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Permalink Reply by Grillin' - MmmMmm on September 9, 2008 at 2:13

Actually, what BP is paying for is a 25% ownership in the Fayetteville assets, lease hold, currently drilled wells, all future wells, production, etc. They will get the knowledge to a point, but CHK will still be drilling the wells and operating. Tech transfer in that situation isn't very good. But Tech transfer in the oil patch usually flows through contractors, the drilling companies, the frac companies, etc. Then you throw a bucket full of money at engineers and geo's to hire them away from another company and use their experience. But that takes big signing bonuses.

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Permalink Reply by Grillin' - MmmMmm on September 9, 2008 at 8:27

Now Jim, that's not true! Since I work for a major I know that we are aggressively trying to hire hundreds of new employees! We are recruiting at colleges, we are trying to hire folks away from other companies, luring them with lots of great incentives, etc. All of the Big 6 oil companies are in aggressive hiring mode to fill the vacancies and to get ready for the large retirement party coming over the next 5 years. We are paying close to 6 figures for new engineers out of college plus a very upper end 5-figure signing bonus. We are offering experienced engineers mountains of that cash to come to work for us.

Problem is the independents and large companies like CHK are throwing even more money!

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