Diversification! Oil prices falling!

[Habit7]

This contradicts Zoom Rader's earlier posts about the North Sea oil industry

North Sea oil industry 'close to collapse'
By Ben King Economics reporter, BBC News
Dec 18 2014

The UK's oil industry is in "crisis" as prices drop, a senior industry leader has told the BBC. Oil companies and service providers are cutting staff and investment to save money. Robin Allan, chairman of the independent explorers' association Brindex, told the BBC that the industry was "close to collapse".

Almost no new projects in the North Sea are profitable with oil below $60 a barrel, he claims...........
<span class="skimlinks-unlinked">http://www.bbc.com/news/business-30525539</span>

ZR safe, doh worry. While he has the strongest disdain for immigrants in Trinidad, the Brits will ensure he gets his ten days over other European nationals

[EmilioA]

^^^ First post, PNM tuner identified

The Houston Chronicle is PNM ? I didnt know that.

[zoom rader]

This contradicts Zoom Rader's earlier posts about the North Sea oil industry

North Sea oil industry 'close to collapse'
By Ben King Economics reporter, BBC News
Dec 18 2014

The UK's oil industry is in "crisis" as prices drop, a senior industry leader has told the BBC. Oil companies and service providers are cutting staff and investment to save money. Robin Allan, chairman of the independent explorers' association Brindex, told the BBC that the industry was "close to collapse".

Almost no new projects in the North Sea are profitable with oil below $60 a barrel, he claims...........
http://www.bbc.com/news/business-30525539

I said in an earlier post, that the big oil companies are cutting the service companies staffing on projects and low producing assets.
This is point of reducing oil prices in a bid to scare off facking investments and new projects.
The drop in contractor staff is mostly short term contractors. This staffing will not affect the production side of the producers business .
The big oil producers are all too happy in dropping service / contractor staff as a way of getting rid of staff.
A simple deck hand earns an avg of £300 (3000tt) a day.

[zoom rader]

This contradicts Zoom Rader's earlier posts about the North Sea oil industry

North Sea oil industry 'close to collapse'
By Ben King Economics reporter, BBC News
Dec 18 2014

The UK's oil industry is in "crisis" as prices drop, a senior industry leader has told the BBC. Oil companies and service providers are cutting staff and investment to save money. Robin Allan, chairman of the independent explorers' association Brindex, told the BBC that the industry was "close to collapse".

Almost no new projects in the North Sea are profitable with oil below $60 a barrel, he claims...........
<span class="skimlinks-unlinked">http://www.bbc.com/news/business-30525539</span>

ZR safe, doh worry. While he has the strongest disdain for immigrants in Trinidad, the Brits will ensure he gets his ten days over other European nationals

As I said before and many trinis oil expats will always be safe as they have a unique skill asset that is in demand virtually in any part of the world.

[Habit7]

Unique skillsets wouldnt matter if it is only applicable in an expensive unconventional or offshore while only conventionals and onshores are profitable.

[SMc]

^^ you really believe ZR in Scotland? I feel he is just an annoyed ex-Oil worker whose round hole was disturbed by a square peg when his nemesis made changes in the national oil company.

[orangefox]

^^ you really believe ZR in Scotland? I feel he is just an annoyed ex-Oil worker whose round hole was disturbed by a square peg when his nemesis made changes in the national oil company.

Lol .. Hmmm recession coming and oil workers go be hit hard. Roget quiet.

[janfar]

People in all those Aberdeen based companies are quaking. Cuts are inevitable with some already started. No economy would be spared.... except for KSA and KUW.

[bluesclues]

Its good to be optimistic but it also good to always have contingencies. I dont think watching helplessly and hopinf for a rise is the best practice. Entertain the worst case scenario and form contingencies for mitigating the effects as best as possible

[zoom rader]

People in all those Aberdeen based companies are quaking. Cuts are inevitable with some already started. No economy would be spared.... except for KSA and KUW.

Not entirely true.
Mostly Service companies working on new projects are affected.
Producers still pumping. Smaller platforms in shutdown repair mode (good timing) . Some of those that were on projects will be shifted to the shutdown repair platforms.
The big producers are not affected as ppl think. Producers normally have contractor maintenance staff, that way they avoid cost . When things bad they just release enough contractor staff to keep producing within UK health and safety laws. Not sure about trini as They have primitive health and safety laws.
On any platform in UK the producers staffing level (bp, bg, shell, Total, chevron ect) is about 20 % and contractors 80%. A mid size platform has about 80 to 120 personnel at any one time on rota.
They do the same in trini, where they mostly hire massy/ Wood group for maintenance contracts and external service companies for machine / equipment repair work.

[orangefox]

People in all those Aberdeen based companies are quaking. Cuts are inevitable with some already started. No economy would be spared.... except for KSA and KUW.

Yep .. Oil workers joining URP soon.

[nervewrecker]

$45m budget cuts for them ministries. It damn good!

[orangefox]

^^ Also cut backs in business & consumer spending as Xmas approaching ... Hmm ?
Next year election spending may be only spending going on

[nervewrecker]

Don't forget all the "jobs they create".

All them ministries have no clerks. People want work, they have them on file, expect mass hiring next year.

[bluesclues]

well as they say.. never shout fire at a funeral.

http://blogs.reuters.com/anatole-kalets ... er-barrel/

[desifemlove]

This contradicts Zoom Rader's earlier posts about the North Sea oil industry

North Sea oil industry 'close to collapse'
By Ben King Economics reporter, BBC News
Dec 18 2014

The UK's oil industry is in "crisis" as prices drop, a senior industry leader has told the BBC. Oil companies and service providers are cutting staff and investment to save money. Robin Allan, chairman of the independent explorers' association Brindex, told the BBC that the industry was "close to collapse".

Almost no new projects in the North Sea are profitable with oil below $60 a barrel, he claims...........
<span class="skimlinks-unlinked">http://www.bbc.com/news/business-30525539</span>

ZR safe, doh worry. While he has the strongest disdain for immigrants in Trinidad, the Brits will ensure he gets his ten days over other European nationals

As I said before and many trinis oil expats will always be safe as they have a unique skill asset that is in demand virtually in any part of the world.

As do doctors, lawyers, digital marketers like me, etc. if yuh in Scotland, get me some original Glenfiddich for me nah...i'll pay yuh back!!

[orangefox]

^^ No demand for oil, no demand for oil jobs.

[zoom rader]

This contradicts Zoom Rader's earlier posts about the North Sea oil industry

North Sea oil industry 'close to collapse'
By Ben King Economics reporter, BBC News
Dec 18 2014

The UK's oil industry is in "crisis" as prices drop, a senior industry leader has told the BBC. Oil companies and service providers are cutting staff and investment to save money. Robin Allan, chairman of the independent explorers' association Brindex, told the BBC that the industry was "close to collapse".

Almost no new projects in the North Sea are profitable with oil below $60 a barrel, he claims...........
<span class="skimlinks-unlinked">http://www.bbc.com/news/business-30525539</span>

ZR safe, doh worry. While he has the strongest disdain for immigrants in Trinidad, the Brits will ensure he gets his ten days over other European nationals

As I said before and many trinis oil expats will always be safe as they have a unique skill asset that is in demand virtually in any part of the world.

As do doctors, lawyers, digital marketers like me, etc. if yuh in Scotland, get me some original Glenfiddich for me nah...i'll pay yuh back!!

Glenfiddich you can get at Piarco airport, plus it taste like sand paper.

[orangefox]

^^ available at PriceSmart (Movie Towne). But with slow down in economy or recession looming maybe price go drop .. Lol

[Allergic2BunnyEars]

How does falling oil prices affect Guyana?

[orangefox]

How does falling oil prices affect Guyana?

Guyana is not an oil based economy . They are self sufficient in food supplies.
Gold is prominent . Extremely rich live a very peaceful life. Crime is low.

Recession coming soon to TT, USA has low prices at the pump and upswing in economy
per fall oil prices.

[zoom rader]

How does falling oil prices affect Guyana?

Guyana is not an oil based economy . They are self sufficient in food supplies.
Gold is prominent . Extremely rich live a very peaceful life. Crime is low.

Recession coming soon to TT, USA has low prices at the pump and upswing in economy
per fall oil prices.

Well pack ur grip and head back to your home land. Hope you settle in Buxton

[Dizzy28]

How does falling oil prices affect Guyana?

Guyana is not an oil based economy . They are self sufficient in food supplies.
Gold is prominent . Extremely rich live a very peaceful life. Crime is low.

Recession coming soon to TT, USA has low prices at the pump and upswing in economy
per fall oil prices.

Where does the extremely rich not live a peaceful life?

WRT gold, Guyanese production reached a historic level of somewhere in the region of 481,000 ozs in 2013. At the prevailing prices at the time that is approx US$576m worth. Enough to make a few ppl rich but not enough to help develop the country and bring the poor out of poverty.

[orangefox]

How does falling oil prices affect Guyana?

Guyana is not an oil based economy . They are self sufficient in food supplies.
Gold is prominent . Extremely rich live a very peaceful life. Crime is low.

Recession coming soon to TT, USA has low prices at the pump and upswing in economy
per fall oil prices.

Where does the extremely rich not live a peaceful life?

WRT gold, Guyanese production reached a historic level of somewhere in the region of 481,000 ozs in 2013. At the prevailing prices at the time that is approx US$576m worth. Enough to make a few ppl rich but not enough to help develop the country and bring the poor out of poverty.

Rich in TT ( vs Guyana ) cannot enjoy the fruits of their toil. There are limited places to go and many envy them. So they do not live a peaceful life. Falling oil prices will not affect the rich or upper middle class because they can take care of themselves. However who will be affected are the middle class to poverty level.
Look around and you will see signs in the spending pattern this Christmas.

[toyolink]

The most recent infor. based on position taken by Saudi's seems to support position that this is a price war designed to drive inefficient producers out of the market.
...The Saudi's will not cut back production.
Price gains at end of last week have disappeared.
Prices still $55-$60 and winter started this week-end in USA.
The last time this kind of battle took place which was pre Chazev and the USA actually could have leaned on Venezuela as a strategic partner.

[pugboy]

them arabs hoping that many of the heavily debted shale producers default and bust on their loans

[orangefox]

^^ Regardless the lower oil price will affect TT and its lower income class.

We have Gov't programs that will have to be cut and falling oil prices will
bring bad news for many. Maybe an increase in taxes to re-distribute the wealth.

The Saudi do not care. It their Oil Game. TT is small potatoes.

[zoom rader]

^^ Regardless the lower oil price will affect TT and its lower income class.

We have Gov't programs that will have to be cut and falling oil prices will
bring bad news for many. Maybe an increase in taxes to re-distribute the wealth.

The Saudi do not care. It their Oil Game. TT is small potatoes.

For the last time Trini is not an oil based economy. Oil prices have little effect on trini, but Natural Gas does. Trini can and have survived on fallen oil prices in the mid 80s and early 90s. This is nothing new to Trini.
Trini lower classes regardless of high or low oil prices are always affected. They choose to live that life and have not leant from the past.

[orangefox]

^^ for last time ZR stop talking shat tine ..

Lower classes will be affected due to budget cuts activated by falling oil prices.

Nobody "choose" to live a life of poverty. CEPEP , maybe GATE, etc. will be affected.

[SmokeyGTi]

The most recent infor. based on position taken by Saudi's seems to support position that this is a price war designed to drive inefficient producers out of the market.
...The Saudi's will not cut back production.
Price gains at end of last week have disappeared.
Prices still $55-$60 and winter started this week-end in USA.
The last time this kind of battle took place which was pre Chazev and the USA actually could have leaned on Venezuela as a strategic partner.

add in the fact that the break even cost of producing shale oil per barrel is dropping, making it competitive, ...good news for the US, bad for us.

then you have ISIS controlling a few oil fields and selling at low prices

The Saudis say they have enough cash reserves to withstand long term drop in oil prices (something like 20 years of reserves).. they are not influencing the price because of a possible backlash by the west.

things not looking good. not good at all...