Slim in…for good?

Oil and gas explorations remain sluggish and failing to rebound as expected. At $40+ a barrel and positive market indicator would historically promote conditions for the industry to recover, however there has been no indication of a recovery to speak of. The new normal seems to be a slim, budget conscious, and efficient industry soup to nuts.

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The Eye in the Sky

The use of drones are being utilized in various industries all the time, from the military to recreation, but could we see the use of drones in the oil and gas industry? Of course, the drone model DJI M300 is used quite frequently in refinery inspections. “The accuracy of measurement increases with every new DJI drone model” says, Italian Engineer and spokesman, Flavio Dolce.

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Are We Nearing The End Of Oil & Gas Exploration?

Volatility in investing in oil and gas is nothing new, but the COVID-19 pandemic-driven demand destruction is forcing oil and gas companies to reassess the value of their biggest assets, proven reserves. Oil and gas companies have historically held faith in their reserves even during energy downturns, but this time feels different, and oil executives are starting to prepare themselves for large amounts of their oil and gas reserves to become totally worthless.

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The Peak of Hurricane Season

Hurricane season generally lasts from June 1st through November 30th. Typically, we will not start to see its impact until August which will usually peak into September. Why is this important to know and how does it pertain to the energy industry? In the past, hurricanes have caused billions of dollars’ worth of damage especially along the gulf and Atlantic coastal regions. Its storms impact the infrastructures, power grids, as well as the production of offshore drilling, which can cause major fluctuations in the oil and gas industry.

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Sour Vs Sweet

A few days ago, the Maran Apollo, a 1,100-feet long oil tanker, left the U.S Gulf of Mexico for the Chinese port of Rizhao hauling a cargo of two million barrels of U.S. crude. Sitting for almost two months, the supertanker held demand-less crude during the coronavirus outbreak. This crude sitting on the tanker is known as medium-heavy sour crude and is now in high demand because of its higher content in sulfur and denseness. Sour crude is typically from Canada and the U.S. Gulf Coast whereas West Texas Intermediate (WTI) is a “sweet” crude oil. WTI, which is typically lighter and is less expensive to produce. Known as “sour” which is typically undesirable for both processing and end-product quality, it’s the kind of oil that Saudi Arabia and its allies produce. Urals of Russia and Arab Light from Saudi Arabia are normally two of the most widely consumed in today’s market, but crude is in increasingly short supply due to record output cuts by the two nations and their allies.

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ICS Attacks in the Oil and Gas Industry

As global terrorism increases, the attacks on oil and gas facilities are at an increase as well. Cyber-attacks on the Industrial Control Systems (ICS) are on the rise. ICS’s can be anything from computer software all the way to the control system that regulates the valves on a pipeline. If a system is compromised, it has the ability to delay operations causing a significant loss for the company.

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Here’s to a Successful 2019

We live and work in an area where jobs have been created and sustained through the rapid increase of shale production.  “Pennsylvania’s abundant energy resources have spurred economic investment and brought jobs to the state. Studies have tallied nearly 322,600 jobs in Pennsylvania that provide nearly $23 billion in wages to Pennsylvanians.”[1]  The numbers of created jobs are exciting for growth in Pennsylvania, but the state’s average poverty level still sits around 12.9%.  According to the U.S. Census Bureau, Washington and Greene counties have poverty levels of 10% and 15.3% respectively.  In two of the counties thriving from shale exploration, the poverty levels are still hovering around the state average. 

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