Experts discuss the state of gas and oil
Experts discuss the state of the gas and oil industry both locally and globally
Many experts from the oil and gas industry were in attendance today for the Energy Forum and Expo at the Two Rivers Convention Center. They came to talk about the current state of the industry and where it's headed.
Gas and oil experts from across the country were talking energy. With the industry having such a significant impact on our region, there was a focus not only on our current situation but also the outlook for the future.
Oil and gas have had a huge impact on our region and many companies, including WPX Energy, are investing in drilling on the Western Slope. But due to a drop in prices, the company has fewer rigs in operation than last year.
"We have 5 rigs now. We’ll plan to stay at 5 rigs throughout the year for 2013 and we're hoping for some growth and ready to take on that growth in the near future" said Shereé Walcher, Communications Specialist for WPX Energy.
Other companies, like Shell, have more of their local investments in oil shale which saw a more promising outlook.
"Our project really hasn't been hit by some of the economics that have been going on with the traditional oil and gas out here on the basin" explained Carolyn Tucker, Communications for Shell.
With the steady increase Shell has been able to keep more people at work.
"We've had an up tick in hiring on the economic side but it's really kind of the ebb and flow research, construction, and operation" explained Tucker.
Officials from the National Oil Shale Association agree saying the sector is growing but there are still uncertainties.
"It’s progressing. It’s going to be long term. There’s a lot of questions to be answered technically, economically, and environmentally" said Glenn Vawter, Executive Director of the National Oil Shale Association.
Vawter says the growing sector will also help us as a country.
"I think it's really good for our country that we're seeing these increases and we're going to be less reliant on importation of foreign oil" said Vawter.
While so much of the industry is unpredictable, there's one thing that's certain. As our demands continue to grow, energy companies will continue to explore new ways to produce the energy.
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