• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 1 hour Shale Oil will it self destruct?
  • 5 hours NYT: Mass Immigration Roundups in U.S. to Start Sunday
  • 42 mins White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 17 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 9 hours South Korea imports No Oil From Iran in June - First-Half Imports Fall 37%
  • 16 hours U.S.- Taiwan: China Says Will Freeze Out U.S. Companies That Sell Arms To Taiwan
  • 2 hours Germany exits coal: A model for Asia?
  • 1 hour Migration From Eastern Europe Raises German Population To Record High
  • 4 hours Starlink Internet Courtesy of Tesla
  • 2 days Rising air pollution and green house effect
  • 2 days Oil Price Could Fall To $30 If Global Deal Not Extended
  • 2 days Is This The End of BBQ?
  • 9 hours A Silence is heard
Iran Tries To Seize British Oil Tanker

Iran Tries To Seize British Oil Tanker

Iranian military boats tried to…

Oil Rises On U.S. Shut-Ins, Impressive Chinese Data

Oil Rises On U.S. Shut-Ins, Impressive Chinese Data

Despite lingering concerns over a…

New Mexico Boasts $2.2 Billion In Oil Revenue For 2018

New Mexico Drilling

New Mexico received US$2.2 billion in revenues from oil production last year, data from the state’s Tax Research Institute showed. This was a 26-percent increase on the year, or US$465 million. The total amount represented 32.3 percent of the New Mexico State General Fund recurring revenue.

According to a report of the news in the Albuquerque Journal, a substantial increase in investments and production in the state contributed to the revenue increase, as did higher oil prices, despite the fluctuations throughout the year.

New Mexico, together with Texas, is home to the Permian, the shale oil and gas play that has seen the strongest increase in interest, investment, and production over the last few years thanks to many low-cost production spots. That’s despite warnings from industry experts that the low-cost sweet spots are already taken and production costs will only rise.

Still, oil and gas companies, and private equity firms are flocking to the Permian and drillers are pumping, which most recently caused pipeline bottlenecks that pressured the prices of Permian crude. The bottlenecks are being addressed, however, and soon the play will have more oil-moving capacity.

The Permian is an outperformer: between 2017 and 2018, crude oil production shot up by as much as 860,000 bpd to 2.76 million bpd, energy investment expert Nawar Alsaadi noted in a recent analysis for Oilprice, but this may lead many to assume that this performance is the norm across shale plays.

This is not the case, however, Alsaadi warns. Exploitation of the oil and gas reserves of the Permian only began in 2013, a year before the oil price crash, unlike legacy shale plays such as the Eagle for and Bakken. In fact, he says, the Permian is what helped the United States win the price war with OPEC. The play has been the biggest contributor to the inexorable rise in U.S. oil production and this will it will keep this role, with the national total seen rising to 12.4 million bpd this year, according to the latest Short-Term Energy Outlook by the Energy Information Administration.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play