The oil industry downturn has been, to paraphrase Thomas Hobbes in Leviathan (1651), "solitary, poor, nasty, brutish, and long."
If you're an oil industry professional, you may be feeling discouraged, even disgusted, and ready to throw in the towel, particularly as some analysts are predicting bargain basement oil until 2018 and the Saudi oil minister has told some countries they'll just have to get out of the business.
What's worse, is that you may have been in a very isolated niche specialty, and now you're not sure how to apply your skills to more general (and affordable) opportunities.
How do you keep from becoming collateral damage in a vicious economic war? And, perhaps more to the point, how do you use your background and experience to maintain involvement in the industry?
New Thinking and Value Propositions: Proactive Steps Now One approach is to build your own opportunities. Take charge and use the knowledge you have (or gain knowledge by working in a group of people with complementary skills) to identify oil and gas wells that are currently undervalued and/or under-performing. Here's a work flow which identifies the basic steps.
Identify candidates (set your own criteria)
- About to be euthanized
- Recently shut in
- Under-performing
- Drilled by not completed
- Bypassed pay
- Infield drilling opportunities
- Flood candidates
Gather information to answer key questions: What kind of reservoir is this? What are the analogues and likely problems? What are the opportunities? Read the rest of the article here.
AAPG's "New Thinking and Value Propositions: Proactive Steps Now" will give you some much needed answers to very important and key questions about surviving the downturn.
REGISTER NOW
To get more in depth information, come to the 2016 AAPG Annual Convention & Exhibition (ACE).