Texas Oil and Gas Association recently said that oil production in the state reached a record of 5.5 million barrels per day in June and July. That follows reports of 5.4 million b/d of oil production in Texas for March, April and May (5.494 million b/d) by U.S. Energy Information Administration. TXOGA said natural gas marketed production reached 31.4 billion cubic feet per day in June then decreased to 31.2 billion cfd in July.
Dr. Dean Foreman, economist for TXOGA, said year-to-date through July that Texas’ share of U.S. oil production increased to 43.3 percent, and its share of U.S. natural gas marketed production increased to 27.4 percent.
An energy economic analysis released by Dr. Foreman Aug. 14 said Texas and U.S. proved reserves of oil and natural gas remain abundant and continue to grow. Since 2016 Texas has accounted for more than 40 percent of U.S. oil reserves and nearly one-quarter of natural gas proved reserves. Assessments by U.S. Geological Survey show decades of potential growth of these proved reserves – led by Permian Basin and Gulf Coast. “U.S. oil and natural gas have remained abundant,” Dr. Foreman said, “and with Texas’ leadership these resources could remain the bedrock of American energy security for decades to come.”