Welcome back to another episode! This week’s episode is our First Friday Q&A for January. You ask the questions and we answer them. Big thanks to everyone who wrote in. If you want to get a question answered for next month’s FFQA, click the link below. Enjoy! Have a question? Click here to ask
Show Notes & Links:
Torchlight Energy was awarded a New Field Discovery designation from the USGS for the Orogrande Basin in West Texas. They have about 150,000 acres out there, and have both oil and gas to the surface. Sounds like they are negotiating with several of the majors, Has there been anything comparable done in recent history? Their geologist is the same geologist that discovered the Wolfbone play, and has described this as a billion barrel find. What could this be compared to, in terms of modern discoveries?
I’m from Guyana, South America. We’ve made 10 discoveries in the last three years and we’re ranked among countries with the most discoveries. As a frontier country there is a lot of excitement and a lot of skepticism (especially by the citizens). My questions:
1. what is Guyana’s impact, if any, in the overall industry?
2. what are important considerations for frontier countries heading into production? Guyana is scheduled to begin production in the first quarter of 2020.
Hey guys, love the podcast. I lead our sales force for Emerson in the Permian and moved to Odessa 5 months ago without a ton of Oil and Gas experience. The podcast has been a great way to get up to speed!
We are very strong in Upstream Oil & Gas as we provide a ton of measurement devices, control systems, and valves to operators in the Permian. We just opened up a great new Service Center where we are providing training and local inventory for the Oil & Gas industry in the Permian Basin.
I know on a recent show you guys mentioned wanting to host a show on the road, would you be interested in doing the show from our new center? We are having a huge grand opening event on March 1st and will be having a cookout in the afternoon. I know you mentioned working on a Permian perspective podcast, this could be a good way to network with the local Oil & Gas workforce in the Permian! Let me know if there would be interest.
Great show! I’ve been listening a couple of years now and am excited every time a show is posted. Just some background… I have 16 years of experience in GIS and data management/research and currently maintain the GIS and data assets for an investment bank here in Houston. I made the move a little over a year ago from a well known operator and have been amazed at the incredible lack of data that various organizations have for land, operations, and marketing that operators have. In fact just before leaving industry, I completed my MBA in which my final project was a change management process to tie land and reservoir engineering into a cohesive dataset that both departments could access and analyze. It’s still hard to believe that with all available technology that data siloing, lack of cross departmental communication, and operators not entirely sure where their leases are located is still such an issue. Do you all see an end to this in the future? Thanks guys and keep up the great work.
I wanted to get both of your thoughts on the potential for the acquisition and development of DUCs in 2019.
DUC totals have been climbing for years, but are at a point where folks in the industry can identify and analyze trends. The data is there to decipher why wells were not completely in a particular play, or by a particular operator, and can paint a more complete picture when compared with existing production. Since the days of “get capital, lease and flip” are largely behind us, do you see a scenario where DUCs could be the blueprint that outline new and/or step-out investment opportunities?
Happy new year Mark and Jake. 2019 is goin to be an exciting year in oil and gas and am looking forward to the many happy hours that lie ahead. i have four questions i hope you don’t mind.
1) I recently had an argument with a friend about which gov’t agency had a bigger control in oil and gas; department of Interior or department of energy. We both agreed to disagree as I think the department of Interior with its various bureau control all sectors of oil and gas?
2)How important and reliable is the USGS to oil and gas do you have any insight on how they collect data and do business because they issued a press release last month with new estimates of 46.3 Billion Barrels of Oil, 281 Trillion Cubic feet of Natural Gas, and 20 Billion Barrels of Natural Gas Liquids in Texas and New Mexico’s Wolfcamp Shale and Bone Spring Formation.
3) recently attended an IT conference and found out that almost 80% of drilling rigs and Frac equipment out in the fields today still run on Windows 7 platform which is very reliable. Microsoft is going to stop support of windows 7 in 2020. Do you stick with the mindset of if aint broke dont’t fix it or make the transition to an unreliable windows 10.
4) Despite the excess amount of natural gas in the US at much lower price much of New England and northeast as of december 2018 still gets its gas supplies from Russia due to factors like Jones Act and absent of pipeline. So will it be illegal for the gov’t to step in and let companies like kinder morgan, enbridge, enterprise to use eminent domain to build these pipeline?
As a Canadian working in this challenging and turbulent environment, what are our thoughts on the Keystone XL pipeline and do you think it will ultimately be constructed considering the many road blocks encountered so far?
Considering your talent shortage prediction, do you think any companies will be open to the opportunity to start actively recruiting from the thousands of talented and highly-skilled Canadians who are struggling to get back into the Canadian oil patch?
Love the podcast. It’s easy to get stuck in my own corner of the industry and lose perspective. The weekly update is fantastic. I love your discussions on the happenings and movers in the industry and the value provided by responsible operators.
We have an internal training/presentation coming up to get some of our non-field and non-technical people more familiar with our business. As a part of this, I’d like to share a segment on environmental-specific advancements and steps the industry has made to make oil and gas a leader in pollution and impact reduction. I wonder if you can point me to some sources to highlight some of these steps the industry has taken and progress made?
Hey Mark and Jake always great listening to you guys. Jake hope you are doing well. Quick question , Am to cement plug an already perf horizontal well. what kind of additives do i need to prevent the slurry from leaking into the formation. So far i only found magnesium oxide which speed up the curing process.
I live in wise country where Devon owns a majority of leases. When the Barnett was booming there were rigs everywhere. Then none for 3 or 4 years. But over the last few months Devon has put an estimated 3 or 4 rigs in the area and have drilled and fractured multiple wells on at least 10 pads probably more. They are all south of Decatur. Any idea what / why Devon is drilling in The Barnett again. The natural gas price hasn’t changed much. And if it was a use or lose lease I would not see drilling 5 + wells per pad. Wondering what they know that the rest don’t.
Thanks for the insightful information you are getting out there and covering every facet of the industry, it helps technical guys like me understand what is going on above ground.
Recently I saw a hedge fund is bidding to purchase QEP for ~$2 billion. What is going on here? I don’t hear of hedge funds coming in to purchase petroleum companies often, is this a new trend, a one-off, or am I just out of the loop?
Weekly Rig Count
As of 12/14/2018 – The American Rig count is 1092 active rigs.
Monthly Happy Hour
Come out and enjoy a cold beer, food will be provided, and network with other professionals in oil & gas! This month’s happy hour will be held at The Cannon. We will have a spotlight by Ian Martin Group on Polarity Management.
This month’s happy hour is brought to you by Comdata, HEB and Karbach Brewery.
Comdata– Comdata is a leading provider of fleet management and B2B payment solutions. As the largest fuel card provider and second largest commercial issuer of MasterCard in North America, we offer one of the most comprehensive suites of payment solutions on the market. Find out more here.
Karbach– OGGN’s official drink sponsor. Bringing you Texas-brewed beer! Find out about their beer here.
H-E-B– OGGN’s official food sponsor. Find out more here.
Want to sponsor a Happy Hour? Email our project coordinator, Julie McLelland, by e-mail for more information.
Women in Energy Congress Event
When: Friday, Jan. 18, 2019
Where: Houston, TX
The Inaugural one-day event will serve as a forum to encourage both men and women to address the gender-gap challenges in the energy industry and identify actions to overcome them. Register here.
SPE-GCS Inter-Corporate TopGolf Tournament
When: Thursday, Feb. 21, 2019
Where: TopGolf Katy
Join us for the first ever SPE GCS Inter-Corporate TopGolf Tournament / Networking Event on Thursday 21st Feb 2019 from 5pm to 8pm. Meet and network with 500+ oil & gas professionals from all disciplines and all experience levels while noshing on hors d’oeurves and playing in the TopGolf tournament. Sponsors will be recognized and prizes will be awarded at a special reception following the tournament! Register here.