Tulsa-based Vital Energy, an independent energy company focused on assets in Permian Basin, this week increased its 2023 production guidance because of improved performance in Q1 and the closing of its acquisition of Driftwood Energy in Reagan and Upton counties in the Midland Basin.  Vital forecasts 2023 production of 76,000 to 80,000 boed – up […]

1PointFive, subsidiary of Houston-based Occidental Petroleum, leased more than 55,000 acres along the Gulf Coast in Texas to develop a carbon capture and sequestration hub in Chambers, Jefferson and Liberty counties.  The Bluebonnet hub, with capacity of about 1.2 billion metric tons of CO2, will be located near refineries, chemical plants and manufacturing facilities between […]

The number of earthquakes in the Permian Basin is declining, according to research scientist Peter Hennings from University of Texas.  Dr. Hennings was featured luncheon speaker April 4 in Midland at the national technical conference of the American Association of Drilling Engineers.  “Operators and regulators are adapting – using data and trends successfully,” he said.  […]

Count of active drilling rigs in Texas increased for the fourth straight week in the April 6 report from Houston-based Baker Hughes.  And the rig count increased for the third time in the last four weeks in Permian Basin.  There were 353 rigs in Permian Basin (352 previous week, 332 year ago), 377 in Texas […]

U.S. Energy Information Administration said more electricity was generated from renewable sources of fuel in 2022 than from coal for the first time.  Electricity generated from renewable sources such as wind and solar has grown rapidly in the past decade.  Doug Lewin, president of Stoic Energy, power consultant, told Houston Chronicle, “It’s been a really […]

Houston-based Chevron and its partners Talos Energy and Carbonvert said recently they will triple the size of Bayou Bend CCS, a carbon capture and storage project on the Gulf Coast, to become one of the largest in the nation.  Chevron said it acquired about 100,000 acres of onshore land in Chambers and Jefferson counties.  The […]

Seven universities in Texas and New Mexico and three national laboratories said they are forming Permian Energy Development Lab (PEDL) to study carbon capture and its beneficial use and the management of methane and emissions.  The new lab was revealed March 30 during a panel discussion in Austin at University of Texas, which will be […]

Denver-based Ovintiv said this week that following closing of its latest Midland Basin acquisition it plans to moderate drilling activity in the acquired assets.  Ovintiv said it will move from 7 operated rigs to 2 for a total of 5 rigs operating across its combined Permian acreage.  Ovintiv expects to deliver 2024 total company oil […]