How much do you know about problems that occur in the oil and gas industry? The workmen in the field have to complete many phases to ensure a well gets to the producing phase. If there is a delay, it can be for reasons we have identified and shared below.
Workover operations generally involve using a special workover rig to restore or stimulate production from a particular well. A situation in which a workover may be necessary would be an open hole completion where sand from the producing formation has clogged the tubing end, reducing or completely cutting off the fluid flow from the producing horizon. A workover may also be necessary when the casing has been perforated, and rock or sand particles have clogged the openings in the casing.
Other problems and oil and gas company may encounter is regarding damaged or lost equipment and materials. Equipment or materials may be damaged or lost during the drilling process. Some examples of damaged equipment would be twisted drillpipe or broken bit. Examples of lost equipment include parts of the drill bit, hand tools (e.g., wrenches) and drillpipe twisted off downhole. If the well is an exploratory well, the cost are expenses or capitalized, depending upon whether the well is unsuccessful or successful.
The oil and gas industry offers great opportunities to learn a wide range of rules, regulations and professional growth. Learning is key for any industry, thus I encourage you to never stop learning and to take on opportunities that allow you to learn more.
Logic will get you from A to B. Imagination will take you everywhere. – Albert Einstein
Hello, I'm Terra the Founder and Marketing Director of Fontenot & Associates Solutions. Thank you for joining my Accounting world. Our blog's purpose is to teach with the determination of closing industry and accounting process gaps that knowingly exist with our uniquely designed detailed procedures and trainings.
My mission is to offer the best accounting results for all companies seeking to close their process gaps with actual solutions. With my Bachelors and Masters Degree in Accounting, I strive for continuous development and professional growth in this profession. My professional career has been in the Oil & Gas industry for nearly the past 10 years but my business focus is to support and train accounting professionals in all industries.