U.S., Texas and Permian Basin added drilling rigs in the past week, according to the latest weekly report from Baker Hughes.  As of April 19, there were 619 rigs in U.S. (up 2 in past week, down 134 in past year), 296 in Texas (up 2 in past week, down 81 in past year) and […]

U.S. Energy Information Administration said in its latest short-term energy outlook that it expects average Brent crude oil spot price will increase to $89 per barrel for 2024 after $82 per barrel in 2023.  Forecast average for 2024Q2 is $90 per barrel.  EIA said, “This increase reflects our expectation of strong global oil inventory draws […]

Several analysts told The Telegraph last week they expect the price of a barrel of crude oil could reach $100 by June as Saudi Arabia extends supply cuts and geopolitical tensions continue to rise.  Bjarne Schieldrop of SEB Bank said, “Towards the end of second quarter, I think it’s natural to assume that we’ll see […]

Bureau of Land Management in U.S. Department of Interior issued new rules last week that will result in producers paying more to develop and produce crude oil and natural gas on federal lands.  Oil & Gas Journal said the rules for fluid mineral leases and leasing process are BLM’s first comprehensive updates to the federal […]

Railroad Commission of Texas said last week production of both crude oil and natural gas in the state reached record numbers in 2023.  Oil production was about 1.92 million barrels, which was about 51 million barrels ahead of the previous record of about 1.86 million barrels in 2019.  Natural gas production was 12.01 trillion cubic […]

U.S. count of active drilling rigs fell for the fourth straight week, according to Baker Hughes in its weekly report of April 12.  The U.S. count declined by 3 in the past week to 617 (down 134 in the past year).  Baker Hughes also said as of April 12 there were 316 rigs in Permian […]

Houston-based Moss Lake Partners recently filed a request to the U.S. Federal Energy Regulatory Commission to start the pre-filing review process for its proposed DeLa Express system that will transport 2 Bcfd of natural gas from Delaware Basin to Louisiana.  The request was filed April 2 for DeLa Express to transport liquids-rich natural gas from […]

The Biden administration this week approved the construction of a deepwater crude oil export terminal 30 miles off the Texas coast near Freeport in Brazoria County that will be the largest of its kind in the U.S.  Sea Port Oil Terminal will be capable of loading two supertankers at once with an export capacity of […]

Pemex, Mexico’s state energy company, said this week it will cut at least 330,000 barrels per day of crude oil exports in May.  Reuters said that will leave customers in U.S., Europe and Asia with a third less supply from Mexico.  This follows the withdrawal of 436,000 b/d of Maya, Isthmus and Olmeca crudes in […]

Houston-based Enterprise Products Partners said last week it started service at its Mentone 3 natural gas processing plant in Delaware Basin and Leonidas natural gas processing plant in Midland Basin.  Each is capable of processing more than 300 million cfd of natural gas and extracting more than 40,000 b/d of NGLs. Enterprise also said April […]