#OilmanNEWS 2017 January-February Texas 

Gulf Tech Receives Full Certification as a SEMS Audit Service Provider

Gulf Tech, an auditing firm based in Plano, Texas, has been working on becoming a fully accredited Safety and Environmental Management System (SEMS) audit service provider for over a year, and is now one of several elite companies who can provide audits of offshore oil and gas producers. “Gulf Tech’s internal management systems are fully compliant with the [Center for… Read More
#OilmanNEWS 2017 January-February 

Trump Selects Exxon CEO for Secretary of State

President-Elect Donald Trump’s decision to nominate an oil and gas CEO to the Secretary of State position has been met with criticism from both the Democratic and Republican parties. Rex Tillerson, CEO of Exxon-Mobil, has nearly a decade of experience as chief of the huge multinational oil firm, a role which concerns many politicians and agencies pushing for environmental regulatory… Read More
#OilmanNEWS 2017 January-February Oklahoma 

Oklahoma Ranks Top Among Regions for Oil and Gas Investment

The Fraser Institute, an independent, Vancouver-based think tank, on Dec. 6 released its 2016 Global Petroleum Survey. The survey is the institute’s 10th annual edition and “is designed to identify provinces, states, and countries, as well as offshore regions and other geographic areas, with the greatest barriers to investment in oil and gas exploration and production.” Criteria, such as high… Read More
#OilmanNEWS 2017 January-February 

Oil Recession Wipes Out Billions in Wages

The U.S. Bureau of Labor Statistics reported that the prolonged oil recession has wiped out billions in potential wages from oil and gas employees who work in the extraction side of the business. The latest data indicates that from 1Q16, wages were more than a billion dollars less than in 1Q15. The industry generated more than $31 billion in wages… Read More
#OilmanNEWS 2017 January-February Louisiana 

Gulf Coast States May Receive Extra Offshore Oil and Gas Royalties

If Sen. Bill Cassidy (R-LA) gets his way, Alabama, Louisiana, Mississippi, and Texas will receive extra offshore gas and drilling royalties from the American Energy and Conservation Act. Currently, the four states receive 37.5 percent of the offshore drilling revenue, which is capped at $500 million a year. Under Cassidy’s bill the cap would increase to $835 million by 2027.… Read More
#OilmanNEWS 2017 January-February Texas 

US Geological Survey Discovers Largest US Continuous Oil and Gas Deposit in Texas

The U.S. Geological Survey (USGS) estimates that it has discovered the largest continuous oil and gas deposit ever assessed in the U.S. The agency on Nov. 15 released an announcement detailing the discovery, noting that the region where the discovery was made, the Wolfcamp shale region located in the Midland basin section of the Texas Permian Basin, is estimated to… Read More
#OilmanNEWS 2017 January-February 

ExxonMobil Reexamines Value of its Oil Reserves

ExxonMobil expects that the downturn could affect the value of roughly 4.6 billion barrels of oil reserves. With the oil price hovering around $45, many companies have found that it is not profitable to produce certain types of oil, which cost more to extract from the ground. As such, certain oil and gas reserves that are relatively expensive to extract… Read More
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