U.S. Energy Information Administration said Thursday production from Eddy and Lea counties in southeast New Mexico accounted for 29 percent of crude oil production in Permian Basin in 2023Q1 – averaging 1.7 million barrels per day. Permian, largest oil-producing basin in U.S., spans 66 counties in southeast New Mexico and west Texas. Permian crude production […]
What the Legislative Session Accomplished
Typically the best things about summer for oil and gas operators include a shining sun, an abundant time to spend with friends and family, and Lord willing, the lawnmower is broken and lawmakers in Austin, Santa Fe, and Washington D.C. are typically in recess. Unfortunately we have yet to find out if those things will […]
Enverus reaffirms forecast of $100 oil by fourth quarter of 2023
Calgary-based Enverus Intelligence Research last week reaffirmed its belief that Brent prices for oil will reach $100 per barrel by fourth quarter. Enverus pointed to “all-time high global oil demand, insufficient North American supply growth and OPEC intervention as key drivers that will push Brent prices to $100 per barrel in 2023Q4.” Al Salazar, EIR […]
Riverbend Energy Group adds assets in Permian, Williston basins
Houston-based Riverbend Energy Group said last month it made recent acquisitions in Permian and Williston basins to rebuild its traditional non-operated energy strategy following its exit in 2022. Riverbend’s most recent acquisition announced June 19 was a “sizeable non-operated working interest in the core of the Williston Basin.” The company said the acquisitions provide “a […]
Lea County regains Permian leadership in rig count by adding 7 in past week
Lea County, N.M., regained the top spot for count of active drilling rigs in Permian Basin as of June 30 at the end of the third quarter. Baker Hughes said Lea added 7 rigs in the past week for a new total of 56. The previous leader, Eddy, N.M., lost 6 rigs in the past […]
The Safe Harbor Provision: from Choppy Waters to Clear(er) Sailing
I previously wrote about a case pending opinion in the Texas Supreme Court—Freeport-McMoran Oil & Gas, LLC and Ovintiv USA Inc., v, 1776 Energy Partners, LLC. Recently, the Court issued an opinion which should have operators letting out their collectively held breaths. To recap, the suit was originally brought by 1776 Energy Partners, LLC, against […]
Natural Gas: Here to Stay
At the AIEN International Energy Summit in Miami, Fla., one of the panels was tasked with answering the question, “Natural Gas: Fueling the Energy Transition?” The moderator of the session, Majed Limam, Manager, Americas, LNG and Natural Gas Advisors, Poten & Partners began the conversation by reminding the audience that the recent G7 in Japan […]
North American Gas Market to Expand 25% in 10 Years
Near-term gas market expansion continues to be driven by global demand for U.S. LNG exports, which will largely be supplied through continued growth in Permian associated gas and Haynesville production, according to a recent report from Wood Mackenzie. “LNG export growth will drive the market for many years but will slow substantially in the 2030s, […]
Growth Projected for Texas, U.S.
By Dr. Ray Perryman The most recent Perryman Economic Forecast for the United States and Texas calls for growth through 2027, though the path will likely be somewhat uneven. According to Dr. Ray Perryman, President and CEO of The Perryman Group, “The nation is facing significant headwinds. Although inflation is finally moderating, the inevitable fallout […]
Permian Energy Development Lab Get $1 Million From Foundation
The National Science Foundation (NSF) announced in May a funding award to lay the groundwork for a new regional innovation engine in the Texas and New Mexico Permian Basin. The grant funding—$1M to cover a two-year period—is the first step toward a potential ten-year, $160M NSF investment. NSF is an independent federal agency that provides […]
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