It’s my favorite day of the week. Very rarely is a day inherently good without anything happening to justify it being good. For me, July 4th is also pretty much a guaranteed awesome day.
But, on the off-chance that you work on weekends then Fridays really mean nothing to you, I’m sorry about that. I can’t speak for my own writing, but I know that reading Doug Krintzman’s Nightly version of this segment always busts me open in laughter.
So, if you’re getting off work tonight ready to head into a long weekend of even more work, read Doug Krintzman’s Nightly Surge for some laughs. You’ll also get the latest oil and gas headlines of the week as well. For now, here’s a few from this morning.
Technology Adoption Could Save Oil and Gas Industry Billions
Data analytics, robotics, and other technology could bring in massive savings for the oil and gas industry. In fact, these resources would boost productivity so much that it would unlock close to $300 billion in annual savings for producers in the next twenty years.
Rigzone reports that it mostly has to do with wells that were previously out of reach. New equipment like robots will allow us to access these sites more efficiently.
“Changes in the resource sector in the past often came about as a result of regulation, but now it is technology that is driving the shifts,” Shanghai-based director of MGI, Jonathan Woetzel, said.
Not only could technology make the workplace more efficient, they would also eliminate many high-risk jobs.
“Drones rather than people can conduct pipeline inspections and real-time constant site surveys in oil field development,” a report from the McKinsey Global Institute reads.
Should US Sit On Oil and Gas Reserves?
This is an off-the-wall question, but would sitting on our own reserves until OPEC’s supplies run dry be a good thing? Charlie Munger, Berkshire Hathaway’s Vice Chairman seems to think so.
“I wish we weren’t producing all this natural gas, I’d be delighted to just have it lie there untapped for decades in the future and have the Arabs pay extra once they use up their oil,” he said.
“Nobody else in America seems to feel my way, but I believe in deferred gratification, I don’t think hastening to use our oil and gas is a good idea; I don’t see any advantage,” said Munger.
It’s quite a different way to look at things but makes a little bit of sense when you think about it. There are also problems with his view as well. It would mean major trouble for American oil and gas companies.
Norway Hopeful About Improving Oil and Gas Prospects
The Norwegian government reported yesterday that job vacancies in the oil and gas industry are moving higher, demonstrating early signs of recovery.
UPI reports that a late 2016 survey said growth projections look promising because trading partners were seeing gains, but uncertainty still remains because of what the U.S. government may or may not do.
The United States answered that question pretty quickly I think!
“There were 600 job vacancies in this industry in the 4th quarter of 2016, compared with 200 the previous year,” the report reads.
For the entire industry, Statistics Norway believes investments in oil, gas, mining, and other parts of the electricity supply will reach $26 billion.