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 […]
Tinker: “No Form of Energy is Renewable”
At the International Energy Summit in Miami, Fla., held May 30-June 1, Dr. Scott Tinker, Director, Bureau of Economic Geology, The University of Texas at Austin, delivered a talk challenging the idea of renewable energy. The lecture sparked intense discussion on the ongoing energy transition. Each year, AIEN hosts a lecturer as part of their […]
Legislature Enters Second Special Session
by Julie Anderson During a recent Permian Basin Petroleum Association (PBPA) luncheon, Association President Ben Shepperd referenced a reality that initially defined the 88th Texas Legislature: extra money on hand. “We started out with about a $33 billion surplus in the treasury,” Shepperd observed. “Roughly two-thirds of that was due to, plain and simple, oil […]
Machine Learning To Transform Oil and Gas
Machine learning is a rapidly growing field in the oil and gas industry. It can be used to analyze seismic data, well logs, and other geologic data to identify potential oil and gas reservoirs. Machine learning algorithms are also capable of analyzing production data and identifying patterns that can be used to improve well performance. […]
Permian E&P Closes Equity Commitment
(BUSINESS WIRE) Swordfish Energy Holdings, LLC, announced the closing of an equity commitment from Dallas-based investment firm, Pearl Energy Investments. Based in Houston, Texas, Swordfish is an exploration and production company focused on acquiring and developing oil and gas assets in the Permian Basin. The Swordfish management team is led by Marcos Briceno and Patrick […]
New Mexico Announces New OCD Director
from the Permian Basin Petroleum Association Before the 2023 New Mexico Legislative Session began, PBPA learned that the New Mexico Oil Conservation Division (OCD) Director Adrienne Sandoval would be leaving the agency and taking a position with the U.S. Environmental Protection Agency’s Region 8 office. In May, however, OCD announced that acting director, and general […]
Federal Permitting: Is Reform Gaining Ground?
from the Permian Basin Petroleum Association Bipartisan activity is leading to optimism for some type of permitting reform making it out of Congress and onto President Biden’s desk. While Republican permitting proposals focus on expediting oil, gas, coal, and other fossil fuel projects, Democratic plans seek to hasten approvals for clean energy projects and the […]
EOG reports better results from new completion program in Delaware Basin
Houston-based EOG Resources said last month during its Q1 earnings call that it continues to innovate its Delaware Basin completions program. It tested 39 Wolfcamp wells using a new completion method from its Eagle Ford operations that resulted in 22 percent average improvement in first-year production and 20 percent increase in EUR (estimated ultimate recovery) […]
Workforce commission: Texas industry employment back above 200,000
Texas Workforce Commission said Monday upstream crude oil and natural gas employment in Texas increased by 6,900 jobs in May to climb above 200,000 (to 206,000) for the first time in more than three years. Texas Oil and Gas Association said the gain of 6,900 jobs was the largest one-month growth in 33 years of […]
Permian rig count down 1 to 341, U.S. count down 12.5 percent this year
Baker Hughes’ counts of active drilling rigs continue to decline as of June 23. U.S. count of 682 is down for the eighth straight week (687 last week, 753 year ago). Permian count is down for the seventh time in the last eight weeks to 341 (342 last week, 349 year ago). There are 345 […]
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