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Oil & Gas









OIL & GAS

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ABOUT THE OIL & GAS INDUSTRY

According to the Office of Economic Development and International Trade, Colorado is a leader in energy conservation, renewable clean energy, and energy innovation. The state promotes a development of diverse mix of energy resources, including oil and gas. The oil and gas industry and been a major economic driver in Weld County since the discovery of the Wattenberg Field in 1970. The production continued at a steady pace for several decades, and in 2009, a horizontally drilled well was able to produce 50,000 barrels of oil in 90 days. As of October 2014, Weld County was responsible for at least 82% of the crude production across Colorado. 

The positive economic impact of the industry on the county was tremendous. One oil and gas producer paid $52 million in taxes in 2011, which went to schools, special districts, and fire districts. The county also has no debt, no county sales tax, and is able to pay for long-term projects with cash. Weld County was even able to start setting aside money for road maintenance, expansion of the jail, and construction of the North Colorado Regional Crime lab. 

Due to recent events, there are some concerns that the industry is facing. There may be tighter federal, state, and local regulations as demand is increasing for natural gas from both international and domestic sources. The price per barrel of oil has created some other industry challenges for oil producers, with production dropping by about 50%. This just means that oil producers have to be more creative with their budgets and drilling strategies.

Supporting industries are key components to the oil and gas industry success. They require transportation companies for a variety of resources, retail industries to provide protective gear for the workers, service industries that might be able to bring in an aspect of knowledge that these oil production companies would rather outsource. These are just a few examples of supporting industries!

DO YOU FIT THE PROFILE?

BizHub is specifically targeting businesses in the oil and gas industry and offer supporting services. These business owners are looking for extra assistance with research and resources. They are interested in learning about different techniques that might help them become successful, what statistics they can use to their advantage, and learning from industry experts the best way to enter the industry and become successful in it.


THANK YOU TO OUR UNC BIZ HUB COLLABORATIVE SPONSORS

  • Aims Community College
  • City of Greeley
  • Colorado State University
  • Great Western Bank
  • Northeastern Junior College
  • Shirazi Benefits
  • Town of Bennett
  • University of Northern Colorado