What are Mondays good for, anyway? As far as TV goes, there’s a few notable things to look forward to, I guess? There’s that new 24 show, and Supergirl? Oh whatever, I watch Netflix anyway.
The good news is you get another one-two punch from Doug Krintzman and I. Ready for The Morning Surge? Let’s go.
Oil and Gas Discoveries Hit 60 Year Low
Guess what? Oil and Gas discoveries hit a 60-year low in 2016, according to Financial Times. There were about 174 new oil and gas discoveries around the world last year, compared to 400-500 happening in 2013.
We already knew 2016 was a horrible year for the industry, but this news is like the grand icing on the cake. What makes the news even worse is the knowledge that oil typically takes five to seven years to get to market after a discovery.
This might mean tighter supplies in the next decade, or it might mean nothing. Maybe companies weren’t spending a ton of money looking for new reservoirs of oil and gas because 2016 was too tough.
For instance, Chevron cut its exploration budget from $3 billion in 2015 to $1 billion in 2016-17. We’ll have to see how exploration shakes up in 2017 as the industry (we hope) takes an upturn.
Are Companies Discriminating Against Former Oil and Gas Workers?
BBC reports shocking news that some companies are excluding oil and gas workers from their candidate pool.
Colin McIntyre, a man who lost his job as a procurement manager a year ago, said:
“Explicitly I was told ‘we are not interested in people from oil and gas at the moment. You’ll just go back up to Aberdeen when the recovery starts’. I would just like people to see beyond the title and look at the skill set. I think a lot of people will be surprised how much skills and experience people in oil and gas have.”
Gillian Martin, an Aberdeenshire MSP, has written to UK Employment Minister Damian Hinds searching for justice for these workers.
Scotland’s employment Minister Jamie Hepburn said, “The north east has a highly-talented oil and gas workforce with skills that can be utilised in a wide range of different sectors, including renewables, construction, decommissioning and many others.”
Lundin Petroleum Proposes Malaysia, France, and Netherlands Spin-Off
Lundin Petroleum has announced plans to spin-off its assets in Malaysia, France, and the Netherlands to form a brand new company.
Rigzone reports that this spin-off will allow the management team to focus on the Norwegian portfolio.
“The spin-off of our international assets into IPC creates an exciting new company with a strong balance sheet and a proven board and management team. Their focus will be to create value at a time in the cycle when the industry remains under-capitalized and multiple opportunities are available as companies rationalise their portfolios,” chairman of the board of Lundin Petroleum, Ian H. Lundin, said.
The news was kind of depressing today. You know what will make you feel better? The knowledge that Doug Krintzman is coming at you with a brand new Nightly Surge tonight! You won’t want to miss it. Get back here around 6 P.M. to eat it up.