Houston-based Occidential Petroleum said last week it is forming a joint venture with Bogota-based Ecopetrol to develop 97,000 net acres of Oxy’s Midland Basin properties in Howard, Martin and Midland counties. Ecopetrol will pay $750 million in cash at closing and $750 million of carried capital in exchange for 49 percent interest in the JV. […]
Plains completes Cactus II crude pipeline, oil flows to start next week
Houston-based Plains All American Pipeline said Tuesday on its earnings call that partial crude oil flows will start next week on Cactus II pipeline from west Texas to Corpus Christi. Plains said Cactus II has been completed, and it will begin full operation in 2020Q1. The Houston Chronicle reported, “This is considered a major project […]
Analyst: Almost 1,000 more salt water disposal wells needed by 2030
Raymond James & Associates analyst Marshall Adkins told clients Monday that Permian Basin will need almost 1,000 additional salt water disposal wells by 2030. Recycling efforts currently can’t handle the 17.5 million barrels per day of “dirty” water produced in the Permian Basin, Adkins said. “As crude production grows, produced ‘dirty’ water grows even faster. […]
Energy revenue tops $1 billion for New Mexico State Land Office in FY 2019
State Land Office in New Mexico said last month it expects to receive about $1.1 billion in revenue from energy development in fiscal year 2019. That’s an increase over the record $852 million in FY 2018. Funds will become available this fall when oil and gas royalties are collected. Stephanie Garcia Richard, state land commissioner, […]
U.S. rig count down 8 in past week, Texas unchanged, New Mexico adds 2
New Mexico widened its lead over Oklahoma as the No. 2 state in Baker Hughes’ weekly count of active oil and gas drilling rigs in U.S. In its July 26 report, Baker Hughes said New Mexico added 2 rigs in the past week for a new total of 109 (104 a year ago) while Oklahoma […]
Crude oil production in seven major regions tops 8.5 million b/d in August
Crude oil production in seven major regions of the U.S. is expected to top 8.5 million barrels per day in August, according to the latest drilling productivity report from U.S. Energy Information Administration. EIA said production will increase by 49,000 barrels per day this month to 8,546,000 b/d. Permian Basin is forecast to provide 69 […]
Completion announced for longest lateral of 3.4 miles in Wolfcamp
Fort Worth-based Basic Energy Services said July 18 that one of its 24-hour rig and equipment units completed drilling of the longest known lateral in Permian Basin. The horizontal well was completed in Wolfcamp A of Delaware Basin for Houston-based Surge Energy. Drill-out of 17,935 feet (3.4 miles) was completed in six days. Dexter Burleigh, […]
Antelope Water to build water reuse, recycling facilities in New Mexico
Austin-based Antelope Water Management said July 11 that two subsidiaries, Enchantment Water Management and Antelope Water Services, reached agreements with two landowners in Lea and Eddy counties in New Mexico to construct produced water reuse and recycling plants. Each facility will have treatment capacity of 100,000 barrels of produced water per day and storage capacity […]
BLM to move headquarters to Grand Junction, Colo., from Washington
Eighty-five federal jobs will be relocated to Colorado as the U.S. Bureau of Land Management moves its headquarters to Grand Junction, Colo., from Washington, D.C., so more agency’s administrators will be closer to acreage they regulate. Joseph R. Balash, U.S. assistant interior secretary, confirmed the move in a letter July 16 to interior and environment […]
New Mexico adds 5 rigs to improve No. 2 position behind Texas in rig count
New Mexico continues to add oil and gas drilling rigs to build its lead as No. 2 among states behind Texas in Baker Hughes’ weekly report of rig counts. New Mexico added 5 rigs in the past week as of July 19 for a new total of 107, ahead of Oklahoma, which lost 3 rigs […]
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