Rising Oil Prices Result from Oil Rig Evacuations Caused by Tropical Storm Barry
Tropical Storm Barry has already had a big effect on the oil industry in the Gulf Coast area. Movable rigs have been relocated and at least 15 production platforms and four drilling rigs were evacuated on July 10, 2019, in preparation for this major storm. While the storm may not have totally lived up to initial predictions, it could still cause serious delays for companies in the oil and gas industry. For these companies, working with an MWD rental company could be a solid step toward getting back on track after the worst of the storm is over.
Shutdowns in the Path of the Storm
About a third of the oil production facilities in the Gulf of Mexico have been shut down to protect workers and equipment in the path of Tropical Storm Barry. This has produced increases in oil prices because of concerns about the damage the storm could cause and the break-in production already taking place in the Gulf Coast. By shutting down their production during the storm as a protective measure, these facilities have already generated a 4.5 percent increase in the price of oil per barrel. Gasoline futures have also risen higher by about 4 percent, which may have an impact on the price paid at the pump by consumers in the near future.
Another Challenge for the Oil Industry
The U.S. oil and gas industries have been taking on a number of challenges in recent years, including the effective and efficient extraction of oil from shale deposits. MWD kits and processes are of critical importance to this process and allow drill operators to access information on the geological formations, direction, and speed of drilling and other factors that can have a significant impact on the profitability and productivity of drilling efforts. By implementing measurement-while-drilling equipment and processes, companies can make the most of available time and resources when drilling for oil in our area.
The Benefits of Working With MWD Supply
At MWD Supply, we offer MWD rental kits and kits for purchase to help your company achieve the greatest productivity in the oil and gas industry. We have the experience and the expertise needed to provide you with expert MWD training that can boost your productivity and promote the highest profitability for your drilling operations. Our team will work with you to provide the right solutions for your company and your ongoing MWD needs. To learn more about our MWD rental services and sales options, call MWD Supply today at 281-664-0196. We look forward to the opportunity to serve you.