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How much oil does Venezuela have?

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The proven oil reserves in Venezuela are recognized as the largest in the world, totaling 300 billion barrels

Venezuela’s crude oil is very heavy, and as a result, much of it must be processed by specialized domestic and international refineries. Venezuela was one of the largest suppliers of oil to the United States ‘ until Trump put sanction on Venezuela in order to crash the Economy , Washington has imposed several rounds of sanctions since the self-proclamation of Juan Guaido as “interim president” on January 23. Some measures have targeted governors and high-ranking military officials, while others have hit Venezuela’s banking, mining and oil sectors. – read about that here 

Earlier, the US government is ready to use the army to intervene in the conflict in Venezuela, Secretary of State Michael Pompeo said in an interview with Fox Business Network.

Today, Venezuela’s working class is mobilizing across the country to celebrate its day and defend its achievements by organizing a big march to say no to the coup.

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North Dakota Landowners vs Continental Resources

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Continental Resources filed a complaint last September in U.S. District Court against Landowners Rick and Rosella Fisher related to a saltwater disposal well in Bowman County. The complaint asserts that the Fishers are not entitled to compensation for use of the pore space under their land. The disposal well was drilled for the purpose of disposing produced water from wells in a unitized oil development operated by Continental.

Read more – Department of Mineral Resources data shows Continental Resources began injecting saltwater into the well last October.

Background on the Continental Resources litigation.

  • A letter was dated October 26, 2011, and entitled “NOTICE OF DRILLING OPERATIONS.” It referenced the Lonesome Dove 41-17 SWD well, and stated the purpose of the letter was to advise the Fishers that Continental was planning to drill for oil and gas on their property. The reference to “41-17” rather than “42-17” is presumably a typographical error. Continental offered $7,779.00 in compensation for surface disruption. The letter was sent by Diamond Resources landman Roland Olson. See Docket No. 18-1, pp. 4-5.
  • The second letter was dated December 6, 2011. It notified the Fishers of Continental’s intention to “complete the Lonesome Dove #42-17 well as a Class II Salt Water Disposal Well.” There was no offer of compensation made by Continental in the letter. The letter was sent by Terry L. Olson, a Continental Resources Regulatory Compliance Specialist. See Docket No. 18-1, p. 6.

The Fishers essentially contend Continental has no legal right to construct a salt water disposal well and pipeline on their property, or dispose of salt water in the pore space underneath the Subject Property. The Fishers commenced this action in state court on or about July 26, 2013. They assert claims for nuisance, trespass, fraudulent misrepresentation, and deceit. They seek monetary damages, an accounting of the salt water injected into the well, and injunctive relief in the form of an order for ejectment. The parties have not entered into any salt water disposal agreement authorizing Continental’s activities. Continental contends the Unit Agreement and North Dakota law authorize its activities.

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Millennials and Generation Zs want Oil and Gas Jobs – But are they lazy?

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The oil and gas industry is facing strong competition in attracting science, technology, engineering and mathematics (STEM) talent, with 44% of STEM Millennials and Generation Zs (Gen Z) interested in pursuing a career in oil and gas, compared to 77% in the technology sector, 58% in life sciences and pharmaceuticals, and 57% in healthcare – according to the inaugural global “Workforce of the Future” survey released today by the Abu Dhabi National Oil Company (ADNOC) at CERAWeek by IHS Markit, the world’s premier energy event.

Key findings include:

  • “Salary,” “work-life balance,” “job stability,” “on-the-job fulfillment,” and “a good work environment” are ranked the top five drivers behind potential career choices for STEM Millennials and Gen Zs.
  • Young STEM talent also associates the oil and gas industry with high salaries and see it as an industry that is invaluable. “The industry pays well,” “the industry is crucial for their country’s economy and development,” and it is “an industry we couldn’t live without,” are ranked as the top three positive attributes about the industry.
  • STEM Millennials and Gen Zs show the most interest in industries that they believe will be most impacted by new technologies. Globally, 42% say that new technologies will have a major impact on the oil and gas industry, while 56% say the same for healthcare, 53% for life sciences and pharmaceuticals, and 73% for the technology industry.

H.E. Dr. Al Jaber added: “Oil and gas has always been – and will continue to be – an industry of the future that is at the forefront of technology and innovation.” concluded H.E. Dr. Al Jaber.

 

Source of studies

http://www.adnoc.ae/

Millennials are much more technologically savvy than previous generations, and Centennials (those born after the mid-1990s) are even more so. – forbes

Millennials and Centennials want interesting and challenging problems to solve. I have personally witnessed this as my students become very interested in the oil and gas sector when they begin to understand the complexity of the space and realize how vital the sector is to the global economic activity and well-being. – forbes

A plus For Millennials going into oil and gas industry

  • Millennials change with the times. Millennials adapt easily to change and new ideas, whereas most boomers are slower to adapt as the world, and the markets, evolve. “What worked in the past may not work in the future, and the markets we are in right now are not the markets of the 80s and 90s,” Notchick says. On the other hand, boomers do have the advantage of experience, right or wrong, and one thing their experience has taught them is that it’s always important to keep learning. – INC

 

  • The oilfield has Booms and Busts cycles –  Millennials expect to be fired or let go regularly, so they want work that is directly in line with their own career equity, which are the skills and experiences that help them improve their career prospects. They know their time is limited, so they don’t invest in doing things outside their own path. Boomers, however, are used to working hard for a company in exchange for long-term investment in skills development and for security, like a retirement fund or pension. – forbes

But are Millennials lazy?

Millennials are frequently labeled the “Me” Generation due to their apparent laziness, entitlement, and selfishness by Mostly by ‘Everyone”. But age might be affecting the memories of those folks, as they seem to have forgotten that they were given the same label way back in the 70s by their parents. In fact, pretty much every post-boomer generation has been dubbed the “Me” Generation at some point.

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