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US Oil and Gas Industry

US Oil and Gas Industry the World’s ‘Most Important Environmental Movement,’ Energy Exec Says

President and CEO of the American Petroleum Institute Mike Sommers praised the U.S. oil and gas industry as the world’s “most important” environmental movement, Friday, arguing on “Mornings with Maria” that the country needs an administration that can “continue to support” the energy industry.

MIKE SOMMERS: Well, let me say something that might be controversial to some. I think that the most important environmental movement in the world is the American oil and gas industry. It is the reason why we’ve been able to cut greenhouse gas emissions over the course of the last decade because we’ve been able to discover more natural gas. And natural gas was able to compete with coal as the primary source of power in the United States. And as you said, natural gas is 50% cleaner than coal.

We need an administration that can continue to support the American oil and gas industry because we’re still not back at the levels of production that we were prior to the pandemic. We need to continue to produce because we’re going to need these sources for decades and decades to come. 

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Source: Fox Business

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Eagle Ford Shale

Eagle Ford Shale, Texans Leading Efforts to Greater Energy Independence, Oil and Gas Production

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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direct natural gas

Texas Gains 5,200 Direct Natural Gas and Oil Jobs from March to April

Texas’ upstream natural gas and oil industry added 5,200 direct jobs from March to April. This is bringing the state’s latest direct upstream headcount to 190,400, the Texas Independent Producers and Royalty Owners Association (TIPRO) said Friday.

“Texas operators are responding to the call to increase production, despite facing numerous challenges, including inflationary pressures, workforce shortages, and an adversarial federal policy environment,” said TIPRO’s President Ed Longanecker.

TIPRO said the April upstream workforce figure represents a year/year increase of 26,700 positions. Moreover this includes 4,300 in oil and gas extraction and 22,400 in oilfield services (OFS).

Nationwide, OFS employment grew by more than 8,600 jobs from March to April, the Texas-based Energy Workforce & Technology Council recently reported.

OFS companies also figured prominently among the top three companies based on unique Texas job postings in April, said TIPRO. Baker Hughes Co. topped the list with 650 postings. This is then followed by NOV Inc. with 586 and Weatherford International plc with 487.

The Houston metropolitan area, Texas’ largest region for oil and gas employment, added 1,100 upstream jobs in April. Moreover, it raises its total count of direct positions to 66,100, TIPRO said.

The trade group added the Houston region’s April upstream employment was up 7,700 jobs year/year. Moreover, it includes a 3,300-position gain in extraction jobs and a 4,400-job increase in OFS.

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Source: NGI (Natural Gas Intelligence)

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oil tight supply

Oil Extends Four Weeks of Gains Amid Tight Supply

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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Permian oil output

Permian oil output forecast to hit record high in June -EIA

Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise 88,000 barrels per day (bpd) to a record 5.219 million bpd in June, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday.

Total output in the major U.S. shale oil basins will rise 142,000 bpd to 8.761 million bpd in June, the most since March 2020, EIA projected.

In the Bakken in North Dakota and Montana, EIA projected oil output will rise 17,000 bpd to 1.189 million bpd in June, the most since December 2020.

In the Eagle Ford in South Texas, output will rise 27,000 bpd to 1.176 million bpd in June, its highest since April 2020.

Total natural gas output in the big shale basins will increase 0.8 billion cubic feet per day (bcfd) to a record 91.8 bcfd in June, EIA forecast.

In the biggest shale gas basin, output in Appalachia in Pennsylvania, Ohio and West Virginia will rise to 35.7 bcfd in June, its highest since hitting a record 36.0 bcfd in December 2021.

Gas output in the Permian and the Haynesville in Texas, Louisiana and Arkansas will rise to record highs of 20.0 bcfd and 15.1 bcfd in June, respectively.

But productivity in the big

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Source: Reuters

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mexico oil and gas

Oil and Gas Puts $1.1 Million into New Mexico Politics. What Does That Money Buy?

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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gasoline price increase

Weekly Energy Roundup: Gasoline Sets Another Record, Oil and Natural Gas Also Rise

In Wyoming, most of us fuel our cars with gasoline, heat our homes using natural gas, and rely on electricity generated from coal. And we depend on state services paid for, in large part, by taxes imposed on the companies extracting that oil, gas, and coal — industries whose contributions to state coffers have also kept our individual taxes low. Let’s talk more about gasoline price increase now.

The economic importance of energy means price swings often hit Wyoming especially hard. Money drained from the state’s pockets as oil markets crashed in the early months of the pandemic, then poured back in as markets recovered.

Oil prices have been climbing since the start of 2021. In the months since Russia went to war with Ukraine, those prices skyrocketed, then eased. They’ve continued to surge as tensions mount and settle as they subside, rising to more muted highs, never sinking to levels as low as before.

Gasoline went up along with oil, though it hasn’t been as volatile. For a number of reasons, natural gas has followed, giving a boost to its competitor, coal.

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Source: KPVI

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Oil and Gas Activity

Perryman: Texas is Finally Seeing Escalation in Oil and Gas Activity

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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net zero ambitions

The Oil and Gas Industry is Booming Despite Net-Zero Ambitions

Both the European Union and the United States are firmly on the path to a net-zero economy. This much has been made clear by officials from both sides of the Atlantic. This is despite the EU’s hunt for more gas and the Biden administration’s calls for more oil production.

Before net zero ambitions is achieved—if it is ever achieved—both the EU and the US will need more fossil fuels. Take note that this includes coal. This means that despite calls for more renewables from both governments and the renewable energy industry, despite the active demonization of the fossil fuel industry, investments in more oil, gas, and coal production are likely to rise—at least in the short term.

A recent report from Reclaim Finance, an anti-fossil fuel campaign organization, for instance, named and shamed asset managers investing in oil, gas, and coal. According to the report, 30 of the world’s leading asset managers had $82 billion invested in companies developing new coal supply, and $468 billion in 12 major oil and gas companies.

“Is the asset management industry changing its investment practices in line with climate science, reducing investments in coal, oil, or gas expansion? Unfortunately, the answer is an emphatic ‘no,’” said one of Reclaim Finance’s campaigners, Lara Cuvelier.

“Let’s be clear: drilling a new oil well or opening a new coal mine is not a normal thing. Especially to do it in a widespread climate catastrophe,” the campaigner added.

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Source: Oil Price

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Oil and Gas

Oil and Gas Will Be Around a Lot Longer than Some Think, Despite Climate Change Goals: RBC

Global ambitions to tackle climate change are being under discussion by rising concerns about energy security. This is according to a new report by RBC. This is why oil and natural gas are going to be used for quite a while.

The Russian invasion of Ukraine has sent energy prices soaring. In effect, there are supply concerns for many commodities such as oil, natural gas and coal. Today, many countries grapple with energy security and affordability issues. On the other hand, there is less emphasis on climate change.

The report say countries like Canada now have to figure out how to produce more oil and gas. In the short term, the country is all the while trying to meet climate goals.

“Oil and gas will likely remain critical and contentious energy sources for longer than some think,” the report notes.

In the last few months, there has been a renewed push by countries like Canada and the United States for more oil and natural gas production. At the same time, some countries in Europe are investing in liquefied natural gas terminals to import more natural gas and also looking at coal and oil-fired electricity to reduce reliance on Russian gas.

Global demand for oil keeps rising and is expected to increase for several more years, according to the International Energy Agency.

The RBC report highlights how many governments around the world are also offering subsidies to offset high gasoline and power prices, including “usual climate leaders” such as Germany, California, and British Columbia.

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Source: CBC

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