When analyzing the oil and gas
industry, supply and demand of these commodities must be considered. Currently,
the United States, Russia, and the Organization of the Petroleum Exporting
Countries (OPEC) are producing oil and gas at record levels. On the demand side
of the equation, China is one of the largest consumers of oil and gas. As
China’s economy has slowed down, their consumption of oil and gas has followed.
The global economy is interconnected with China and the effects of a struggling
Chinese economy are felt worldwide. Oil is bought and sold in U.S. dollars,
which affects the current price. A stronger U.S. dollar drives the price of oil
down. An increase in global supply and decrease in global demand creates
uncertainty for the oil and gas industry.
There are countless sources
predicting the upturn of oil and gas prices but future prices are unknown.
Currently however, there are favorable developments in the industry. Pipelines
are being constructed from the northeast (Marcellus and Utica Shale) region and
connected to multiple large hubs. Liquefied natural gas (LNG) export plants are
being built. And the repeal of a four-decade old U.S. crude export ban may be
under review. If you ask an oil and gas professional with 30 years plus
experience they will tell you prices will bounce back, the “good times” will
emerge once again.
There are
limited opportunities right now, but with adversity comes possibility. One
lesson I have learned in my short career is that the job duties and
responsibilities of a landman are vast. We work with numerous industries
including agriculture, environmental, regulatory, construction, and many more.
My first land related internship was for a non-profit conservation company.
From there, the road to landing a full time opportunity with a publicly traded
and diversified oil and gas company has been challenging and rewarding. So
remember that it is important to exhaust all avenues for opportunity in this
business because the industry will turn around. For all my fellow fishermen out
there, when a dry fly is not working do not be afraid to tie on a streamer.
This university has equipped you with the right tools for you to achieve
success. Do not be afraid to use them. Best of luck on your future endeavors Mountaineers.
Best regards,
Brain
Amsberry
PLRM Alum
Landman, Noble Energy
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