The Oil and Gas Layoffs are starting

[PNGMK]

9000 in SLB globally, 7000 in WFT in the last two weeks. My local shop is looking to cut back and my division has cut 3 from about a 30 strong work force.

[sundaymorningstaple]

Tx, La, Ok have been shedding positions for two or three months now. I reckon the cuts are starting to hit the office types now and not just the rig floor.

[JR8]

Is this OPEC (i.e. KSA) putting the heat on non-OPEC members.... primarily Russia, with the US etc taking chaff on the side, or the KSA versus Iran? It's certainly confusing, all the back-room dealing/fixing from the OPEC cartel!

[Wd40]

There was a thread about Finance/IT job losses sometime back and someone there mentioned that O&G would be an alternative. Even then it was mentioned that it would remain viable as long as there is enough oil. Who would have thought at that point that the problem would be excess of oil!!!

Not that finance is doing any better now. The latest set of results by investment banks like JPM, GS and Citi have all been down.

[PNGMK]

Is this OPEC (i.e. KSA) putting the heat on non-OPEC members.... primarily Russia, with the US etc taking chaff on the side, or the KSA versus Iran? It's certainly confusing, all the back-room dealing/fixing from the OPEC cartel!

Perhaps OPEC trying to crater unconventionals (shale/CSG etc) and a bit of politics in there (Saudi/USA beating up Putin).

[Aragorn2000]

So there will be no peak oil for a long time to come.
Once the US starts sharing their shale oil technology, everybody will start digging their own oil (5 trillion barrels).
Not a good news for the OPEC cartel (and the climate).

[Brah]

There was a thread about Finance/IT job losses sometime back and someone there mentioned that O&G would be an alternative. Even then it was mentioned that it would remain viable as long as there is enough oil. Who would have thought at that point that the problem would be excess of oil!!!

Not that finance is doing any better now. The latest set of results by investment banks like JPM, GS and Citi have all been down.

May have been me, I thought it to be an alternative back then but got no traction switching to that industry. Forget the latest results, the CHF cap is the new pariah.

[JR8]

May have been me, I thought it to be an alternative back then but got no traction switching to that industry. Forget the latest results, the CHF cap is the new pariah.

How can it be if it no longer exists? Maybe the Euro is the new, fore and square, pariah?

[AndrewV]

lets hope they made hay while the sun shines
they had it better than most of us the last couple of years...

[PNGMK]

lets hope they made hay while the sun shines
they had it better than most of us the last couple of years...

I know I did. I was hoping it would go for another 5 years. I still have a job I'm probably up the chop in two or three more layoffs... (I've got some juniors and a few expats in my team I can throw out first...).

[Wd40]

http://www.bloomberg.com/news/articles/ ... ms-shatter

"Global Oil Layoffs Exceed 100,000"

[bumblebee007]

So there will be no peak oil for a long time to come.
Once the US starts sharing their shale oil technology, everybody will start digging their own oil (5 trillion barrels).
Not a good news for the OPEC cartel (and the climate).

Well it is likely the price would not go near or over $100 anytime soon, whats more likely is the further cut down of expansion plans n further layoffs from US shale oil companies n non-opec companies will bring down the stock pile of oil. This in turn will affect the oil prices to rebound (this is still few months ahead)

I heard from unofficial sources that in opec countries production of a barrel of oil costs around $20 while for US and asian oil companies it is around $50+ (especially for shale oil companies), with the current prices rallying around $50 these companies would not sustain for too long.

Asian companies might survive slightly longer as most of them will be supported by the state govt.

[PNGMK]

So there will be no peak oil for a long time to come.
Once the US starts sharing their shale oil technology, everybody will start digging their own oil (5 trillion barrels).
Not a good news for the OPEC cartel (and the climate).

Well it is likely the price would not go near or over $100 anytime soon, whats more likely is the further cut down of expansion plans n further layoffs from US shale oil companies n non-opec companies will bring down the stock pile of oil. This in turn will affect the oil prices to rebound (this is still few months ahead)

I heard from unofficial sources that in opec countries production of a barrel of oil costs around $20 while for US and asian oil companies it is around $50+ (especially for shale oil companies), with the current prices rallying around $50 these companies would not sustain for too long.

Asian companies might survive slightly longer as most of them will be supported by the state govt.

In Saudi the cost to get it from the reservoir to the terminal and onto the ship is a few dollars (it was 60c/BBL around 2000). The Saudis can take it right down WE THINK... but a lot of reservoir experts I know claim that the major fields in Saudi are closer to depletion than the Saudis will admit.

[bumblebee007]

So there will be no peak oil for a long time to come.
Once the US starts sharing their shale oil technology, everybody will start digging their own oil (5 trillion barrels).
Not a good news for the OPEC cartel (and the climate).

Well it is likely the price would not go near or over $100 anytime soon, whats more likely is the further cut down of expansion plans n further layoffs from US shale oil companies n non-opec companies will bring down the stock pile of oil. This in turn will affect the oil prices to rebound (this is still few months ahead)

I heard from unofficial sources that in opec countries production of a barrel of oil costs around $20 while for US and asian oil companies it is around $50+ (especially for shale oil companies), with the current prices rallying around $50 these companies would not sustain for too long.

Asian companies might survive slightly longer as most of them will be supported by the state govt.

In Saudi the cost to get it from the reservoir to the terminal and onto the ship is a few dollars (it was 60c/BBL around 2000). The Saudis can take it right down WE THINK... but a lot of reservoir experts I know claim that the major fields in Saudi are closer to depletion than the Saudis will admit.

Thats correct!! Major fields are depleting but their exploration is not far behind. Saudi's are constantly exploring new fields for production and they have actually found new areas for production. Some places the production has already started and new ones being added as the time passes by.

Wonder what is happening to their exploration and drilling costs. I guess it would have gone up as most of O&G services companies need to make a living as well since they are not getting much business from non-opec countries.