Ep 48 - Richard Spears [Spears & Associates] FRACK vs Frac

Thanks for tuning into the #QualityMatters Podcast. Let's start
with a fun question here for the Oil & Gas World. Would a
future president be able to stop to 'Frack'ing in the United
States? Frac  vs Frack …  what’s the difference? 
Well it's pretty straight forward, Frac is the term used in the Oil
Industry for Hydraulic Fracking of rock to pump out oil and
gas.  Water, sand and a bit of chemistry are sent down the
hole, cracking the rock, the sand keeps the crack open while oil
& gas are pumped out.  However, often times when more
politically minded folks talk about it, they are talking about
“Frack”ing F – R – A – C & K not F -R – A - C.  The loose
term FRACK tends to talk about the entire Oil & Gas industry,
so much far beyond the Frac’ing process.  Not just new wells,
but millions of existing wells that are currently producing. 
Oil Fields could decline at a sudden pace, from 12 million barrels
a day in just the US, now short 2-3 million barrels a day
worldwide. The ONLY place in the world oil output has been growing
is in the United States over the past few years.  West Texas
and Oklahoma are driving this increase.   World wide
consumption and demand for energy is going up worldwide. 
Regardless if you drive a Prius or an F-150 you’d be
affected.  Texas alone is the 3rd largest producer of oil in
the world.  Shutting down oil production in the US will shift
power to the middle east and devastate all global economies. 
Think about the billions of lives that will be immediately
affected, from kids in poor African counties being denied access to
Western medicine to your local Starbucks shutting down.  We
are lifting more people from poverty every year than at any time in
history.  We are LITERALLY fueling global success in the Oil
& Gas Industry.  To turn the wells off will immediately
stop that flow of success.  The US is one of 40 counties that
matter for Oil Production.  There are still 39 other markets
to move into if the US shuts down production, in areas such as
Russia, or Ukraine, or Iran will be primed to increase Oil &
Gas output.  On a different topic, it's fascinating how on the
oil rig, speed is our number 1 priority , but in the factories,
speed is not the number 1 factor. Speed might just be last on the
priority list.  But our wells are often sub-optimal because
speed is the first priority.  How much wasted effort and lost
productivity is out there to be saved? We have to get rid of silo’s
of information in the industry.   Drilling team –
measured on speed.  Production & Reservoir folks should be
giving feedback to the drilling team daily, and prepare better for
the future. If the Reservoir folks were put in charge of drilling,
it might take a year but the hole would be perfect.  How do
you balance short term gains and long term success?  Business
Forecasting – work on the best information possible and make and
educated guess.  It might not work out that way, but set a
target and be ready to pivot. Find out more about Richard Spears
and Spears & Associates at the links below.Web
https://spearsresearch.com/ Phone 918-496-3434 Learn more about
#QualityMatters & Texas Quality Assurance
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