• 1 hour South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 5 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 6 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 8 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 3 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 4 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 5 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 6 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 7 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 7 days BP CEO Sees Venezuela As Oil’s Wildcard
Can OPEC Control The Oil Bulls In Vienna?

Can OPEC Control The Oil Bulls In Vienna?

The OPEC meeting is now…

New Battery Design Could Crush Tesla

New Battery Design Could Crush Tesla

Elon Musk’s old rival, Henrik…

Texas Oil Output Inches Up In August, Reflects Hesitant Recovery

Texas oil play

Crude oil output in Texas averaged 2.4 million barrels per day in August, up by 0.5 percent on the year, according to data from the state’s energy regulator, the Railroad Commission of Texas. The August data are the latest complete set of monthly figures for the largest oil producer in the U.S.

Over the last 12 months, total oil production in Texas reached 1 billion barrels, with the state’s Federal Reserve Bank reporting that sentiment in the local energy industry has begun to improve as international prices started to rise. The Texas Fed said that it had conducted a survey among oil and gas businesses in the state and had found that there were signs of a recovery, but worry about the global glut was still rife.

Texas is home to the most popular shale play in the country right now—the Permian Basin—which is attracting both energy vets and private equity investors because of its low-cost production. It was in the Permian that the E&Ps first started to add drilling rigs after a prolonged lull due to prohibitively low oil prices.

Operators in the Permian have two things going for them that are unique to that play: the easier accessibility (hence low production costs) of the crude, and its prodigious volume.

Texas is also home to the Eagle Ford shale, which although staying out of the spotlight for the last couple of years, is anything but ready to call it quits. A recent study from the University of Texas’ Jackson School of Geosciences has revealed that there are recoverable reserves of 10 billion barrels of crude in the Eagle Ford, along with 34 trillion cubic feet of natural gas. These reserves, the researchers note, can be extracted at today’s prices, while total potential reserves are 230 billion barrels of oil and 462 trillion cubic feet of gas.

Generally, the mood in Texas is optimistic, with the industry expecting to see further signs of improvement. Unless OPEC’s freeze deal fails, that is, and prices plunge back compromising even the Permian.

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