Oslo-based independent research and business intelligence company Rystad Energy said last week persistent claims of chronic underinvestment in the global oil and gas industry are “overblown.”  Investments in the upstream sector are expected to reach about $580 billion this year after peaking at $887 billion in 2014.  The number of completed wells also has fallen […]

U.S. Department of Energy said last week it plans to purchase an additional 6 million barrels of oil for the nation’s strategic petroleum reserve for delivery in October and November to the Big Hill SPR site in Jefferson County in southeast Texas.  It’s the third solicitation issued by DOE this year; DOE purchased 6.3 million […]

Houston-based Halliburton recently opened a regional laboratory in Odessa to serve Permian Basin customers of its specialty chemical provider Multi-Chem.  The lab includes a team of scientists and personnel who use the latest instruments to analyze oilfield samples and deliver data-driven insights to technical and field teams. Miguel Gonzalez, vice president of Halliburton Multi-Chem, said, […]

U.S. Department of Energy said June 30 it purchased an additional 3.2 million barrels of U.S.-produced crude oil to be delivered in September to the Big Hill strategic petroleum reserve in Jefferson County near Beaumont in southeast Texas.  The oil was purchased for $230.3 million for an average of $71.98 per barrel.  That’s lower than […]

The Woodlands-based Ring Energy said last week it sold non-core assets in Delaware Basin in 2023Q2 to an unaffiliated private buyer for gross sales price of $8.25 million (net proceeds of $7.8 million).  Recent production on the assets was 240 boed (85 percent oil).  “We were pleased to complete the sale of our non-core Delaware […]

Houston-based contract driller Patterson-UTI Energy said last week it agreed to acquire Ulterra Drilling Technologies of Fort Worth from Blackstone Group in a cash-and-stock transaction valued at $800 million ($370 million cash).  Ulterra designs, manufactures, sells and rents PDC drill bits (polycrystalline diamond compact) for customers in more than 30 countries.  Closing is expected in […]

U.S. Fish and Wildlife Service is accepting public comments through Sept. 1 after its decision announced last week that the dunes sagebrush lizard should be listed as an endangered species “due to ongoing threats of energy development, mining and climate change in southeastern New Mexico and west Texas.”  The Fish and Wildlife Service had faced […]

Three commissioners of Railroad Commission of Texas recently approved an oil and gas monitoring plan for fiscal year 2024 to continue what the commission said is “the agency’s commitment to protecting Texans and the environment.”  The plan focuses on “developing a framework to describe oil and gas monitoring and enforcement efforts – beyond inspections and […]

RTS launched another expansion project to add its second state-of-the-art tubular inspection facility. Groundbreaking ceremony was held June 1 at its flagship location in Midland by RTS, a provider of oilfield tubular and sucker rod inspection and maintenance services, asset management and related data analytics.  RTS said the expansion will double its capabilities in Midland […]