Operating Oil
Offshore Oil Rigs and the Technology behind Drilling for Oil in the Sea
As global demand for oil products continues to increase and land-based oil reserves have been explored, a growing number of oil companies are opting for offshore oil rigs as a way to increase global supplies. A large number of active oil platforms have been developed to extract oil that can be found in the bed of the ocean.
Continental shifts created a wide range of undersea oil reserves which can be difficult to reach, and more advanced oil platform technologies make it possible to extract undersea oil reserves at lower prices than ever before. As a result, oil companies are increasing offshore oil rigs based upon improved methods for extracting difficult to reach sea-based oil reserves.
New technologies have created a growing number of oil rig types which are designed for specialized purposes.
The most common offshore oil platform is a fixed rig which is a concrete and steel based platform anchored to a particular area on the ocean. For important, lasting discoveries fixed offshore platforms allow for increased production capacity at depths up to 500 meters. These are the most stable platforms, although they can be damaged by hurricanes and other natural disasters, impacting production of important offshore oil pipelines. For deeper platforms, submersible structures are portable and capable of exploring at much greater depths. For exploratory drilling, these platforms are a reliable source of new exploration.
Some of the largest operational oil platforms are in the Gulf of Mexico, and many were damaged in the wake of previous hurricane seasons. Disruption of offshore oil supplies from the Gulf greatly impacts domestic oil prices, as evidenced by the sharp increase in the wake of Hurricane Katrina, which impaired a wide variety of platforms at the time. One of the largest platforms in the region covers over 600 meters and provides a steady supply of crude oil to a variety of refineries off the Gulf coast. Storage tanks in the region exceed over 1 million tons, providing an important pipeline for domestic oil production.
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How can you get screwed by a oil company?
My dad's family owned shares in an oil company. I can remember as a child, seeing a lot of checks for 2-3 cents from this oil well. Now my father is deceased and I can't seem to get any answers about the oil well. He received these checks just about all his life, and he was 87 when he died. I contacted the company that managed the oil and the response was unsatisfying to say the least. Why did the amount of his checks ever show any real profit. It is still operating today and is now involved with some large corporations, Monsanto Carpets, Exxon, and lastly the Bush family. How could the McGowan Working Partners mess over all these people , then sit around and watch them die from old age then, snub their relatives. This I am sure of one thing, they are making plenty money from this venture or they would have closed this file many years ago. Is George and his family enjoying the benefits that our family should have had? How can I get some answers and some real benefits for our family
He probably had royalties or working interests. If the money was from a well, and not from actual stock in the company. In which case the well may have closed or gone dry, thus ending the payment checks. Depending on his ownership, he either invested in the well or held some title to the mineral rights surrounding the well.
If he invested, a working interest would be useless to you as you would incur joint interest billing to maintain the well. If he owned the mineral rights and recieved royalty checks, then it may still be valuable. If you know where the well was, you can research the mineral ownership, and as his next of kin you would be entitled to existing or future production royalties.
If he owned shares in the company itself, you need only to find the stock certificates, or research the companies records. Surely an attorney could help you there. I would check with both oil and gas, and estate and probate attorneys.
FYI some companies that sell investments in oil/gas wells sell working interests that either have a capped return, or expire in some amount of time.
Also, some production companies will take on investors and then "close the well". Essentially telling their investors to take off, the will then reopen the well, and reap its benefits. It may be comforting to you to know that most people can only perform this scam a few times before the word gets out and no one will work with them again. it also may be comforting to you to know that investing in oil/gas is 100% deductible, so instead of giving his money to the gov't your dad simply gave an oil investment a shot at virtually no cost to him.