GCEM to Address Concerns of Cautious Industry
Gulf Coast Energy Marketplace
|Tuesday, March 30, 2004
That ubiquitous Louisiana exhortation to "let the good times roll" seems an apt description for the oil and gas industry these days. With high commodity prices, general stability in field costs, and a recovering economy, industry executives are inclined to ask whether these good times are as good as it gets and how long will they last.
The answer will be found in the seminars, exposition booths, and presentations at the second annual Gulf Coast Energy Energy Marketplace (GCEM) scheduled for April 5-7, 2004 at the Fairmont Hotel in New Orleans. Sponsored by a number of trade associations and professional groups, the show is also underwritten by W&T Offshore, Helis Oil & Gas Company LLC, Fairfield Industries, Energy Partners Ltd., ORX Resources, eSeis, Century Exploration, Virgin Oil Company, PLS, Taylor Energy and others.
One of the benefits offered by GCEM is the establishment of a forum that brings together buyers, sellers, and various vendors under one roof to share information and market insight. This year's GCEM conference will include sessions addressing deep drilling in the Gulf of Mexico, trends in petroleum engineering, workshops on seismic workstations, as well as programs on other technology, land, and law. The PTTC is hosting a half day forum on Monday with other SGS and Sipes (technical) sessions scheduled Tuesday and Wednesday.
Power Lunch – Keynote Address & Featured Speakers –
This event is also centered around the GCEM Power Lunch scheduled for Tuesday, April 6, and keynote presentations by Richard Bachman, CEO of Energy Partners Ltd. and Kevin McMichael a former executive of El Paso, Burlington and LL&E fame. Mr. McMichael will speak on deep drilling in South Louisiana and the OCS while Mr. Bachman touches on EPL's market opportunities. In addition, the Mayor of New Orleans, Ray Nagin will also speak on the city's efforts to secure oil and gas industry related jobs.
Power Lunch Chairman Scott Sewell said, "With the tight schedules and pressures on oil and gas executives, shows like GCEM provide the perfect place to network with large numbers of executives in a short period of time. These are 'can't miss' opportunities."
Exposition – prospects, properties and products for sale –
Besides the Power Lunch and Conference Agenda, the GCEM is also powered by a day and a half exposition (Tuesday/Wednesday) including property and prospect sellers and product vendors. Last year GCEM hosted over 76 booths and this year's show will be even larger. Exhibitors include companies selling properties, services, technology, and information. Both onshore and offshore properties will be exhibited, including prospects in California, Louisiana, Mississippi, Texas and the Outer Continental Shelf.
Why New Orleans and Why GCEM? –
Conference Chairman John Jurasin, calls GCEM: "A place where you can buy, sell, learn, or meet someone you would not otherwise have met, or reacquaint with friends, all focused on the onshore and offshore Gulf of Mexico." Mr. Jurasin notes that Louisiana and the OCS serve as a key element in producing the natural gas necessary for domestic energy self-sufficiency. The Gulf of Mexico continues to be one of America's premier energy centers, contributing 25% of our natural gas and 30% of our nation's domestic oil production.
Current industry activity, in South Louisiana and Offshore –
U.S. offshore areas contain the majority of future resources. It is estimated that 60% of the oil and 59% of the gas yet to be discovered in the U.S. is located on the OCS. The Gulf will be viable for exploration for the foreseeable future. Strong competition for leases produced robust bidding in the recent Central Gulf lease sale. Exploration and production activities continue to be aggressively expanding in Texas, Mississippi, and Alabama while Louisiana lags behind due to its royalty structure, litigious environment, and tax structure.
A record number of drilling rigs are currently working in ultra-deepwater in the Gulf of Mexico. Johnnie Burton, Director of the Minerals Management Service recently stated "For the first time, 12 rigs are drilling for oil and gas in 5,000 feet of water or greater in the Gulf. This is a very important milestone which demonstrates how industry continues to focus on new frontiers." This means jobs and business for the service companies of the Gulf Coast into the future.
Improvements in technology are instrumental to maintaining this level of production, and GCEM exhibitors will feature the latest industry tools, particularly advances in seismic capabilities.
More than 20 local and Gulf Coast societies have teamed up with the common goal of making this a successful show.
For more information go to Gulf Coast Energy Marketplace.
Ben Waring 504-733-3117
Jimmy Wilkins 281-364-6905
Tony Motto 281-364-6905