Global investment in solar outpaced investment in oil for the first time last year, according to a report from International Energy Agency. As reported May 29 by CBS News, IEA said since 2018 more funding has been invested in clean-energy development than into fossil fuels, and the gap continues to grow. Last year a record […]
U.S. rig count declines 10.7 percent this year from 779 to 696, Permian falls to 348
Baker Hughes’ count of active oil and gas drilling rigs as of June 2 in U.S. declined for the fifth straight week to 696. The count was down from 711 the previous week, 779 to start the year and 727 a year ago. The U.S. rig count is down 10.7 percent this year from 779 […]
Three Texas projects receive DOE grants for carbon management
Three projects in Texas were among 12 projects in seven states selected for grants in the latest round of funding from U.S. Department of Energy to boost the nation’s carbon management. DOE announced $251 million for 12 CCS projects to expand carbon dioxide transportation and storage infrastructure to help reduce CO2 emissions from power generation […]
Pilot Water Solutions to provide produced water management for Chevron
Houston-based Pilot Water Solutions said last week it agreed to a long-term contract with Chevron for water management in Permian Basin. Pilot will construct and operate a large-diameter pipeline and related disposal infrastructure to transport produced water from Culberson County for shallow disposal in Reeves County. “We are delighted to provide comprehensive water management services […]
Interior blocks leasing around Chaco in NM
U.S. Department of Interior Friday blocked new oil and gas leasing on federal lands within 10 miles of Chaco Culture National Historical Park in New Mexico for 20 years, according to a report in New York Times. Also, New Mexico Land Commissioner Stephanie Garcia Richard Thursday issued an executive order to ban all new oil […]
Prairie Energy Partners selects Cushing over Victoria County as site of refinery
Prairie Energy Partners, subsidiary of El Campo-based Southern Rock Energy Partners, said last week it plans to build its $5.5 billion next-generation, full-conversion crude oil refinery in Cushing, Okla., rather than Victoria County, Texas. The refinery will produce about 91.24 million barrels or 3.83 billion gallons of cleaner transportation fuels each year, including gasoline, diesel […]
Brazos builds Sundance plant in Martin County in Midland Basin growth plan
Fort Worth-based Brazos Midstream said it is constructing Sundance, a new 200 million cfd natural gas processing plant in Martin County, as part of its plan to duplicate in Midland Basin its success in Delaware Basin since its founding in 2014. William Butler, CFO, told Midland Reporter Telegram last month, “We’re building the backbone over […]
API says U.S. petroleum demand fell in April year-to-year for fifth straight month
Washington, D.C.-based American Petroleum Institute said this week that U.S. petroleum demand – as measured by total domestic petroleum deliveries – increased by only 17,000 barrels per day in April compared to March (to 19.8 million b/d). But compared to April 2022, U.S. petroleum demand fell 0.8 percent – the fifth straight month of year-to-year […]
Granite Ridge increased Q1 production, raises fullyear production forecast
Dallas-based Granite Ridge Resources said recently it grew production in first quarter by 46 percent over 2022Q1, and it increased fullyear production forecast for 2023 to a midpoint of 22,000 boed. Production in Q1 was 23,167 boed (46 percent oil), including 10,722 b/d oil. Capital expenditures in Q1 were $126.2 million with fullyear capex expected […]
The Safe Harbor Provision Gets Scrutinized
As most operators are aware, the Texas Natural Resources Code requires payment of proceeds within a specific timeframe, but it also has a “safe harbor” provision that allows operators to suspend payment of proceeds when there is a (1) dispute concerning title that affects distribution of payments; or, (2) reasonable doubt about whether the payee […]
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