Employment in the U.S. oilfield services and equipment sector rose by an estimated 4,774 jobs to 628,793 in May, according to preliminary data from the Bureau of Labor Statistics (BLS) and analysis by the Energy Workforce & Technology Council, and after adjustments to April numbers.

April adjusted number of 624,019 is up from the preliminary of 622,309. Gains in May were made in five out of seven categories tracked. It is with the largest gains coming in support activities in mining (oil and gas sector). Moreover, heavy and civil engineering construction is in charge. Slight losses were seen in petroleum and coal products manufacturing. There are also losses in machinery manufacturing (in mining, oil, and gas).

Highest Data

The data reported is the highest since September 2021 when total jobs rebounded to 643,057. Still, it is off the pre-pandemic mark in February 2020 of 706,528. The growth in May comes as overall U.S. employers added 390,000 jobs, and the unemployment rate remains at 3.6%. Job increases came mostly in leisure and hospitality in May.

“It’s encouraging to see job growth increases in the sector. We are continuing to make gains from our pandemic lows and have seen seven straight months of gains,” said Energy Workforce & Technology Council CEO Leslie Beyer.
“I’m optimistic that our industry and workforce are up to the challenge. It will meet growing global demand by increasing domestic production while reducing global emissions. Without the powerhouse of American energy, the world suffers, the economy suffers, and millions of people face energy and food insecurity. We can unleash our domestic production while moving towards a lower carbon future if we keep our focus on emissions reduction instead of limiting our own resources.”

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Source: Oil & Gas 360

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The Eagle Ford Shale stretches from the border counties of Maverick and Webb northeast to Leon and Walker counties. It is named after the town outside of Dallas.

“Energy is the cornerstone of security and prosperity, and the Eagle Ford Shale in South Texas has and will continue to play a vital role in providing the oil and natural gas required to meet growing energy demand for Texans, Americans, and our allies abroad,” Todd Staples, president of the Texas Oil & Gas Association, said in a statement.

The shale is a hydrocarbon-producing geological formation. It is “of significant importance due to its capability of producing both natural gas and also more oil. It is comparable to another traditional shale. The “Texas Railroad Commission regulates the oil and gas industry explains this.

It’s roughly 50 miles wide and 400 miles long with an average thickness of 250 feet within Railroad Commission of Texas Districts 1-6. It contains a much higher carbonate shale percentage, upwards to 70% in south Texas, and becomes shallower and the shale content increases as it moves to the northwest, the commission says.

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Source: The Center Square

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Oil extended four weeks of gains amid oil tight fuel supply and a weaker dollar. Elevated prices are fanning concerns that the world economy may be heading for a recession. As a result, these concerns will surely affect economies response to the crisis.

West Texas Intermediate futures topped $111 a barrel. Gasoline and diesel prices have been rallying to records ahead of the start of the US driving season. The prompt spread for Brent crude jumped to a seven-week high. This is in line with crude supplies constricted by the boycott of Russian shipments. With that, the product markets are straining as refining capacity fails to keep up with the rebounding demand.

The rise in energy costs has contributed to rampant inflation, prompting central banks to raise rates and stoking investor concern growth will slow. Moreover according to a White House official, the Biden administration is considering tapping a little-used emergency diesel fuel reserve to mitigate the supply crunch amid Russia’s invasion of Ukraine.

Moreover, the head of the International Energy Agency and India’s oil minister, speaking at the World Economic Forum in Davos, issued warnings about the risk of high prices.

“We may see prices even going higher. Being much more volatile and becoming a major risk for a recession for the global economy”. This is what IEA Executive Director Fatih Birol said in an interview with Bloomberg TV from Davos.

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Source: ALJAZEERA

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Mexico oil and gas companies put thousands of dollars every year into New Mexico’s political campaigns. This is on both sides of the aisle. It is seeking to influence policy to protect continued growth in the industry. Currently, it represents about a third of the state’s budget.

That amounted to about $1.1 million in political contributions between Oct. 5, 2021, and April 4, per a report from New Mexico Ethics Watch, leading up to the 2022 Mid-term Election.

The latest chunk of change came in a year when New Mexicans could choose a new governor, and the three top candidates in that race were the state’s biggest recipients of oil and gas dollars.

Mark Ronchetti, a former weatherman seeking the GOP nomination for governor got the most with $300,000 coming to his campaign from oil and gas during the latest six-month reporting period, read the report, followed by Republican State Rep. Rebecca Dow with $122,000.

While Republicans are typically viewed as the party with more support for oil and gas, Democrat incumbent Gov. Michelle Lujan Grisham was the third-highest recipient of oil and gas money in the state, the report read, with about $60,000.

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Source: Carlsbad Current-Argus

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Want an update on the number of oil and natural gas drilling activity permits issued by the Texas Railroad Commission? Currently it reached an all-time high in March, at more than 1,100. Hundreds of companies of all sizes are jumping into the fray. Activity is picking up across the state, with the Permian Basin reportedly seeing more than 900 horizontal permits.

The demand for fuels began to surge globally as the economy reopened after the worst of the pandemic, yet the pace of recovery in energy activity lagged for a variety of reasons. Even rapidly rising prices weren’t enough. One prominent impediment has been federal policies toward the industry and fears that future activity will go through curtail. Capital has also been difficult to obtain, with investors reluctant to finance drilling programs in the wake of uncertainty regarding adverse governmental actions and the lack of sufficient returns during prior periods. A more pragmatic reason is simply that many wells were drilled but not brought into production before the COVID-19 shutdown, thus allowing production initially to be increased while rigs sat largely idle.

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Source: mrt

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