State-controlled Ecopetrol of Bogota, Colombia, announced last month an aggressive development program in 2021 for its Midland Basin joint venture with Occidental Petroleum. Ecopetrol said Feb. 24 it plans to triple its investment in Permian Basin in 2021 to $600 million ($193 million last year), increase production to as much as 14,000 b/d (from a […]
Select Energy Services developing 2 water recycling facilities in Permian
Houston-based Select Energy Services, water management provider, said last month it will begin operations by the end of 2021Q1 on two water reuse and recycling projects serving customers in Midland and Delaware basins. John Schmitz, president and CEO, said Select will “partner with two leading E&P companies in the Permian Basin to provide full life-cycle […]
An Economist Looks at the Basin
In late 2020, many E&Ps had two capital budgets—one for a Trump victory and one for a Biden victory, because of the latter’s rumblings about banning fracturing and other oilfield procedures. With results now in, favoring the smaller capex budgets, not everyone is pessimistic. Dr. Ray Perryman, president and CEO of The Perryman Group, an […]
Granholm confirmed as second woman to lead U.S. Department of Energy
Jennifer M. Granholm, professor at University of California-Berkeley and former governor of Michigan, was confirmed as secretary of energy in the administration of new President Joe Biden. She was sworn in Feb. 25 after being approved by the Senate with a vote of 64-35. Granholm was the first female attorney general of Michigan in 1998-2002 […]
Enverus: Permian flaring levels have not spiked despite return of operators
Enverus said flaring intensity in Permian Basin, measured via satellites, was about 180 MMcfd in February. Estimated flared volumes are holding in line with the post-covid19 activity drop. Permian flared volumes fell from about 520 MMcfd in March 2020 to about 300 MMcfd in April. Enverus added, “Although operators returned to the play, total flaring […]
U.S. count of active rigs above 400 for first time in 10 months
U.S. count of active oil and gas drilling rigs climbed above 400 last week for the first time since May 2020. Baker Hughes said as of Feb. 26 there were 402 rigs in U.S. (397 previous week), 208 rigs in Permian Basin (204 previous week), 197 rigs in Texas (194 previous week) and 62 rigs […]
Permian production forecast to decline to 4.315 million b/d in March
Production of oil and natural gas is expected to decline again this month in seven U.S. major producing regions, according to the latest drilling productivity report from the U.S. Energy Information Administration. Across the seven regions, oil production is forecast to decline by 77,000 b/d in March to 7.504 million b/d from 7.581 million b/d […]
U.S. Energy acquires two oil development projects in Delaware Basin
Arlington-based U.S. Energy Development Corp., privately-held oil and gas operator, last week said it acquired interests in Shetland and WarWink oil development projects in Delaware Basin. Shetland is located in an opportunity zone in Eddy County, N.M., and contains an interest in 14 producing wells and 6 recently proposed oil wells targeting initial production in […]
Fresh Challenges under a New Administration
The first real American industry to stretch across the windswept plains, the first to practice a trade across what is now known as the Permian Basin of Southeast New Mexico and West Texas, was cattle and ranching. For so many years, fences didn’t separate grazing grounds or cattle train routes. There was nothing but geography […]
NM O&G Faces Possible Ban on Freshwater Use
by Michael Vanderhider It appears that New Mexico’s state government is continuing to move in the direction of environmentalists and away from oil and gas operators. However, New Mexico enjoys significant revenue from the production of oil and gas, so it’s debatable whether actions taken to slow production will have widespread support. In December 2020, […]
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