Crude Texas Oil and Gas Production as reported to the Railroad Commission of Texas (RRC) for March 2019 came from 174,582 oil wells and 89,335 gas wells.

The Railroad Commission of Texas (RRC) has recently released its report for the period from April 2018 to March 2019, providing valuable insights into the state’s energy production. According to the report, Texas recorded an impressive production of 1.345 billion barrels of crude oil and 8.9 trillion cubic feet of total gas during this time frame. It is important to note that the RRC’s reported crude oil production figures are limited to oil extracted from oil leases and do not encompass condensate, which is separately accounted for by the RRC.

The substantial production figures highlight Texas’s robust energy sector and its significant contribution to the nation’s overall oil and gas supply. The state’s oil industry has been a key driver of economic growth, attracting investments and creating job opportunities. With its vast reserves, advanced drilling technologies, and favorable regulatory environment, Texas has emerged as a global energy powerhouse. The RRC’s report underscores the importance of accurately tracking and reporting the state’s crude oil production, providing stakeholders with essential data to make informed decisions and monitor the industry’s performance.

 

 

Read the full article here
Source: RAILROAD COMMISSION OF TEXAS

 

 

If you have further questions related to the topic, feel free to reach out to us here.

There is a new report from the International Energy Agency. Gas accounted for 45 percent of the increase in total primary energy demand last year. Let’s talk more about how the states with cheap gas can fuel the global demand.

China is ground zero for the future of gas, accounting for 40 percent of global demand growth over the next half-decade. The main impetus for soaring gas consumption is to clean up horrific air pollution.

In the U.S., cheap gas has stoked demand, paving the way for billions of dollars’ worth of investment in petrochemical complexes and new gas-fired power plants. Cheap shale gas is killing coal, and new plants lock in future demand for gas. The same is true for nuclear power – as nuclear plants shut down, gas stands to benefit.

But a surge in natural gas production, in the U.S. but also elsewhere, is pushing up demand globally. The wave of LNG export terminals that have come online are also connecting more and more countries, making gas trade easier. The U.S. will overtake Qatar and Australia to become the largest LNG exporter in the world by 2024, the IEA said. Meanwhile, China will become the largest importer at the same time. That makes China’s import tariffs on U.S. LNG, which came in retaliation to Trump’s tariffs on China, particularly notable.

The market for LNG is facing a glut right now, but the IEA said that the surplus will flip into a deficit in the 2020s. The agency expects the next round of FIDs into new LNG export terminals to begin this year, after several years of paltry investment.

Read the full article here
Source: Oilprice.com

If you have further questions about the states with cheap gas topics, feel free to reach out to us here.

In 2004, horizontally drilled wells account for roughly 15% of U.S. crude oil production in tight oil formations. By the end of 2018, that percentage had skyrocketed to 96%.

The Horizontally Drilled Wells allows producers to access more of the oil- and natural gas-bearing rock than drilling vertically.

The lateral length of horizontal wells has also increased. It allows for more exposure to oil and natural gas-producing rock from a single well.

Presently, essentially all (99%) hydrocarbon production from the Marcellus has been from horizontal wells.

Drilling horizontally allows producers to access more of the oil- and natural gas-bearing rock. This will increase exposure to additional hydraulic fracturing. It has greater water volumes and pounds of proppant (small, solid particles, usually sand or a manmade granular solid of similar size).

The lateral length of horizontal wells has also increased, allowing for more exposure to oil- and natural gas-producing rock from a single well. Because tight formations have very low permeability, which prevents oil and gas from moving toward the wellbore, using hydraulic fracturing to increase permeability, along with horizontal drilling, is necessary for oil and gas to be produced from these formations economically.

Read the full article here
Source: kallanishenergy.com

If you have further questions related to the topic, feel free to reach out to us here.

The Longer-Term Fundamentals

While oil prices rising, investors shouldn’t lose track of the longer-term fundamentals.

At its peak in 2011, 60% of the U.S. total trade deficit was due to petroleum. Last year U.S. oil production rose by 17% to a record high of 10.95 million barrels per day, in turn pushing down net petroleum imports to just 3% of the total trade deficit. With an estimated 39.2 billion barrels of proven crude oil reserves in the U.S., it is likely that the country will soon become entirely self-sufficient and even become a net exporter of oil to the rest of the world.

Reshape the Dynamics

The sheer magnitude of the United States’ proven crude oil reserves underscores the nation’s potential to reshape the dynamics of the global energy landscape. As exploration and drilling technologies continue to advance, these reserves are becoming increasingly accessible and economically viable to extract. This bodes well for the United States’ goal of achieving energy independence, as it reduces reliance on foreign oil imports and strengthens domestic energy security.

Carries Significant Economic and Geopolitical Implications

Moreover, the possibility of the United States transitioning from a net importer to a net exporter of oil carries significant economic and geopolitical implications. As a net exporter, the country would not only reap the economic benefits of increased oil production and exports but also enhance its position as an influential energy player on the global stage. The potential for increased revenue from oil exports can contribute to economic growth, job creation, and reduced trade deficits. Furthermore, the ability to supply oil to the international market could provide the United States with leverage and influence in diplomatic negotiations and geopolitical affairs.

The Potential Environmental and Sustainability Considerations

However, it is important to consider the potential environmental and sustainability considerations associated with increased oil production. While the development of these reserves may provide short-term economic gains, it is essential to prioritize responsible and sustainable extraction practices to minimize adverse environmental impacts. Striking a balance between economic growth, energy security, and environmental stewardship will be crucial as the United States navigates its path towards self-sufficiency and potential oil exportation.

In Conclusion

The United States’ significant proven crude oil reserves offer a promising outlook for the nation’s energy future. The potential for achieving energy self-sufficiency and becoming a net exporter of oil presents numerous economic opportunities and geopolitical advantages. However, it is imperative that these developments are accompanied by responsible and sustainable extraction practices to mitigate environmental concerns. By striking a balance between economic growth and environmental stewardship, the United States can harness the full potential of its oil reserves while ensuring a sustainable energy future for generations to come.

 

Read the full article here
Source: ETF Trends

 

If you have further questions related to the Oil Prices Rising topic, feel free to reach out to us here.

Permit applications approved by the Texas Railroad Commission for May 23 through May 29 for Districts 7C, 8, and 8A. Numbers in parentheses indicate the number of permits approved for that leasehold. This is the latest drilling report.

• Anadarko E&P Onshore, LLC, Longhorn 55-1-30 Unit, Loving, new drill.
• Apache Corporation, Lumbee, Reeves, new drill.
• APC Water Holdings 1, LLC, APC 54-1-6, Loving, new drill (3); APC 54-1-18, Loving, new drill.
• BHP Billiton Petroleum (TxLa Op.) Co., Laverne 58-T2-12×1 SA, Reeves, new drill; State Hedblom 56-T3-24, Reeves, new drill (3); TBD 57-T1-41×32, Reeves, new drill.
• Blackbeard Operating, LLC, 6 Pounder SE, Crane, new drill; Blackbeard Operating LLC, Sealy Smith Foundation A, Winkler, new drill (2).
• Boaz Energy II Operating, LLC, Mabee, Terry, new drill.
• Bold Operating, LLC, TSRH West 19-20 C, Reagan, new drill.
• Capitan Energy Incorporated, Mother Fee 28, Culberson, new drill.
• Carrizo Permian, LLC, Dorothy Unit 38, Reeves, new drill (3).
• Centennial Resource Production, LLC, War Eagle B Unit, Reeves, new drill.
• COG Operating, LLC, Spanish Trail 3-10 HZ Unit, Midland, new drill; Rudd Draw 26-21, Loving, new drill.

Read the full article here
Source: oaoa.com

If you have further questions about a current and future drilling report, feel free to reach out to us here.