U.S. Energy Information Administration said Thursday production from Eddy and Lea counties in southeast New Mexico accounted for 29 percent of crude oil production in Permian Basin in 2023Q1 – averaging 1.7 million barrels per day.  Permian, largest oil-producing basin in U.S., spans 66 counties in southeast New Mexico and west Texas. Permian crude production […]

Calgary-based Enverus Intelligence Research last week reaffirmed its belief that Brent prices for oil will reach $100 per barrel by fourth quarter.  Enverus pointed to “all-time high global oil demand, insufficient North American supply growth and OPEC intervention as key drivers that will push Brent prices to $100 per barrel in 2023Q4.” Al Salazar, EIR […]

Houston-based Riverbend Energy Group said last month it made recent acquisitions in Permian and Williston basins to rebuild its traditional non-operated energy strategy following its exit in 2022.  Riverbend’s most recent acquisition announced June 19 was a “sizeable non-operated working interest in the core of the Williston Basin.”  The company said the acquisitions provide “a […]

Lea County, N.M., regained the top spot for count of active drilling rigs in Permian Basin as of June 30 at the end of the third quarter.  Baker Hughes said Lea added 7 rigs in the past week for a new total of 56.  The previous leader, Eddy, N.M., lost 6 rigs in the past […]

Saudi Arabia, U.S. and Russia continue to rank 1-2-3 in total global recoverable oil reserves, according to Oslo-based Rystad Energy’s latest research.  Rystad this week raised its estimate of total global recoverable oil to 1,624 billion barrels – an increase of 52 billion barrels compared to its estimate last year.  Oil & Gas Journal called […]

Texas Pipeline Association recently commissioned a study on the economic impact of the state’s oil and gas pipeline industry by Center for Energy Commerce at Texas Tech University.  The study released earlier this month shows that the industry provided more than $60.5 billion in economic output in 2022 and nearly $3.6 billion in state and […]

The Woodlands-based Earthstone Energy told Enverus that its assets acquired recently from Delaware Basin operator Novo Oil & Gas will immediately compete for capital in Earthstone’s portfolio.  Earthstone and Northern Oil & Gas said June 15 they are acquiring Novo for $1.5 billion.  After closing in 2023Q3, Earthstone said it will move one of its […]

Houston-based private gas gatherer Pinon Midstream said last week it is expanding Dark Horse, its sour gas treating and carbon capture facility in Lea County, N.M.  Construction on a fully subscribed amine treating unit (Train III) is scheduled to begin in 2023Q3 with an in-service date of January 2024.  Pinon said it also has started […]

Houston-based EOG Resources said last month during its Q1 earnings call that it continues to innovate its Delaware Basin completions program.  It tested 39 Wolfcamp wells using a new completion method from its Eagle Ford operations that resulted in 22 percent average improvement in first-year production and 20 percent increase in EUR (estimated ultimate recovery) […]

Texas Workforce Commission said Monday upstream crude oil and natural gas employment in Texas increased by 6,900 jobs in May to climb above 200,000 (to 206,000) for the first time in more than three years.  Texas Oil and Gas Association said the gain of 6,900 jobs was the largest one-month growth in 33 years of […]