The Biden administration suspended new leasing for fossil fuel production on federal lands and waters in what the Houston Chronicle said “could be a major blow to Texas’ oil industry.” Scott de la Vega, acting secretary of the U.S. Department of Interior, signed an order Jan. 20 telling staff not to issue any onshore or […]
Occidental, Pioneer, Surge add rigs in Permian Basin in January
Permian Basin added 4 more active oil and gas drilling rigs in the past week, according to Baker Hughes, to reach a new total of 192 as of Jan. 29. That’s an increase of 9.7 percent in the last month since starting the year with 175 rigs. There are 182 rigs in Texas (up 7 […]
Breber says Chevron pauses Permian production in “oversupplied market”
Chevron CFO Pierre Breber said last week the company’s capital budget this year is $14 billion – 65 percent below its peak in 2014 – and it could take until the second half of 2021 or early 2022 before Chevron increases spending on new drilling in Permian Basin. “We have paused in the Permian because […]
Surge Energy acquires Midland Basin acreage from Grenadier Energy
Surge Energy America, subsidiary of Houston-based Surge Energy US Holdings, said this week it agreed to acquire leasehold interest and producing wells in Howard County from Grenadier Energy Partners for $420 million. The acreage includes average production of 9,000 boed (75 percent oil), 18,100 leasehold acres, and an operated inventory of 120 future drilling locations. […]
A Bulwark Against Energy Poverty
As you all know, PBPA’s advocacy is focused at the state and federal levels. But what many may not consider is that this advocacy truly has an international impact. The growth or decline of oil and gas production in the Permian Basin has a major impact on the quality of life that people around the […]
Capitol Update: 87th Texas Legislature
Texas lawmakers convened in Austin Jan. 12, launching a historic session overshadowed by a pandemic and its cascading domino effect. “Getting down to business” took on a whole new meaning, with legislators and leaders examining everything from basic meeting guidelines to complex budgetary needs through a COVID-shaped lens. The Coronavirus topped the initial agenda with […]
M&A Deals Reached $54B in Q3
The total value of oil and gas industry merger-and-acquisition deals in the United States during the third quarter of 2020 reached a figure of $54.8 billion, according to industry analyst firm GlobalData, citing its deals database. The value marked an increase of 674 percent over the previous quarter and a rise of 170 percent when […]
Shale on a Recovery Path
The global shale industry is on a recovery path after an 8.1 percent production decline in 2020, according to a recent report from GlobalData. Global shale production has taken a drastic hit in 2020, where shale oil is expected to drop by 11.7 percent year-on-year and shale gas production may see a 4.5 percent fall, […]
O&G Recovery Spurs Demand For Corrosion Inhibitors
Demand for corrosion inhibitors in the United States is forecast to increase 1.2 percent yearly in volume terms through 2024, according to Corrosion Inhibitors: United States, a report recently released by Freedonia Focus Reports. Advances will largely reflect an anticipated recovery in oil and gas production following the sharp drop in 2020. Rising natural gas […]
Drones Achieve Milestones
ZM Interactive announced Dec. 14 the latest in its line of xFold drones—what they say are the strongest and most adaptable drones in the industry. The xFold drones are said to be the only industrial unmanned aerial vehicles (UAVs) that can switch between x4 (quad), x6 (hexa), X8 (octo), and X12 (dodeca) configurations in minutes. […]
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