Permian Basin is the only one of seven major producing regions expected to grow its crude oil production this month, according to U.S. Energy Information Administration.  Permian is forecast to increase by 5,000 barrels per day in February to 5.974 million b/d from 5.969 million b/d in January.  Total production for February from the seven […]

Australia-based 88 Energy said this week it acquired additional non-operated working interest in December in leases and wells for its Bighorn Energy phase 3.  The acquisition included 64 percent net working interest in 1,262 acres near its existing Longhorn assets in Andrews and Ector counties.  Nine low-producing existing wells (26 boed gross) and 10 development […]

S&P Global Commodity Insights recently said U.S. entered 2024 producing more oil than any country in history.  U.S. leads strong non-OPEC+ supply growth that exceeds the rising global demand, S&P Global said in its latest oil markets outlook.  U.S. total liquids production in 4Q stood at 21.4 million barrels per day, including 13.3 million b/d […]

Permian Basin led major producing regions in U.S. by adding 3 rigs in the past week for a new total of 310 (357 year ago).  According to Baker Hughes, as of Jan. 26, there were 304 rigs in Texas (305 previous week, 380 year ago), 99 in New Mexico (98 week ago, 105 year ago) […]

Tulsa-based NGL Energy Partners said recently its NGL Water Solutions is expanding its Lea County Express water pipeline to 340,000 barrels per day.  LEX is growing by 200,000 b/d from 140,000 b/d in an expansion scheduled to be completed this year.  LEX will include a 27-mile pipeline and disposal wells.  It is expandable to 500,000 […]

Public Utility Commission of Texas was host for a workshop recently in Midland for representatives from the oil and gas industry, transmission and distribution utilities in the region, and staff from Electric Reliability Council of Texas.  Lori Cobos, PUCT commissioner, said, “Reliable, affordable electricity is essential to powering our state’s growing economy, including the success […]

Permian Basin dominated M&A activity in U.S in 2023, according to report released Tuesday by Enverus Intelligence Research.  Enverus said mergers and acquisitions in Q4 and fullyear 2023 both were records – $144 billion in upstream M&A in Q4 (the largest quarter EIR has tracked) and $190 billion for fullyear 2023.  Driving the surge in […]

U.S. Federal Energy Regulatory Commission last week approved several natural gas pipeline projects, including the Williams Companies’ expansion of its Transcontinental gas pipeline system (Transco).  The expansion of Transco in Texas and Louisiana will add about 364,400 dekatherms per day of pipeline capacity to the system by 2025Q1.  Transco is a 10,200-mile natural gas transportation […]

Led by new solar power, the world added renewable energy “at breakneck speed” in 2023, according to Associated Press.  The recent AP report said it’s “a trend that if amplified will help earth turn away from fossil fuels and prevent severe warming and its effects.”  International Energy Agency said clean energy now is often the […]

U.S. added 1 drilling rig last week, but the counts of active rigs were down in Texas and Permian Basin.  U.S. now has 620 rigs as of Jan. 19 (771 year ago), but Texas fell 3 to 305 (380 year ago), and Permian Basin dropped 2 to 307 (354 year ago).  New Mexico added 1 […]