Crude oil production in Permian Basin is forecast to increase by 8,000 barrels per day in April to 6.112 million b/d after 6.104 million b/d in March. In its drilling productivity report Monday, U.S. Energy Information Administration said oil production overall in seven major producing regions is forecast at 9.769 million b/d for April – […]
Where the Water Goes
An oil well produces three things: oil, natural gas and (mostly) water. All three of those things have to have somewhere to go in order for the well to operate, and right now only two of them are profitable. The last is working its way up from being a nuisance to being a useful byproduct, […]
EIA raises forecast for spot price of Brent crude oil to $88/b for 2024Q2
U.S. Energy Information Administration this week raised its forecast for spot price of Brent crude oil to $88 per barrel for the second quarter of 2024. That’s up $4 per barrel from Feb. 6 forecast. And EIA said Tuesday the forecast price for fullyear 2024 is $87 per barrel compared to $82 per barrel as […]
Permian Basin drives record production in U.S. for sixth straight year
U.S. Energy Information Administration said this week the U.S. produced more crude oil in 2023 than any nation ever for the sixth straight year. Crude oil production in the U.S., including condensate, averaged 12.9 million barrels per day in 2023 – breaking the previous U.S. and global record of 12.3 million b/d in 2018. Average […]
Operators report drilling test wells for carbon dioxide storage projects
Operators are drilling a new type of well in east Texas, where carbon dioxide pipelines, top-tier geology and industrial emissions are combining to spark a race to take advantage of incentives fueled by climate change. Houston Chronicle said Monday Chevron started drilling test wells in February for its 142,000-acre carbon storage project in Jefferson County […]
Kinetik completes gathering system expansion into Lea County, N.M.
Midland-based Kinetik Holdings said recently it completed the third of three strategic growth projects in its 2023 capital program when it placed online gathering system expansion into Lea County, N.M. Kinetik said the expansion was placed online Jan. 18 (two months ahead of schedule) and under budget. Jamie Welch, president and CEO, said Feb. 28, […]
R-e-s-p-e-c-t
Let’s launch into our subject by posing a question: How is today’s workforce different from that of any other generation in our industry? Back in the day, you just did exactly as you were told, without deviation. Whether you were a person new to the industry or a seasoned veteran, you understood that no explanation […]
Enverus report shows reduced emissions, increased production in 2020-22
Calgary-based Enverus Intelligence Research released a report last week on U.S. emissions for the oil and gas sector to evaluate industry progress based on data from U.S. Environmental Protection Agency. Enverus analyzed trends in the upstream and gathering sections in 2020-22 – highlighting where operator efforts are paying off and which sources are more difficult […]
New Mexico reports 2024 high count of 106 active drilling rigs
U.S., Texas and Permian Basin reported declining counts of active drilling rigs for the past week, but New Mexico added 3 rigs for a 2024 new high of 106. Houston-based Baker Hughes said as of March 8 there were 313 rigs in Permian Basin (315 previous week, 343 year ago), 291 in Texas (299 week […]
Devon allocates additional capital, including fourth frac crew, to Delaware Basin
Oklahoma City-based Devon Energy recently reaffirmed its 2024 production forecast of about 650,000 boed, but Devon said it expects first quarter production to be down about 2 percent because of curtailments caused by severe winter storms. The storms shut down refineries on the Gulf Coast in Texas and limited production in North Dakota to about […]
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