On a day when the price for WTI rose to $92 and change, the mood was expansive at the annual meeting of the Permian Basin Petroleum Association, held as always in the sumptuous confines of this city’s Petroleum Club. A slate of speakers and panels addressed issues, ideas, and initiatives affecting the membership of the […]
The New Peak Discussion
It was Marion King Hubbert, a U.S. geoscientist, who first proposed the theory that oil production would reach a “peak,” based on available reserves, after which it would fall precipitously. At a 1956 American Petroleum Institute meeting he presented a paper showing a bell curve of U.S. oil production, with the chart displaying an inflection […]
Franklin’s Rise Drilling Revives Old Wells in Oilfields Near Conroe, Humble
An east Texas man told Houston Chronicle he has revived oilfields in Conroe and Humble that had been shut in for decades. Brent Franklin, 33, owner of Rise Drilling, began producing in Conroe in September for Texas-based Wheeler Resources. Franklin, who attended Conroe High School and served in U.S. Navy, started investing in oil and […]
EOG Resources Still Biggest Customer in U.S. Onshore Oilfield Services
Enverus said Wednesday that Houston-based EOG Resources remains the largest customer in the U.S. onshore oilfield services industry. EOG leads all exploration and production companies in feet drilled, average rig count and wells completed and ranks second in frac fluid pumped during 2023Q2, according to the most recent issue of Oilfield Pulse. EOG held those […]
EIA: U.S., Texas Report Record Crude Oil Production in August
U.S. Energy Information Administration said Tuesday field production of crude oil reached a monthly high in August. U.S. production was 404.6 million barrels during the month – 13.05 million barrels per day – to surpass the record of 401.73 million barrels in July (up 0.7 percent). EIA said the largest increases were reported in PADD […]
Enterprise Products Partners Announce Four Projects in Delaware, Midland Basins
Houston-based Enterprise Products Partners announced Tuesday four new capital projects totaling $3.1 billion to support production growth in Delaware and Midland sub-basins of Permian Basin. And the company said it will return the Seminole pipeline with capacity of 210,000 barrels per day of crude oil to natural gas liquids in December. Seminole was converted to […]
Department of Energy to purchase 6 million barrels of oil for SPR in Texas
The Office of Petroleum Reserve in the U.S. Department of Energy said recently it will purchase up to 6 million barrels of oil for delivery in December 2023 and January 2024 for the strategic petroleum reserve. DOE officials said the department will purchase oil at a maximum price of $79 per barrel for the SPR […]
Texas Leads Comeback in U.S. Drilling Rig Count for Third Straight Week
For the third consecutive week, Texas led a comeback of drilling activity in U.S. Baker Hughes said in its weekly count of active oil and gas drilling rigs that as of Oct. 27 there were 313 rigs in Permian Basin (up 1 in previous week, down 33 in previous year), 311 in Texas (up 3 […]
Matador Resources Reports Record Production in Third Quarter
Dallas-based Matador Resources, with current operations focused in Wolfcamp and Bone Spring plays in Delaware Basin, said last week it reached record production in third quarter. Matador said Oct. 24 it reached production of 135,096 boed in 3Q – up 3 percent over 130,683 boed in 2Q and up 28 percent from 105,214 boed in […]
Who Controls a Well’s Produced Water?
An increasingly odd operating issue (that has only been an issue in the last few years) may be in front of the Texas Supreme Court next year… if they agree to hear it. The controversy swirling up focuses on one question: who has the right to own and control produced water? Yes, you read correctly. […]
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