• 1 hour Here’s Your Chance To Blow Up An Oil Pipeline
  • 3 hours Shell Restarts Bonny Light Exports
  • 4 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 10 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 15 hours British Utility Companies Brace For Major Reforms
  • 19 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 21 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 22 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 23 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 1 day London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 1 day Rosneft Signs $400M Deal With Kurdistan
  • 1 day Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 7 days Trump Passes Iran Nuclear Deal Back to Congress
  • 7 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 8 days Renewable Energy Startup Powering Native American Protest Camp
Are Oil Markets Ready To Rally Again?

Are Oil Markets Ready To Rally Again?

The bullish set-up for oil…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Texas Sitting on $140 Billion in Oil Wealth

Texas Sitting on $140 Billion in Oil Wealth

A new report finds that Texas holds an estimated $140 billion in “petro-wealth” in proved reserves. About $110 billion of that total is owned by corporations, $22 billion owned by individuals, $5 billion by trusts, and the remaining $3 billion owned by non-profits, government, and educational and religious institutions. The figure assumes a price of $94.89 per barrel. The biggest share of the oil wealth – around $47 billion – is located near Houston.

The report comes amid a resurgence in oil exploration and development in East Texas. Bloomberg News published an interesting profile of the oil boom going on in an area that was the location for the original oil rush. Back in the days of wildcatters finding and drilling huge gushers, East Texas was the place to be. Spindletop was a famed gusher that produced 100,000 barrels of oil per day in the early 20th century, the most productive oil field ever at that time. However, the region’s oil production went into decline after drillers recklessly poked thousands of holes in the ground, depleting pressure and tapping wells dry.

Related Article: For Exports, and Oil, You Can’t Beat Texas

Nowadays, instead of gushers, the oil industry is finding fertile oil fields trapped in shale. The “tight” oil boom has made headlines, but instead of East Texas, the most notable drilling sites are in the Bakken in North Dakota and the Eagle Ford in South Texas. But as these fields have showed signs of slowing down, the oil industry is returning to East Texas where it all began. “I never thought I’d go back to East Texas,” Mark Plummer, a third-generation oil man, said in an interview with Bloomberg. Hydraulic fracturing and horizontal drilling may yet do for East Texas what it has done in other shale plays around the country.

By James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News