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Permian Basin Oil and Gas Wells

New Mexico, Texas Team Up to Regulate Permian Basin Oil and Gas Wells Crossing State Line

Oil and gas operations in the Permian Basin – shared by southeast New Mexico and West Texas – boomed in recent years with wells sprouting up around the state line between the two states.

Wells even crossed state lines, being drilled horizontally from origin points in either New Mexico or Texas and stretching up to 10 miles across the border.

They are ensuring such wells follow the regulations of both states. New Mexico’s Oil Conservation Division (OCD) and the Texas Railroad Commission (RRC) signed an agreement. They will regulate interstate oil and gas facilities in tandem.

A memorandum of understanding (MOA) was signed by the two regulators last month. This is to require they both get adequate reporting and compliance from oil and gas operators that cross the state’s border.

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Source: Carlsbad Current-Argus

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Oil and Gas Drilling Auctions

U.S. Sets Out Oil and Gas Drilling Auctions Required Under New Law

The U.S. Interior Department took initial steps on Thursday toward holding oil and gas drilling auctions in New Mexico, Wyoming, and the Gulf of Mexico in the coming months.

Terms of the onshore sales will reflect new requirements under President Joe Biden’s new climate change and drug pricing law the Inflation Reduction Act (IRA), including higher royalty rates, minimum bids, and rents, Interior said.

Interior’s Bureau of Land Management said it was seeking public input for 30 days on a plan to offer 251,086 acres in Wyoming and 10,124 acres in New Mexico to oil and gas companies.

The IRA, which Biden signed into law in August, contains nearly $370 billion for climate change and clean energy initiatives such as incentives for solar and wind power. But it also contains protections for the powerful oil and gas sector.

Biden vowed during his 2020 election campaign to end federal oil and gas drilling to fight climate change, but faced pressure to increase fuel production in the face of soaring prices.

Interior said it would evaluate potential sale parcels in other states in the coming weeks.

Separately, the Interior’s Bureau of Ocean Energy Management released a draft environmental review for two Gulf of Mexico drilling auctions that are required to be held next year.

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Source: Reuters

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Oil Prices Rise

Oil Prices Rise As API Reports Surprise Crude, Gasoline Draws

The American Petroleum Institute (API) reported a surprise draw this week for crude oil of 1.770 million barrels. On the other hand, analysts predicted oil prices rise of 333,000 barrels. U.S. crude inventories have grown by roughly 21 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by nearly eight times that figure.

The draw comes even as the Department of Energy released 6.2 million barrels from the Strategic Petroleum Reserves in the week ending September 30 that left the SPR with 416.4 million barrels.

WTI rose on Tuesday prior to the data release. At 2:28 p.m. ET, WTI was trading up $3.15 (+3.77%) on the day at $86.78 per barrel—up nearly $9 per barrel on the week (after a $7 per barrel slide in the week prior). Brent crude was trading up $3.13 (+3.52%) on the day at $91.99—a more than $6 increase on the week that more than erased the previous week’s $5 decrease. Crude oil prices continued to rise throughout the afternoon, with a flurry of OPEC+ chatter detailing just how much crude oil production the group could decide to cut for December. The most recent report figure suggests the group could be contemplating a cut up to 2 million bpd.

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Source: Oil Price

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More Oil

More Oil Consumption By America | They’re Not Driving Much?

Oil demand in the US soared during the summer, even as higher pump prices forced many Americans to cut back on driving.

Overall petroleum supplied, a proxy for demand, posted its best July since 2019, according to government data released Friday. June was even stronger, with demand for the month at a 16-year high. The boost came despite a marked drop in gasoline consumption, which fell 6% from a year ago and double June’s decline.

The shocks of high gasoline costs are ricocheting through the economy, and industry analysts see little relief on the horizon. Crude oil, the natural resource used to produce gasoline and diesel fuel, has seen dramatic changes to its supply throughout the pandemic.

The onset of the pandemic led to an initial drop in prices for petroleum-based products, and then, just as abruptly, prices rose sharply

Demand has started to fall by single-digit percentage points in parts of the country where gasoline prices have hit the highest. As petrol prices continue to break records in the United States, putting a significant strain on Americans‘ wallets and threatening economy.

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Source: Bloomberg

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Oil prices jump

Oil Prices Jump After U.S. Crude, Fuel Stocks Drop, Dollar Weakens

Oil prices jump rose on Wednesday for a second day, rebounding from recent losses as the U.S. dollar eased off recent gains and U.S. fuel inventory figures showed larger-than-expected drawdowns and a rebound in consumer demand.

Brent crude futures settled up $3.05, or 3.5%, at $89.32 per barrel. U.S. West Texas Intermediate (WTI) crude futures ended up $3.65, or 4.7%, to $82.15 a barrel.

Analysts said oil prices, down more than 22% during the third quarter, may be bottoming out as Chinese demand shows signs of rebounding and the U.S. sales of strategic reserves come to a close.

“I do think we are bottoming, but it is going to continue to be exceptionally volatile and continue to be keeping easy speculative money away from this market,” said Rebecca Babin, senior energy trader at CIBC Private Wealth US.

U.S. inventory figures showed consumer demand rebounded, though refining product supplied remained 3% lower over the last four weeks than the year-ago period.

U.S. crude stocks fell by 215,000 barrels in the most recent week, while gasoline inventories declined by 2.4 million barrels and distillate inventories by 2.9 million barrels, as refining activity declined following several outages.

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Source: Reuters

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Oil and Gas Viewed as Needed in Green Shift

Oil and gas will continue to remain a significant part of oil-producing countries’ energy mix. The need for energy grows every year. With that, this will ensure global energy security in line with the green shift in mind as experts say.

The UAE was seeing record growth in renewables. This is what Sultan Al Jaber said. He is the United Arab Emirates’ special envoy for climate change and minister of industry and advanced technology

But while wind and solar accounted for most of the new power generation capacity last year, he said this still only comprises 4 percent of today’s energy mix.

“A successful energy transition must progress with economic and climate action in tandem. As part of this, we know we must do more now to reduce the impact of oil and gas on the climate,” he said.

In its monthly oil market report published on Sept 13, the Organization of the Petroleum Exporting Countries reported that world oil demand growth in 2022 remained unchanged from the previous month’s assessment “at a healthy level of 3.1 million barrels per day”.

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Source: Hellenic Shipping News

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US Crude Oil

U.S Crude Oil Inventories Increase by 1.1 Million Barrels

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.1 million barrels from the previous week.  At 430.8 million barrels, inventories are about 2% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data, reporting inventories as of September 16, 2022.

U.S. refinery inputs averaged 16.4 million barrels per day during the week ending September 16, 2022, which was 333,000 barrels per day more than the previous week’s average. Refineries operated at 93.6% of their operable capacity last week.

  • Gasoline production increased last week, averaging 9.5 million barrels per day.
  • Distillate fuel production increased last week, averaging 5.2 million barrels per day.

Imports

U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 1.2 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 4.5% less than the same four-week period last year.

Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 775,000 barrels per day, and distillate fuel imports averaged 107,000 barrels per day.

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Source: Oil &  Gas 360

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Oil and Gas Jobs

Oil and Gas Jobs Are Bouncing Back In The Lone Star State

Two years ago, oil and gas companies in Texas were laying off employees. This is amid the most severe downturn in the industry’s history. This year, job growth in America’s oil and gas heartland has been so strong. As a result, labor shortages have prevented the industry from expanding.

According to the latest data, Texas added 2,600 new oil and gas jobs in August in the upstream sector. That was a decline from July when the upstream industry added 3,100 new jobs. Still a robust number and the latest proof that oil and gas companies are over the pandemic.

“Upstream employment is growing steadily alongside the world’s demand for affordable, reliable energy. The Texas oil and natural gas industry continue to play its leadership role in enhancing national and energy security in our nation and for our trade allies around the world,” said the president of the Texas Oil and Gas Association, commenting on the numbers released by the Texas Workforce Commission.

The data shows that since September 2020, the trough of the latest downturn, the upstream industry in Texas has added jobs at an average monthly rate of 1,943, for a total of 44,700 jobs added over the past two years. As of August, the total number of people employed by Texas upstream businesses stood at 201,700.

Upstream oil and gas employment is growing strongly in New Mexico as well: Texas and New Mexico share the Permian basin, seen as the top performer in the U.S. shale patch. The New Mexico Department of Workforce Solutions expects employment in that sector to expand by 10.8 percent by 2028.

 

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Source: Oil Price

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Oil Supply

Oil Supply to Impact Prices | Will Settle Higher Heading Into Winter

 Oil prices climbed on Monday, despite weaker demand expectations, as concerns about oil supply heading into winter mount. Brent crude futures settled at $94.00 a barrel, up $1.16, or 1.3%. U.S. West Texas Intermediate crude settled at $87.78, up 99 cents, or 1.1%.

The latest data from the US Department of Energy shows that US emergency oil stocks have fallen to their lowest level since October 1984, down 8.4 million barrels to 434.1 million barrels in the week ended Sept. 9.

 U.S. President Joe Biden has announced a plan to release 1 million barrels per day from the Strategic Petroleum Reserve over six months to help address high fuel prices in the country, which have contributed to rising inflation.

 The Biden administration is assessing the need for additional Strategic Petroleum Reserve (SPR) releases after the current program expires in October, Energy Secretary Jennifer Granholm told Reuters last week. Global oil supply will tighten further when a European Union embargo on Russian oil takes effect on December 5.

 The G7 nations have agreed to implement a price ceiling on Russian oil exports in order to limit the country’s revenue from oil sales, as part of punitive measures against Moscow for the latter’s invasion of Ukraine. To ensure that oil supplies to emerging nations will not undergo disruption, the G7 has also agreed to take measures to ensure the continued flow of oil.

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Source: Reuters

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Natural Gas Taxes Tops $10 billion in Texas in FY 2022

Production taxes paid by the Texas oil and natural gas industry topped $10 billion in fiscal 2022. This is the highest amount the industry has paid in Texas history.

The fiscal record was reported after the industry has broken records nearly every month this year in both the number of jobs added and the record amount of taxes paid.

According to the most recent data published by the state comptroller’s office, production taxes paid by the oil and natural gas industry totaled $10.83 billion for fiscal 2022.

Both oil and natural gas production taxes exceeded the annual revenue estimate prepared earlier this summer by the comptroller’s office.

Oil production tax revenue was $6.36 billion, up 84.4% from fiscal 2021. Natural gas production tax revenue was $4.47 billion, up 185% from fiscal 2021. Both totals exceeded their projected estimates by over $134 million and $9 million, respectively.

The industry paid 88% more in 2022 than it did during its previous highest year in 2014.

The record amount of taxes paid by the oil and natural gas industry fund two key expenses: the Economic Stabilization Fund (Rainy Day Fund) and State Highway Fund. The Rainy Day Fund has been used to fund public K-12 and higher education needs, retired teachers, and state police funds, in addition to other services in Texas.

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Source: Santa Barbara News Press

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