Russian scientists and local oil field services companies claim to have created a technology for thermochemical gas fracturing that could be an alternative to hydraulic fracturing and could increase oil production by between 1.7 and 6 times, Russia’s news agency RIA Novosti reports, citing the University of Tyumen’s press service.
The Railroad Commission of Texas, the state energy regulator, said it issued 1,011 original drilling permits last month, compared with the 631 issued in July 2016. Of those, 893 were for drilling new oil or natural gas wells.
The deal came with some inflation on land prices. Concho bought the Mabee Ranch as part of $1.62 billion purchase of 40,000 acres from Reliance Energy in October 2016. That acreage cost roughly $25,000 per acre.
OPEC's job of rebalancing the oil market has just got a lot more difficult. Not only is there a lot more oil in storage than it previously thought, but the group will need to make deeper output cuts to drain the excess.
Though it may be the case that certain scientists maintain such fears, that’s a pretty tough position in light of the fact that the report “was uploaded by the nonprofit Internet Archive in January” and publicized by the New York Times in August.
The British oil major said Monday one of its natural gas wells in the Mancos Shale reached the region's highest production rate in 14 years, pumping 12.9 million cubic feet of gas a day in an initial 30-day period.
West Texas' network of aquifers are interconnected; water pumped from one can reduce flow in another. Some worry that all of these proposed water wells could dry up aquifers that supply West Texas ranches, farms and cities.
A survey of output from OPEC members from S&P Global Platts found Libya and Nigeria combined to produce 590,000 barrels of oil above October levels. Both countries are exempt from the agreement so they can steer oil revenue toward national security efforts.
Houston pipeline startup Permico Energia hopes to build a $2 billion natural gas liquids pipeline across Texas from the booming Permian Basin to refining and port access near Corpus Christi.
The oil majors, by and large, have posted dramatically better financial figures for the second quarter, a sign that their cost reduction efforts are bearing fruit. They are no longer in the red, but at the same time, there is little chance that they will return to aggressive growth.
A key to the Capitan’s use, said Darden, is the low salt content of the water there. Residents and politicians are encouraging oil and gas companies to use salty water, called “brackish,” for oil and gas production, saving fresh water for drinking and agriculture. But water that is too salty doesn’t work well in hydraulic fracturing operations.
In 2014 there were around 200 rigs were drilling for oil in the Williston Basin. By March 2016, the rig count had fallen to 31. That ultimately fell to a low of 22 rigs in May 2016, but the number has since rebounded back to more than 50 rigs. That, in turn, has resulted in a small rebound in North Dakota's oil production.
The Permian ranks among the top tier investment returns in our global portfolio, said Jeff Woodbury, a spokesman for Exxon Mobil, in a conference call with investors. "We have successfully offset inflationary pressures through efficiencies" and higher output for each well the company drills.
The Louisiana Offshore Oil Port (LOOP) is located about 20 miles off the coast of Louisiana, directly south of New Orleans. Standing in 110 feet of water, LOOP is the only U.S. port that can handle the massive oil tankers preferred in global oil shipping.
Oil and natural gas operators focused on the Permian Basin began the year announcing ambitious production targets for 2017. And they’ve been as aggressive in their efforts to lock in support for those targets.
I must note that the industry is yet to find a generally accepted term to describe this approach. Encana Corp. (ECA) calls this “developing the cube.” QEP Resources (QEP) uses the term “tank-style development.” Laredo Petroleum (LPI) calls its landing zone optimization system the “Earth Model.” However, all operators have the same objective: to produce more oil with less money – and it appears that full-volume stimulation is a must in this regard.
Drilling rigs increasingly dotting the Permian Basin horizon, along with a paper blizzard of drilling permits from the Railroad Commission, are signs the area’s oil and gas industry is rebounding from the most recent price collapse.
Recent increases in atmospheric methane are not because of fossil fuels after all, according to a recent release from the National Oceanic and Atmospheric Administration (NOAA).
Apache, a Houston oil and gas company, announced almost a year ago that it had discovered 15 billion barrels of oil and gas under 350,000 acres here in West Texas. Many worried: Visitors from near and far flock to the famous spring-fed pool at nearby Balmorhea State Park. If oil and gas drilling and hydraulic fracturing broke into the springs and ruined the pool, what, they asked, would become of this 500-person town, already struggling to make ends meet?
U.S. shale producers survived an oil price crash and confounded OPEC's efforts to drain a global glut by employing innovative drilling and production techniques. Now, some of these producers are turning to creative investments to pump more oil.