The oilfield industry has always been an industry of “if it ain’t broke, don’t fix it.” To say that the phrase and it’s overall sentiment is old school is wrong. Its merely a testament to how well things in the industry have come to those who’ve worked it, so why change?
But as the industry is bracing for its changing of the guard and handing off the reigns to it’s younger counterparts, the tools of the trade will be changing too. Trips to the local courthouse to learn of lease availability, daily fluctuations of oil prices in the morning newspaper and manually counting rigs are now a thing of the past.
With a plethora of resources now available at your finger tips, here are four online resources ever web-savvy oil & gas executive should have stashed safely in their browser’s bookmarks.
Investing.com’s live crude oil price chart isn’t live per se but it gives you the next best thing by providing changes in price every five minutes. With this tool, you can stay on top of crude pricing and ensure that your oil-based investment will deliver the ROI you want.
Rig count is a crucial variable watched by high-level managers to gauge both oil and natural gas demand. With the official month-to-month rig count chart, published by the U.S. Energy Information Association, oilfield executives throughout the stream can effective allocate resources and deliver the right product and service mix to the field.
The EIA’s chart can be manipulated to show crude and natural gas rig count by month or annually and offers the option to download the chart into a spreadsheet. Historical rig counts dating back to 1973 is also available through the chart.
The oilfield term glossary is a great online resource for those executives looking for more clarification on a well servicing or drilling aspect. Published by the United States Department of Labor’s Occupational Health & Safety Administration, the glossary is perfect for learning about the nitty gritty aspects of the industry and comes in handy when generating reports and presentations. The glossary is an abridged version of the Dictionary of Petroleum Terms provided by Petex and the University of Texas- Austin.
Serving as a venue to learn the latest techniques and best practices of the industry as well as providing an avenue to network with fellow oilfield executives, trade shows and conferences are prized events. EventsEye provides a very simple, yet thorough rundown of the industry’s trades shows. The site breaks down where and when the show is taking place as well as how often the show cycles. An interactive map allows you to select a region and provides a rundown of that regions’ shows for the year.
So which of these tools will you use to help your investment choices?