on a lot debt to acquire shale gas properties, thinking they can flip the leases. But these companies face the real possibility of going bankrupt when buyers start to question whether the can profitably produce gas, Nelder noted.

 

Original article found here

Mr. President, Now That We Need It, Give Us Our Oil Back

Posted in Gas Industry, Oil Drilling with tags , , , , , on April 13, 2012 by amandarandjtech

Raymond J. Learsy

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Columnist

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Friday, April 13, 2012

  • Iran is cheering
  • Speculators are profiting
  • Oil producers celebrating
  • Our nascent economy tottering
  • Household budgets being ripped apart
  • Home owners in Maine freezing

You are sitting on some 700 million barrels of oil in our Strategic Petroleum Reserve (SPR) bought and paid by both the 99% and even the 1%.

Here we are living an economic and political emergency while the tool we have to deal with this issue remains untapped.

A reasonable release from the SPR would immediately drop the price of oil significantly and in turn keep gasoline prices from rising further in the months ahead and very possibly keep the economic recovery on track. In June 2011, when the Department of Energy announced it would be releasing 30 million barrels of oil, the price of oil dropped almost immediately by $4.00/barrel (“White House to release 30M barrels of oil” Politico 06.23.11) sending the speculators running for the hills.

Back then when the release was announced Speaker of the House John Boehner bridled:

Everyone wants to help the American people and lower prices at the pump — especially now, in tough economic times. And it is good that the Obama Administration is conceding that increased supply will lower those costs. But by tapping the Strategic Petroleum Reserve, the President is using a national security instrument to address his domestic political problems. The SPR was created to mitigate sudden supply disruptions. This action threatens our ability to respond to a genuine national security crisis and means we must ultimately find the resources to replenish the reserve — at significant cost to taxpayers.

This time around Mr. Boehner and everyone else should understand high, ever higher, oil prices are Iran’s most effective weapon. It will help the mullahs realize the cash flow they need to maintain their authoritarian rule while playing nuclear roulette. Embargoing swaths of their oil exports will have little or no impact if their saber rattling, together with the help of the oil speculators, pushes oil prices to ever higher highs.

Mr. President, pull the plug on the SPR now, and let the oil flow.

Raymond J. Learsy is the author of Oil and Finance: The Epic Corruption Continues and Over a Barrel: Breaking Oil’s Grip on Our Future. He has worked as a commodities trader, private investor and is currently a member of the Woodrow Wilson International Center for Scholars. Learn more at www.raymondlearsy.com.

Original article found here