Historian Daniel Yergin, vice chairman of research firm IHS Markit, said last week the combination of an oil price war led by Saudi Arabia and Russia and a coronavirus pandemic is unlike anything in the history of the oil industry. Yergin told reporters March 12 in Washington, D.C., “There have been many cases of an […]
Permian Basin adds rigs for fifth straight week
Permian Basin, Texas and New Mexico continue to add oil and gas drilling rigs, according to weekly report of March 13 from Baker Hughes. Permian Basin added 3 rigs for a new total of 418 (464 a year ago), Texas added 4 rigs for a total of 408 (501 a year ago), and New Mexico […]
Milestone waste disposal provider opens Permian Basin office
Houston-based Milestone Environmental Services opened an office in Midland to support the company’s growing presence in the Permian Basin. Milestone is a 25-year-old oilfield waste disposal services provider with eight locations in Permian, Eagle Ford and Haynesville. Milestone said March 2 the new facility provides workspace for local sales, dispatch, day-to-day operations, engineering, health and […]
U.S. status as net petroleum exporter “at risk” as majors trim budgets
The U.S. status as a net petroleum exporter is at risk, Bloomberg said this week, as plunging oil prices threaten domestic production. U.S. recently began exporting more petroleum that it imports because of “record shale production in fields such as the Permian Basin.” Bloomberg added, “Now, amid the worst price rout in nearly three decades, […]
Centennial reduces operated rigs in Reeves County to three
Denver-based Centennial Resource Development said Feb. 24 it is reducing operated rigs in Reeves County to 3 beginning in 2020Q2 with a focus on upper Wolfcamp A and third Bone Spring sand zone. Another rig will be allocated to Lea County, N.M. Centennial is reducing its 2020 capital budget 28 percent compared to 2019. The […]
Permian Basin adds rigs for fourth straight week to reach 415
Permian Basin, Texas, New Mexico and U.S. each added rigs in the past week, according to the weekly report of active oil and gas drilling rigs for March 6 from Baker Hughes. Permian added 4 rigs for a new total of 415 (411 week ago, 465 year ago, 405 to start 2020), and Texas added […]
ONEOK plans to expand West Texas LPG pipeline
Tulsa-based ONEOK said Feb. 24 it plans to expand its West Texas LPG pipeline at a cost of $310 million. The fully-contracted 100,000 b/d pipeline expansion is expected to be completed in 2021Q2 and is supported by long-term dedicated NGL production from third-party natural gas processing plants in Permian Basin. West Texas LPG is a […]
MMEX accelerates schedule for Phase I of refinery in Pecos County
Fort Stockton-based MMEX Resources said last week it is accelerating the schedule for the first phase of construction of a previously-announced refinery in Pecos County. Houston-based VFuels said March 2 it started detailed design and engineering for the inside battery limits portion of the project to reduce the overall schedule by 60 days for the […]
Enverus acquires RS Energy Group in technology company merger
Austin-based Enverus, a leading energy SaaS and data analytics company, said Feb. 12 it has acquired RS Energy Group, a technology firm focused in the upstream oil and gas industry. Enverus said the acquisition “combines the companies’ complementary strengths to accelerate technology, machine learning and advanced analytics across the energy market.” Enverus said its technology […]
Permian adds rigs for third straight week, record production continues
Permian Basin added rigs for the third straight week as of Feb. 28 in Baker Hughes’ weekly report of active oil and gas drilling rigs amid reports of continued record production in U.S., rising exports and sinking global demand. Permian added 2 rigs in past week for a new total of 411 (466 a year […]
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