February 23, 2016: "Oil and gas companies have to plan for the worst case scenario if oil prices stay lower for longer, ConocoPhillips Chairman and CEO Ryan Lance told attendees at the IHS CERAWeek Conference Tuesday in Houston. It’s hard to predict what will happen. Lance, who has been through six industry downturns, said the market will recover. But CEOs can’t run their companies based on the idea of oil prices recovering at year-end...."
1 reply
Hello reader, Geothermal energy development and exploration is the only answer to our dying drilling industry. The Iceland and Philippines Energy Minister said (back in 2008) that if you have abundant geothermal resources and you are not using them you are an "IDIOT". Base load capacities that you need 24/7 can only be achieved by producing electric power coming from geothermal power plants. All the Canadian and USA oil companies are hurting financially and had to lay-off so many good talented people. USA and Canada West coast seats on abundant geothermal resources that can be tapped by drilling to the hot reservoirs and produce hot water and team. After using the steam for power generation, the excess heat can be used for drying plants for lumber, fruits, veggies, nuts, spices, etc. and also can be used for house heating and heating up green houses that allow us to plant and produce veggies 365 days a year. Also the produced hot water can be used for heating up heavy oil reservoirs and bitumen reservoirs. The drilling industry will be alive again and we can produce energy that is sustainable and renewable without burning fossil fuels. We can slowly phase out the use of the coal fired power plants that produce CO2 emissions.