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"Unfortunately, deaths of two workers in the Abkatun A platform accident are confirmed," the company wrote in a post on its official Twitter account.
Source: Our Windsor
Every desk in the Alberta Works employment centre in Fort McMurray is occupied by noon on a Monday, with several more people waiting on the periphery for a chance to log on to the computers and scan a slim list of job prospects.
Some 400 people walk through its doors every day, including labourers, cleaners, bus drivers and trades people. More recently it also includes engineers and other professionals, says acting director Samra Ilyas.
Source: IBN Live
Of all the decommissioning over the next 25 years, more than half is likely to take place between 2019 and 2026. The estimate, from Douglas-Westwood, takes account of the fall in the price of oil. Crude prices have plunged around 70 per cent over the past 18 months to around USD 35 a barrel.
The estimate said this will result in many oil fields in UK waters, including the North Sea, becoming uneconomic. Another consultancy, Wood Mackenzie, reported on Friday that, at recent prices, one in seven barrels of oil being produced in UK waters is at a cash loss.
Source: Arab News
Between October 2014 and November 2015, the number of people on the payroll of oil and gas extraction firms and support services fell by almost 87,000, according to the US Bureau of Labor Statistics (BLS).
But once data on job losses in December and January becomes available, the total reduction is likely to be around 100,000, or 16 percent of employment at its peak.
According to a White House fact sheet, President Obama’s lame duck federal budget proposal will include a $10 per barrel “fee” on oil. The proceeds, some $40 billion a year, would be directed toward a grand “21st Century Clean Transportation System” that includes shoring up the federal highway fund, building mag-lev trains, charging stations for electric vehicles, self-driving cars and other lower-carbon transportation boondoggles.
Congressional leaders have declared the president’s entire budget dead on arrival. But the plan, revealed on Thursday, nonetheless sent perturbations rippling throughout the oil industry. The so-called “fee,” which is just doublespeak for a tax, would at least be levied equally on both dometic and foreign supplies, so as to “ensure a level playing field,” according to a White House official. In a rational world, the White House would strive to tilt the playing field in favor of American companies. But in this case it’s just a relief that the tax wouldn’t be imposed only on domestic oil.
The results came days after Shell sealed a 47-billion-pound takeover of BG Group Plc, which will increase the company's proven reserves of oil and natural gas by 25 percent. While critics questioned the deal because of the plummeting price of oil, CEO Ben Van Beurden compared it to the bold moves that have defined the industry and promised it would rejuvenate Shell.
The BG deal comes as Shell and other oil companies are slashing jobs and postponing investments to adjust the bottom line to the dramatic circumstances.
Intending to financially support both innovation in clean energy and the Highway Trust Fund while incentivizing a move away from the use of fossil fuels, the White House Thursday announced a proposed $10 per barrel fee to be levied on oil companies.
President Obama’s “21st Century Clean Transportation System” proposal calls for increasing investment in clean transportation infrastructure by 50% while reducing America’s reliance on oil. The White House says the plan will reduce carbon emissions, create jobs and expand transportation opportunities like public transit and passenger rail.
According to the statement announcing the fee, the plan calls for investments in clean transportation infrastructure while also “providing for the long-term solvency of the Highway Trust Fund to ensure we maintain the infrastructure we have.”
Asked last night by Lauren Quest, a sophomore at Oyster River High School, if she would pledge to stop accepting money from the fossil fuel industry, Democratic presidential candidate Hillary Clinton said that she is “going to pledge to stop fossil fuels.” But later that evening Clinton told Ella Cederholm, a first year at the University of New Hampshire, that she would continue to utilize fracking as President.
“Pledging to ‘stop all fossil fuels’ is an empty claim when followed by expressing support for fracking. Clinton is still failing to convince voters that she will act on climate injustices and reform the most dangerous and extreme extraction practices,” said Yong Jung Cho, Campaign Coordinator with 350 Action. “With the New Hampshire primary just days away, Clinton needs to do more than make bold claims that she thinks captures what voters want to hear.”
Until this point in the campaign, Clinton has avoided taking a firm position on fracking. As climate concerns increase, 350 Action volunteers and individuals across the country have been pushing the former Secretary of State to lay out exactly how she plans to keep fossil fuels in the ground. Just last week, in response a question about the ongoing Porter Ranch methane disaster, Clinton told a 350 Action volunteer that “unless spills can be prevented it should not go forward.”
A 70 percent drop in crude prices since mid-2014 has affected not only National Oilwell Varco (NOV) but dozens of others throughout North America's oil patches, prompting tens of thousands of layoffs, eroding profits, depleting state and local tax revenue and, in a handful of cases, causing bankruptcies.
As a manufacturer of rig equipment and a designer of robotics for onshore and offshore oil fields, NOV serves as a barometer of oilfield activity, giving added weight to warnings on Wednesday as it reported a quarterly loss.
"We are not planning for recovery in 2016," NOV CEO Clay Williams told investors on a conference call.
"We have geared the company, and will increasingly do so, for a prolonged period of very low activity," Chief Executive Officer Bernard Duroc-Danner said Wednesday in a statement announcing a $1.2 billion loss in the fourth quarter. "We are ready for as protracted a downcycle as markets will dictate."
The oil industry has slashed more than 250,000 jobs and trimmed more than than $100 billion in spending in the last year, with more cuts expected this year. The service providers were the first to feel the pain and have so far contributed the largest chunk of job cuts.
National Oilwell Varco (NOV), a Houston based company, reported on Wednesday that revenues decreased by 60 percent for the quarter and the company recorded $1.63 billion in pre-tax impairment charges, according to a Houston Chronicle article by Jordan Blum.
The fourth quarter losses capped a year where the company fell from a profit of $2.5 billion in 2014 to an annual loss of $767 million for 2015. Total revenue for the year decreased by 33 percent.
Falling oil prices have hit this company particularly hard. “Tumbling oil prices brought capital austerity and sharply lower oilfield activity, which is intensifying as we enter 2016,” said Clay Williams, NOV chairman, president and CEO. “We are well positioned to take advantage of the opportunities we expect to emerge during 2016.”
“Today was difficult. We are grateful for the contributions of our colleagues and friends, and we are dedicated to assisting each affected individual through this transition. No reduction in workforce is easy, but we will not waver from making the tough decisions necessary for the long-term stability of our business,” said David Kimmel, director of communications for SandRidge Energy.
Officials announced that the Oklahoma City workforce at Sandridge dropped from 548 to 376. However, they say Wednesday’s layoff, combined with previous field staff reductions, “as well as natural attrition have reduced the overall SandRidge workforce by 440- from 1,157 to 717 employees.”
March West Texas Intermediate crude CLH6, +5.86% tacked on $1.41, or 4.9%, to $31.33 a barrel on the New York Mercantile Exchange. It briefly took a turn lower to $29.78 after the supply data, then rebounded. Brent crude LCOJ6, +5.47% rose $1.52, or 4.7%, to $34.24 a barrel on London’s ICE Futures exchange.
Builds in crude inventories this time of year are “historically common, but not this big,” said John Macaluso, an analyst at Tyche Capital Advisors.
The Bureau of Safety and Environmental Enforcement (BSEE) said it was aware of a "recurring problem of connector and bolt failures" in components used in risers and underwater blowout preventers used in offshore drilling.
"These failures are of great concern to BSEE due to their frequency and the potential for a catastrophic event," the agency said. In 2012, failures led to a global recall of bolts and a temporary stop to drilling activities, BSEE said.
Among the many ironies attending this boast is its contrast with his 2008 promise to force energy prices to "skyrocket." Obama believed that artificially driving up energy prices was an essential first step toward saving the planet from global warming, or climate change, or whatever qualifies as the politically correct term of the day.
During an interview with the San Francisco Chronicle in early 2008, Obama sketched out his plans to inflate prices using a carbon cap and trade scheme. The Chronicle appreciated that voters would not react well to a candidate who had as a central plank in his campaign platform a plan make their lives more miserable. As such, the editors kept it under wraps until the election was secure.
Obama never got his cap and trade scheme through Congress, but he did do his best to raise energy prices by impeding fossil fuel development. He limited exploration on federal lands and recently banned future coal mining. He slowed and, in some areas stopped, issuing oil and natural gas drilling permits on federal lands.
These are trucks that use fabricated beds and, therefore, they don't come with factory taillights. Well, it seems many of those who work with such machines have decided the best way to ensure the rear lights are fit for the job is to borrow the Dodge Charger's massive, "one-piece" lights.
Sure, this means paying quite a bit more than what you'd have to spend on your average trailer lights, for instance. But they've made it to the internet, right? (welding mask tip to Reddit for the pair of images seen here).
Most of these trucks are used as mobile welding machines, and yet their blue collar aura and the Dodge muscle car taillights seem to make for a perfect match.
"To help individual firms maintain their research and development during this difficult period, I am pleased to announce a further package of support," Scottish First Minister Nicola Sturgeon said in a statement. "Scottish Enterprise [the main economic development agency] is prioritizing $14.2 million to reduce research and development risks and deliver specialist expertise to firms as they seek to take forward new projects."
With financial support in hand, British Prime Minister David Cameron last week said his government was charting a new strategy to maximize economic recovery in the North Sea, where BP said last month it was shedding staff in response to lower crude oil prices.
These figures represent a post-Soviet record and a 1.5-percent increase year-on-year.
Russia has kept increasing its oil production in recent months, battling with other producers to preserve its share of the market as oil prices struck near 12-year lows.
On the heels of its smallest annual profit since 2002, Exxon said it’s curbing its spending on rig leases, floating oil platforms, gas terminals and other projects by 25 percent this year to $23.2 billion, according to a statement on Tuesday. That represents the leanest spending plan since 2007, the second year on the job for Chairman and Chief Executive Officer Rex Tillerson. Share buybacks that cost the Irving, Texas-based company half a billion dollars during the final three months of 2015 also have been suspended.
Tillerson, who reaches Exxon’s mandatory retirement age of 65 in 13 months, has been reducing spending since before the crude-market collapse that began in mid 2014 as the company’s costliest mega-projects were completed. Capital outlays that peaked at $42.5 billion in 2013 have been reduced by 45 percent, according to data compiled by Bloomberg. All of Exxon’s rival super-major oil producers that have disclosed results so far have been bleeding red ink.
“They are actually executing pretty well,” Sam Margolin, an analyst at Cowen and Company LLC in New York, said in an interview after the results were released. “It’s typical Exxon.”
BP plans to shed 3000 jobs worldwide by the end of 2017 on top of previously announced plans to cut 4000 posts.
The latest round of job losses is unlikely to affect the North Sea.
In an official notice filed with the Texas Workforce Commission on Monday, the company said that 164 employees would be laid off as of April 1 — 116 at the downtown Fort Worth headquarters and at an office on Eagle Parkway, and 48 in Glen Rose.
The company told its employees about the layoffs on Jan. 26, David Erdman, a Quicksilver spokesman, said.
Anadarko Petroleum Corp. is bracing for another tough year, with plans to halve its 2016 investment budget, as crude prices slip deeper into a crippling range.
"Greater market dislocation appears likely," Anadarko CEO Al Walker said in a written statement. As if to emphasize the point, domestic crude dropped 6 percent on Monday.
Workers and industry analysts are voicing concerns about oilfield safety as the latest dip in crude prices results in continued layoffs.
West Texas oil patch workers who requested anonymity said they worried about companies operating equipment with understaffed teams, spending less money on protective gear and cutting safety-related positions.
"This is a big concern right now," Kenny Jordan, Executive Director of Houston-based Association for Energy Service Companies, said Monday in a phone interview. "Safety always needs to be a top priority."
A fixed-cutter bit designed to drill tangent, curve and lateral sections in a single run is improving the economics of Eagle Ford wells by cutting trips and bottomhole assembly (BHA) costs. Wells in Atascosa and McMullen counties, Texas, typically require multiple bits plus changes in motor and MWD components to drill all three sections. The costs can be significant. In addition to BHA expenses, a single round trip takes about 18 hours.
A bit was needed that could drill all three sections in a single run using one BHA. A Varel Voyager bit designed for directional drilling was optimized for the task by precisely balancing speed and durability demands in each of the three sections.
In addition to significant time and cost savings, the bit is achieving true “factory drilling” consistency in both drilling time and wellbore quality.
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