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USGS reports 29.4 billion barrels of untapped oil on US federal lands, with Alaska holding the largest share at 14.46 billion barrels.

US sits on billions of untapped oil barrels

The United States is the largest oil and gas producer in the world. It is also experiencing a slowdown in its oil production for a number of reasons, including natural depletion. The U.S. Geological Survey, however, has just published a study stating that there are almost 30 billion new barrels of untapped oil—under federal lands, no less.

Oil and gas drilling was a contentious topic during the Biden administration. The administration decidedly did not like it and put a serious effort into curbing this drilling as much as the law allowed. As soon as Donald Trump became president, the tables turned and drilling on federal lands became very much a desirable direction for federal energy policy to move in, with the President prioritizing affordable energy and higher exports.

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Source: Oil Price

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USGS estimates US federal lands hold 29.4B barrels of oil, 391.6T cu ft of gas—enough for 4 years of oil, 12 years of gas at current use.

USGS boosts oil and gas estimate for public lands

The U.S. Geological Survey raised its estimate this week for how much oil and gas lies underneath public lands if every possible drop were squeezed from the ground.

The newly compiled figures show that oil and gas resources from onshore federal lands could power U.S. energy needs for a window of time — four years in the case of oil and a dozen years in the case of natural gas.

USGS found in its analysis that an estimated 29.4 billion barrels of oil and 391.6 trillion cubic feet of gas lie below all federal lands, as well as 8.4 billion barrels of natural gas liquids. The areas range from protected wilderness and national parks to holdings of the Tennessee Valley Authority and the Defense Department.

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Source: E&E News

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Crude oil prices are set for a third consecutive weekly gain due to ongoing hostilities between Israel and Iran.

Oil prices climb for third straight week

Crude oil prices were set for another weekly gain today, the third in a row, as Israel and Iran continued to bomb each other with no sign of willingness on either side to switch to diplomacy.

At the time of writing, Brent crude was trading at $77.04 per barrel, with West Texas Intermediate at $75.67 per barrel as the latest war in the Middle East entered its second week. The benchmarks dipped slightly from Thursday.

The hostilities have pushed tanker rates sky high, along with vessel insurance, with many shippers choosing to avoid the Strait of Hormuz altogether, not least because the deployment of electronic interference warfare that scrambles the navigational systems of ships, increasing the risk of an accident.

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Source: Oil Price

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Chevron and Halliburton developed intelligent, automated hydraulic fracturing with real-time feedback to boost efficiency and performance.

Chevron and Halliburton enable intelligent hydraulic fracturing

Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), and Halliburton (NYSE: HAL) jointly developed a new process that enables closed-loop, feedback-driven completions in Colorado. This intelligent fracturing process combines automated stage execution with subsurface feedback to optimize delivery of energy into the wellbore without relying on human intervention. The capability enhances the previous implementation of autonomous hydraulic fracturing technology.

Chevron recognizes the importance of efficiency and consistency during fracture execution. In addition, the company has placed an emphasis on the added control functionality that these new technologies provide. Leveraging digital automation and real-time feedback from the subsurface, Chevron and Halliburton jointly developed autonomous workflows that adjust completion behavior with the goal of improving asset performance.

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Source: Oil & Gas 360

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Oil prices jumped almost 7% on Friday to multi-month highs after Israel launched strikes against Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies.

Oil jumps almost 7% after Israel’s strikes on Iran

Oil prices jumped almost 7% on Friday to multi-month highs after Israel launched strikes against Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies.

Brent crude futures were up $4.57, or around 6.59%, to $73.93 a barrel at 1352 GMT, after hitting an intraday high of $78.50, the highest since January 27.

U.S. West Texas Intermediate crude was up $4.53, or 6.66%, at $72.57, touching its highest since January 21 at $77.62 earlier in the session.

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Source: Oil & Gas 360

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Oklahoma drilling stays strong despite a 2-rig drop; Cana Woodford up 2, Granite Wash down 1, others mostly unchanged or steady.

Oil and gas drilling remains strong in Oklahoma

While the latest Baker Hughes rig count reported a drop of 2 rigs in Oklahoma to 50, most of the strong oil and gas plays in the state still saw continued activity.

A breakdown of the oil plays showed only one with a decline of activity and that was the Granite Wash, which according to the Baker Hughes rig count, slipped by one rig to 14. None of the other oil plays in the state showed any decline, so the overall drop of two is admittedly confusing.

Otherwise, the Cana Woodford saw a pickup of 2 rigs for a total of 20. The Ardmore Woodford remained at 3 rigs while the Arkoma Woodford stayed at one.

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Source: OK Energy Today

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Gov. Greg Abbott signed new laws to support Texas oil and gas and promote long-term growth in the Permian Basin.

Abbott signs bills to boost Texas oil and fight Permian Basin theft

Governor Greg Abbott on Thursday signed into law a suite of bills. It is aiming to strengthen the state’s oil and gas industry and driving long-term economic development in the Permian Basin.

The ceremonial event was held at the Permian Basin Petroleum Museum. Abbott hailed the legislation as a turning point for both the energy sector and the West Texas region it powers.

“Today is a defining moment for the Permian Basin. The future of this region, and the future of Texas,” Abbott said. “We are bringing the full weight of the law to crack down on oil theft. In the Permian Basin, we protect the critical role energy development plays in fueling our economy.

The legislative package includes Senate Bills 494, 529, and 1806, House Bill 48, and a $123 million Beacon Budget Appropriation. Together, the measures focus on both crime prevention and economic expansion, with lawmakers and energy executives rallying behind the effort.

At the center of the anti-crime measures is Senate Bill 494, which establishes a petroleum product theft task force, and House Bill 48, which creates an organized oilfield theft prevention unit within the Texas Department of Public Safety. The goal: to combat the growing threat of organized criminal activity targeting oil pipelines and storage tanks — theft that state officials say has siphoned millions of dollars from the region.

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Source: News4SA

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Goldman Sachs expects OPEC+ to make its final production hike in August at the now standard level of 411,000 barrels daily.

Goldman expects OPEC+ output hikes to end in August

Goldman Sachs expects OPEC+ to make its final production hike in August at the now standard level of 411,000 barrels daily.

In a recent analysis, the bank highlighted the current dynamics of the oil market, indicating that the fundamentals surrounding oil supply and demand remain relatively robust. Despite ongoing concerns about a potential slowdown in global economic activity, recent data has shown stronger-than-expected performance in various sectors. This resilience in hard global activity metrics, coupled with the seasonal uptick in oil demand typically associated with the summer months, suggests that any anticipated decline in oil consumption is unlikely to be severe enough to warrant a significant reduction in production levels. As such, market participants are closely monitoring these trends, particularly in light of the upcoming decision on production levels scheduled for July 6th.

Furthermore, the interplay between these factors may lead to a reconsideration of strategies among oil-producing nations as they evaluate their output in response to both market signals and geopolitical considerations. The bank’s insights imply that while cautious optimism prevails, the potential for a sustained increase in production remains on the table. Producers may view the current environment as an opportunity to capitalize on existing demand, thus influencing pricing and supply dynamics in the coming months. This perspective underscores the importance of closely watching economic indicators and seasonal patterns as they impact the broader oil market landscape.

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Source: Oil Price

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oil prices rise

Oil prices rise after Ukrainian strikes on Russia

OPEC+, the cartel of oil producers, agreed over the weekend to crank up production. Instead of falling, Brent oil prices rise about 3% to start the week, at a shade under $65 a barrel.

Prices in the global energy markets are experiencing an upward surge, a trend that analysts attribute to a combination of factors, notably Ukraine’s recent drone strikes targeting military airports within Russian territory. These strategic attacks have heightened tensions and introduced a sense of unpredictability into the market, leading to concerns about the stability of Russian oil production and supply chains. Additionally, there is a concerted effort among U.S. lawmakers to further isolate Russia economically by implementing stricter measures aimed at cutting Russian oil from global markets. This push reflects a broader strategy to weaken Russia’s financial position in the ongoing conflict while simultaneously seeking to ensure that other nations align with the sanctions regime.

The Parallel Development as Oil prices rise up

In a parallel development, Russian and Ukrainian officials are scheduled to engage in talks in Istanbul today, a meeting that could potentially pave the way for diplomatic progress. However, the backdrop of escalating military actions, particularly the drone strikes, creates an atmosphere of mistrust that may undermine the prospects for a breakthrough in negotiations. The prospect of peace in Ukraine remains a complex and contentious issue, as any resolution could theoretically lead to a relaxation of the stringent Western sanctions currently imposed on Russian energy exports. Such a shift could have significant implications not only for the dynamics of the conflict but also for the global energy landscape, affecting prices and supply chains across various markets. As the situation evolves, stakeholders are closely monitoring developments, aware that the interplay between military actions and diplomatic efforts will ultimately shape the trajectory of both the conflict and the global economy.

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Source: The Wall Street Journal

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New USGS study finds 473M barrels of oil, 27T cubic feet of gas in WY, CO, UT—signaling major boost for U.S. energy supply and economy.

DOI says new USGS study finds ‘significant’ undiscovered oil, gas resources

In a statement posted on its website recently, the U.S. Department of the Interior (DOI) announced the release of a new U.S. Geological Survey (USGS) assessment “identifying significant undiscovered, technically recoverable oil and gas resources in the Mowry Composite Total Petroleum System”.

The DOI noted in the statement that the assessment estimates the presence of 473 million barrels of oil. Moreover, it is 27 trillion cubic feet of natural gas. It pointed out that these are resources “that could help bolster domestic energy supply and fuel local economies”.

A fact sheet posted on the USGS website stated that the USGS “assessed undiscovered, technically recoverable conventional and continuous (unconventional) oil and gas resources in the Early to Late Cretaceous (Albian to Coniacian) Mowry Composite Total Petroleum System (TPS) in the Southwestern Wyoming Province in Wyoming, Colorado, and Utah”.

In its statement, the DOI noted that, since exploration began in the 1950s, the Mowry Composite system has produced approximately 7.3 trillion cubic feet of natural gas and 90 million barrels of oil.

The DOI pointed out in its statement that the USGS previously assessed undiscovered energy resources in the Mowry Composite Total Petroleum System in 2005. It added that the Southwestern Wyoming Geologic Province, where the Mowry is located, “also produces abundant additional oil and gas from other formations, such as the Lance Formation, Lewis Shale, and the Mesa Verde Group”. None of these are accounted for in the latest USGS assessment, the DOI highlighted.

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Source: Rigzone

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