A new report from Oslo-based research firm Rystad Energy released last week said global spending this year on oil and gas drilling is forecast to fall to its lowest level in 15 years – with shale investments expected “to take the biggest hit.” Rystad said shale spending will fall by more than 50 percent to […]
Bloomberg: ExxonMobil to delay startup of refinery in Beaumont
Bloomberg reported last week that ExxonMobil will delay startup of its refinery expansion in Beaumont by a year to 2023 “as the oil giant weathers low demand for petroleum products and seeks to save cash amid the covid-19 pandemic.” The project will make the Beaumont refinery the largest in the world, according to Bloomberg. Jeremy […]
Chronicle: “Drilling revival may soon be underway in Permian Basin”
Drilling permits filed in Texas in the first week of June were more than double the previous week, according to Houston Chronicle, as activity returns to the state’s oilfields. For the week of June 3-9, 42 companies filed for 109 permits with the Railroad Commission of Texas – compared to 53 permits the previous week. […]
U.S. rig count falls below 300, Texas at 115, Permian Basin has 141 rigs
U.S. count of active oil and gas rigs fell for the fifth straight week to a record low, according to June 5 report from Baker Hughes. There were 284 rigs in U.S. as of June 5 – an all-time low, Reuters said, according to records dating back to 1940 – compared to 301 rigs a […]
Jason Modglin named president of Texas Alliance of Energy Producers
Houston native Jason Modglin last week was named president of Texas Alliance of Energy Producers. Most recently he was director of public affairs for commissioner Christi Craddick at the Railroad Commission of Texas, and previously he served as chief of staff for Rep. Drew Darby, R-San Angelo, chairman of the energy resources committee in the […]
EOG Resources, Parsley Energy to restore crude production in shale fields
Houston-based EOG Resources and Austin-based Parsley Energy are among the earliest producers in shale fields to reveal plans for a crude oil rebound. Last week Bloomberg said EOG Resources, the nation’s largest shale-focused producer, plans to accelerate production in the second half of 2020 after shutting in a quarter of its crude in May. Permian […]
RS Energy Group says flaring volumes decline in Permian Basin
A report by RS Energy Group this week said flaring intensity in Permian Basin as measured by satellites shows that flaring volumes continue to decrease since October 2019. RSEG said flared volume last October was about 675 MMcfd, and it declined in January and April and again in May to about 320 MMcfd. RSEG added, […]
Challenging Times
Greetings to all! In light of recent events—the Coronavirus, oil prices tanking, etc.—this month’s installment may not delve into the intricacies of typical safety topics. Since most of the workforce has been laid off in the last month or two, there is probably not a huge interest in hearing a discussion of the theories of […]
Declining rig counts extend 12 weeks in U.S., 11 weeks in Permian Basin
The streaks of declining rig counts have reached 12 weeks in the U.S. and 11 weeks each in Texas and Permian Basin as of May 29, according to Houston-based Baker Hughes. There were 148 active rigs in Permian Basin (162 previous week, 452 previous year), 127 rigs in Texas (138 previous week, 480 previous year) […]
Texas, New Mexico state governments amend budgets with declining revenue
State governments in Texas and New Mexico are considering the impact on their budgets of declining revenue. Texas’ top lawmakers – Governor Greg Abbott, Lt. Gov. Dan Patrick and House Speaker Dennis Bonnen – sent a letter last month to heads of state agencies, colleges and universities to submit plans by June 15 to cut […]
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