Not all oil and gas companies are hurting from low oil prices. Start ups and those still in the exploration phase are finding it easier to break into the market.
BlueCrest CEO Benjamin Johnson said it’s been easier to source equipment and personnel…
Johnson: “We’ve seen it in the last two months that many costs associated with developing in the oil industry have come down. In fact, in our negotiations for a drilling rig, even onshore, we’ve seen a large decrease in that cost and we’ve3 seen a lot more interest from folks who own offshore drilling rigs.”
BlueCrest is currently developing the Cosmopolitan Unit near Anchor Point with an onshore facility drilling for oil and creating 400 jobs. Offshore platforms will later be added to target more shallow natural gas reserves. Johnson said the drop in prices is beneficial at this stage, but as the company moves into production, that will change…
Johnson: “I mean, obviously, we’re worried what happens long term, but in the short term, it really couldn’t be better.”
BlueCrest and WesPac are also working on a mid-size LNG facility in Point MacKenzie which could be operational in two to three years.