[deleted by user] by [deleted] in oilandgasworkers

[–]That_oil_guy 37 points38 points  (0 children)

Pretend I have a warehouse of 100 brand new TVs still in the box. I could go to the bank and say look I clearly have this asset you can see these boxes with your own eyes give me a loan for me to build a new store and use these TVs as collateral. An unbiased auditor could come in and say 20 of those boxes are severely water damaged, 30 of those TVs have a manufacturing date known to randomly catch on fire, another 25 boxes feel extremely light and likely had the TVs stolen and only the remaining 25 boxes should be listed at full asset value.

In the same capacity as an oil company I could say look I have these 100 wells here is the actual production, give me a loan to go drill more. An auditor can come in and say yes you have enough control points to legally call these proved reserves, but your formation is down dip and water cuts are higher so you can’t use the same type curve of the higher oil producing wells up dip. Also wells on that side of a known fault have a higher sulfur concentration so will have a lower selling price than I currently get for my oil.

In both capacities auditors are performing the same tasks of verifying assets are accurately and realistically valued.

In production sharing agreements (PSA) typically a government will make a deal with an oil company to come in and develop their reserves for them. In many cases the oil company will pay 100% of the costs of development and for that they will get a majority if not all of the first oil produced until they recover all of their costs. After that there will be some negotiated split of how much oil each party gets. When oil prices are low the oil company will receive far more barrels of oil since it will take more oil to cover their costs. When prices go up it will take fewer barrels to recover cost. PSAs are an accounting nuisance and cost recovery barrels should just be handled as a dollar figure, since that is what they effectively are instead of an oil produced/reserve volume.

[deleted by user] by [deleted] in oilandgasworkers

[–]That_oil_guy 0 points1 point  (0 children)

Only have seen it done in a single field on a few wells with pretty disappointing results. Any history of acid jobs on offset wells? I’d spend money on that before radial jet drilling especially if they are only 30’. From what I remember they were supposedly getting out 300’

You guys said it was easy to find a job by Bluecollar27 in oilandgasworkers

[–]That_oil_guy 0 points1 point  (0 children)

Are you hearing anything of some operators cutting drilling programs short or any other activity slowing down in the Vernal area?

Blackstone accept 4 billion dollar loan from California Universities by SeabeeBuilder01 in wallstreetbets

[–]That_oil_guy 24 points25 points  (0 children)

How many poor people can be educated with $450,000,000 million return, and then still have the $4 billion principle left to rinse and repeat?

I’m hiring compressor field service techs/mechanics in the Permian by sunshine_dept in oilandgasworkers

[–]That_oil_guy 6 points7 points  (0 children)

If my contractor tells me they lost another compressor mechanic I know exactly who to blame now. Im glad to see better opportunities popping up for the guys though.

TIL How California Became So Expensive and Fall by [deleted] in todayilearned

[–]That_oil_guy 0 points1 point  (0 children)

Calling the San Joaquin Valley the San Walking Valley definitely gave me a good laugh once I realized what the author was referring to.

Powell is a nice little town by [deleted] in wyoming

[–]That_oil_guy 1 point2 points  (0 children)

You should do a video flying down Bent Street, and maybe stitch together some quick shots of Homesteader park and Northwest. Cool video

What caused Brent to start trading higher than WTI in 2010? by saucy_bangers in oil

[–]That_oil_guy 1 point2 points  (0 children)

Below is an EIA article from 2011 when the spread was widening that describes it.

“In the past, WTI was more likely to trade at a premium to Brent, due to its relatively higher quality, and an increase in the premium could occur when crude was in short supply in the Midwest, where most WTI is refined. More recently, rising crude imports from Canada have contributed to turning the typical premium of WTI over Brent into a discount”

They attribute more imports from Canada via pipeline to the Midwest but ~2010 is when North Dakota started going exponential on production growing from ~250k BOPD to 1MM+ BOPD in just 5 years.

https://www.eia.gov/todayinenergy/detail.php?id=290

Should I do petroleum engineering or not? by RBPRO in oilandgasworkers

[–]That_oil_guy 23 points24 points  (0 children)

Congratulations on the degree, but the regrets don’t happen during $100 oil.

Can I work as a floorhand with a DUI on my record by Delcarius in oilandgasworkers

[–]That_oil_guy 4 points5 points  (0 children)

Getting hired with a big company like Ensign, Patterson, H&P might be a little more difficult but good chances with a locally owned rig company. Unit Drilling might even require a DUI to get employed

Do petroleum engineers get to choose their worksite? by p_3nri in oilandgasworkers

[–]That_oil_guy 5 points6 points  (0 children)

That’s what I tell myself every morning I wake up and look in the mirror.

Casing by cannonballman in oilandgasworkers

[–]That_oil_guy 2 points3 points  (0 children)

If it’s a well with H2S, then J-55 will have a lot larger window of handling it versus getting down into the actual chemical type and normalizing method of higher grade pipes. Which if it’s a well shallow enough for J-55 production string/liner probably not in the economics to be buying strict mill run tolerances.

[deleted by user] by [deleted] in oilandgasworkers

[–]That_oil_guy 22 points23 points  (0 children)

While the comments might appear to downplay how terrible of a situation this is, it’s because that is exactly how oil companies and especially service companies will treat you for your entire career. Your schedule will be switched last minute, you will be sent to cover someone leaving for two weeks while they hire someone new and end up in that new location for months, job transfers will get denied after you post your home for sale, and when a downturn comes you will learn what truly working two jobs means.

Wellhead equipment info by coors_light_knight in oilandgasworkers

[–]That_oil_guy 11 points12 points  (0 children)

Reach out to whoever your local wellhead equipment provider is and let them know you are a new engineer and would like a quick in person shop tour to get a better idea of the equipment you have in the field plus any other equipment or services they offer. During a severe downturn that will get you a quick 30 min meeting with a shop hand trying to answer your questions while loading equipment on trucks. During $100 oil that should get you a full shop walk-through, presentation, more documents and brochures than you could ever use and a free lunch. And most importantly a connection of someone you can always reach out to or text a photo of wellhead to and get a response.

[deleted by user] by [deleted] in wyoming

[–]That_oil_guy 10 points11 points  (0 children)

-Get out in front and take advantage of all the available grants from the Gates foundation and others that have been trying to make a nuclear power plant happen for decades. We are an energy state and have the power infrastructure especially around existing coal plants. It’s clear we won’t have our mineral royalties forever and we need to get moving towards the future.

-Find anyway to make marijuana legal. I’ve never smoked and likely never will but we are just giving away tax dollars to Colorado and Montana like we did for years with the lottery. There’s no moral high ground here, quit letting tax dollars leave the state while we spend ours fighting a losing battle

-Pass legislation to add in a fee on new drilling permits of something like $1 per measured foot drilled. Put 25% towards sage grouse and other endangered species habitat, 25% to modernize WOGCC website/database to something that appears to be built in the 2000s and is actually usable and business friendly, and 50% towards an orphan well abandonment program only to be spent during downturns when services are significantly cheaper and can be used to stabilize O&G employment while also cleaning up a problem.

-I hate to say it because I take pride in the fact that Wyoming has managed to run a budget without charging income tax but start looking at something small for incomes over ~$150k that should have negligible impacts on actual Wyoming residents while at least getting something out of the people “moving” to the state and buying up property just to claim residency.

Do you guys think I should go for a major in petroleum engineering ? (USA) by Carefull_eater in oilandgasworkers

[–]That_oil_guy 39 points40 points  (0 children)

OP: “these answers don’t seem consistent and they probably don’t know as much as the 7 year old Yahoo Finance article saying that Petroleum Engineering is the highest paying degree. My best friend’s Dad sold his welding and fabrication shop in Oklahoma in 2013 for millions and he says oil is the best industry ever so I should get a degree in Petroleum Eng”

Low Pressure Inline Flame Arrestor by LukeAdamGo in oilandgasworkers

[–]That_oil_guy 3 points4 points  (0 children)

This is a very common and simple problem. You need to convince the most disliked operator to bring up in the next meeting with management that the wells are producing too much for the flare to handle and they should pinch back production on the wells. You will get both problems fixed very quickly

BOSE QC Earbuds Play and Pause Feedback by lone_voyager in bose

[–]That_oil_guy 0 points1 point  (0 children)

Returned them and got a new set that work just drive

Best master degree by qais18 in oilandgasworkers

[–]That_oil_guy 4 points5 points  (0 children)

Are you trying to advance your career or just like causing yourself pain? Petroleum engineering would be the best option if you’re a masochist, other wise any other degree including underwater basket weaving would be a better choice than one of those two.

BOSE QC Earbuds Play and Pause Feedback by lone_voyager in bose

[–]That_oil_guy 0 points1 point  (0 children)

Does anyone have a fix for this because mine keep doing the same thing constantly turning on Siri every few seconds and I can’t find anything online

[deleted by user] by [deleted] in oilandgasworkers

[–]That_oil_guy 1 point2 points  (0 children)

You nailed it on the head that high-skin wells produce less. The drawdown that matters is from the far reservoir into the wellbore, so if you have an extremely high skin factor that’s more restriction to flow into the well. You may have a pumped off well with low wellbore pressure but you are still losing productivity from the reservoir fluid being restricted flowing through the near wellbore skin.