This a a post dear to may heart as I was once a mud logger. There are many jobs in the E&P side that are contracted out to a third party. Mud logging was one of thse roles. All my friends though I was on a winner, the reality is rather different as the business waxes and wanes like the moon. One moment there is plenty of work and the next none. The pay was pitiful as it was always a race to the bottom to secure the next contract. I feel for those working in the US shale right now because as the rig count declines so does the work opportunities.
What this article highlights is exactly what I saw decades ago. I got out and used my education and knowledge in more profitable areas of the oil business. In my case refining and petrochemicals. Even that area has services supplied by third parties that can result in suicidal pricing. How glad I am that I no longer depend upon refining to pay my salary.
Copy/paste . A comment regarding this article on another blog .
'' It really is one of those programmes of much promise little give makes a fool live in joy. Insane plans as can be read in Trump 2.0 Interesting article.
A word about that ‘drill baby drill’ We’ve heard that before, of course. In Alaska, it came to nothing… Palin is long gone 🙂 And now it won’t be any different! Oil and gas prices are far too low for that around that $70 mark. There is a remarkable similarity, by the way, between the falling revenues at the Saudis’ presenting themselves with cigars from their own box, the presentation, the drop in revenues of as much as 30% in oil and gas and an interesting prospect for the US shale industry. During Trump 1.0, the US shale industry suffered significant losses. His policy of maximising oil and gas production led to an oversupply, causing prices to plummet. Shale companies, already facing high production costs and low margins, came under severe financial pressure as a result.The situation was exacerbated by a focus on rapid expansion, often financed by high levels of debt. When oil prices fell, many shale companies were unable to service their debts and were forced into restructuring or bankruptcy. Investors partially pulled out of the sector, and the promise of profitable, large-scale shale production proved difficult to deliver.It is therefore questionable whether investors are now willing to re-enter the shale sector, even if Trump pursues policies that favour fossil fuels.
Here is a link to an interesting and comprehensive article on the problems in the shale sector. ''