Production of crude oil is forecast to decline again in September in the nation’s seven major producing regions, according to latest drilling productivity report from U.S. Energy Information Administration. The EIA forecast Aug. 17 for September is 7,558,000 barrels per day – down 19,000 from 7,577,000 in August. Permian and Bakken are the only regions […]

Oxy Low Carbon Ventures, subsidiary of Occidental, and Rusheen Capital Management said Aug. 19 they have formed a development company to finance and deploy Carbon Engineering’s large-scale direct air capture (DAC) technology in Permian Basin. The new company, 1PointFive, and Canadian company Carbon Engineering signed an agreement for commerical development of the world’s largest DAC […]

Houston-based Birch Resources led Texas drillers in permits for the week of Aug. 12-18 with 10 horizontal wells in Howard County in Permian Basin. Houston Chronicle said Birch, which filed its first permits since March, filed 5 on Sebastian The Ibis lease and 5 on Vic The Demon lease targeting Spraberry. Runners-up in filing permits […]

For the first time since March, Permian Basin, Texas, New Mexico and U.S. each posted an increase in rig counts in Baker Hughes’ weekly report of Aug. 21. U.S. added rigs for the first time since March 6 – up 10 in the past week to 254 (from 2020 low of 244). Permian Basin added […]

Irving-based HomeBound Resources said Aug. 10 it has acquired assets in Midland Basin in Glasscock, Martin, Midland and Reagan counties in Texas and Lea County in New Mexico for $4.4 million. The transaction includes 55 drilled wells and 106 acres of proven undeveloped reserves with about 50 locations and was made on behalf of an […]

Graham-based Barron Petroleum said last week it discovered a field of 13,000 acres in Val Verde County in west Texas estimated to hold 417 bcf or 74.2 million barrels in oil and gas reserves. The family-owned company worked with geoscientist William J. Purves since 2018. Fort Worth Star Telegram said Barron successfully drilled two wells […]

Houston-based Tellurian reportedly will defer construction of Permian Global Access pipeline and 2 other of 4 pipelines proposed to supply natural gas to Driftwood LNG plant in Lake Charles, La. By defering construction the company hopes to trim 30 percent of Phase I costs. Final investment decision is expected in 2021. Permian Global Access is […]

Mountain View, Calif.-based Kairos Aerospace completed its first of two surveys of oil and gas wells and gas pipelines in Permian Basin this year. Kairos surveyed more than 62,000 wells and almost 25,000 miles of pipelines from more than 800 companies over 6,444 square miles in west Texas and southeastern New Mexico. Kairos said its […]

Government officials in New Mexico said this week the amount of money flowing into the state’s largest permanent fund has declined dramatically as the pandemic and resulting oil price decline curtailed production in Permian Basin. Santa Fe New Mexican reported Thursday monthly contributions to the state’s Land Grant Permanent Fund fell to $37.2 million in […]

Oslo-based Rystad Energy said Aug. 14 most U.S. onshore operators will restore most shut-in oil volumes by end of 2020Q3. Rystad’s report was based on analysis of quarterly reports of 25 public oil operators. Curtailments peaked in May with a net 772,500 barrels per day taken off the market by 25 operators. That decreased to […]