Madrid-based oil and gas firm Repsol reportedly will acquire Equinor’s 63 percent interest in a joint venture of 69,000 net acres in Eagle Ford Shale for $325 million. The deal allows Norway’s Equinor, previously known as Statoil, to focus on production in Gulf of Mexico. Oil & Gas Journal said the acreage jointly held by […]

New Mexico, with Permian Basin’s two leading counties, reversed a five-week decline in count of active oil and gas drilling rigs, according to Baker Hughes’ report of Nov. 15. New Mexico had fallen from 113 rigs as of Oct. 14 to 104 as of Nov. 8, but added a rig to 105. Also as of […]

The Texas Petro Index by petroleum economist Karr Ingham declined for the seventh consecutive month in September as the prices of crude oil and natural gas, rig count, drilling permits and industry employment continued to fall. The index was 201.0 in September after starting its decline from 213.2 in February. It started the year at […]

Expedition Royalty, privately held company focused on acquisition of mineral rights and royalty interests, recently opened an office in Big Spring. The aim of Expedition Royalty is “to help people who have property with viable mineral, surface and water rights get a fair share for their assets.” Members of the Expedition staff have bought and […]

Midland-based Gravity, a leading water and energy infrastructure company, said Nov. 6 it has agreed to acquire On Point Oilfield Holdings from White Deer Energy. On Point is a contracted produced-water midstream company focused on gathering and disposal operations in Midland Basin. Gravity said this acquisition “will create the largest commercial produced-water disposal company by […]

Columbian state-controlled petroleum company Ecopetrol said last week production is expected to begin by yearend from two wells drilled in Midland Basin in its joint venture with Occidental Petroleum. Two other wells are in final stages of completion; they expect to have four wells operating by yearend 2020. The joint venture was announced in July […]

Associated Press said Tuesday that U.S. Department of Transportation is awarding a grant of $12.5 million for the U.S. Highway 285 safety and resiliency project in the Permian Basin in southeast New Mexico, where an oil boom has resulted in increased traffice. The federal grant program, which is awarding $900 million for 55 projects in […]

A new report from IHS Markit says U.S. shale production – the chief source of rapid growth that has made the U.S. the world’s largest oil producer – is slowing. The outlook for 2019-21 forecasts U.S. total production growth to be 440,000 b/d in 2020 before flattening in 2021 and resuming modest growth in 2022. […]