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colorado oil and gas

Colorado Has Capacity to Produce More Oil and Gas in Response to Russian war, but Some Argue for Pivot

Russia’s invasion of Ukraine set off the latest shock to international energy markets. It is renewing a call among politicians at the state and national levels. Mostly Republicans so far, they are requesting to reduce the heavy U.S. reliance on imports. It is by ramping up oil and gas production in places like Colorado.

Republican gubernatorial candidate Heidi Ganahl argues it’s the quickest way to make a dent in U.S. imports from Russia. It is the world’s second-highest oil producer behind the United States. U.S. Rep. Ken Buck of Windsor suggests increased Colorado natural gas production could help European utilities offset their heavy reliance on Russian gas.

And at President Joe Biden’s State of the Union address to Congress this week, U.S. Rep. Lauren Boebert wore a black shawl with a simple message on the back: “Drill Baby Drill.”

More domestic production is one route toward energy independence over Russia, Saudi Arabia, and others that have come under international scrutiny for their policies, military actions, and human-rights records. Moreover, there’s no question about Colorado’s industry. It currently ranks fifth in the nation for crude oil production and seventh for natural gas. They have the capability to produce more in the state’s expansive reserves, at least in theory.

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Source: Denver Post

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Oil and gas industry

Oil and Gas Industry in Oklahoma Recovering From COVID-19

ENID — A broad-based recovery is underway regarding the state of the oil and gas industry in Oklahoma.

Operators of all sizes are making investments right now, said Brook Simmons. He is the president of Petroleum Alliance of Oklahoma. The industry recovery receives support by higher commodity prices. It is after a “challenging, multi-year readjustment of the shale business model and depressed prices.

Simmons said the demand for oil and natural gas is exceeding supply. This drives the higher price and provides Oklahoma the opportunity to participate in that recovery.

“That is a good thing for the state of Oklahoma, from both an employment standpoint and an economic activity standpoint,” Simmons said.

This results in higher prices at the pump, though, Simmons said, adding the only way to work through that is continued investment in producing crude oil and natural gas.

“Over time, we will find that the market will come into balance,” he said. “When that is I don’t know, but that’s generally the path that it’s taken. That’s the nature of the cycle.”

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Source: The Norman Transcript

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Oil and gas surge

Oil and gas surge driven by Permian Basin Operations in New Mexico, Texas

More oil and gas pipelines are coming to southeast New Mexico. This is as operators in the Permian Basin seek to up fossil fuel production in response to growing demand. More people are now expecting an oil and gas surge.

Odessa, Texas-based Saulsbury Industries announced Feb. 16 it received multiple contracts to build about 16.5 miles of pipelines in the region, in the western Delaware sub-basin of the Permian which also spans east into West Texas.

The work will be on the New Mexico side of the border, likely be directed out of the company’s field office in Carlsbad.

Saulsbury also provides engineering, procurement, and fabrication services to oilfield operators.

Travis Zatopek, Saulsbury director of operations for field services said the project will allow the company to capitalize on growth in the oil and gas industry in 2022.

“We are excited to see the continued growth of the Field Services operating group,” Zatopek said. “This is an excellent start to attaining our goals for 2022 and showcasing Saulsbury’s broad capabilities within the industry.”

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Source: Carlsbad Current-Argus

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oil price recovery

Oil Price Recovery Drives Oil and Gas Industry Surge in High-Value Deals in 2021

A total of 74 billion-dollar deals were undertaken in the oil and gas industry last year. This is in comparison to only 40 in 2020 says GlobalData. The leading data and analytics company notes that oil price recovery encouraged companies to undertake more high-value deals. This is to push forward their growth plans. The largest deal in terms of value for 2021 is towards the end of the year. It is when prices were at multi-year highs. It involved the proposed US$13.9 billion acquisition of North Sea operator Lundin Energy by Aker BP.

GlobalData’s latest report, ‘Global M&A Deals in 2021 – Top Themes by Sector’, reveals that global mergers and acquisitions (M&A) activity in the oil and gas industry grew annually by 16% to reach US$335 billion in 2021, considering M&As with known deal value. All regions reported an increase in deal value in 2021. They did not include China, the Middle East, and Africa with the comparison to the previous year. However, in terms of deal volume, M&A activity was largely flat at around 1800 oil and gas deals in 2021.

The upstream sector contributed to the highest M&A transaction value of US$120 billion in 2021. It also recorded the highest growth of 48% compared to 2020.

Ravindra Puranik, Oil & Gas Analyst at GlobalData, comments: “This growth in deal-making was largely driven by the shale and subsea themes. The US shale plays, particularly the Permian Basin, remained the most attractive target for oil and gas M&As in 2021. The oil and gas assets in the North Sea also witnessed several deals in the last year.” This includes the one involving Lundin Energy.

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Source: World Pipelines

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U.S. Rig Count

U.S. Rig Count Sees Massive Climb On Higher Oil Prices

The number of active drilling rigs in the United States rose by 22 this week—the 16th straight weekly increase to the number of oil and gas rigs in the United States and the largest single-week rise since February 2018. Continue reading to learn more about U.S Rig Count.

The total rig count now sits at 635 as the price of a WTI barrel slipped this week from its multi-year highs.

Baker Hughes reported this week that the total active rig figure—oil, gas, and miscellaneous—is 238 rigs higher than the rig count this time in 2021.

Oil-directed rigs rose 19 to 516, while gas-directed rigs were up by 2 to 118. Miscellaneous rigs were also up 1.

U.S. weekly production of crude oil this week increased, breaking its recent downward trend. Crude production for the week ending February 4  rose 100,000 bpd to 11.6 million bpd, according to the Energy Information Administration.

The rig count in the Permian Basin rose by 7 this week, bringing the total rig count in the prolific Permian basin to 301. The nation’s second most prolific basin, the Eagle Ford, saw its count rise by 4 to 54.

Primary Vision’s Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose for the fifth week in a row by 3 to 264 for week ending February 4. The frac spread count is now up 89 from a year ago.

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Source: Oil Price

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gas price increase

Gas Price Increase – Why is the price of gas going up again?

According to AAA, the average price per gallon in Connecticut was $3.58. It was a massive gas price increase!

There is more pain at the pump across Connecticut and nationwide as gas prices climb higher once again.

“It sucks. It’s terrible, I hate it,” said Aiden Roche of Bristol.

“Frustrating, yeah I’m not OK with it. We need to do something about it,” said Meilany Caimares of Hartford.

There are a couple of reasons why it’s costing you more to fill up your tank, according to AAA. The cold winter weather is driving up demand for oil, and tensions between Russia and Ukraine are also contributing.

“Those political tensions are driving crude oil prices. And crude oil prices make up about three-fourths of what we pay at the pump,” said AAA spokesperson Tracy Noble. “Crude oil is closing just around $90 per barrel, and that’s $30 per barrel higher than we were seeing in August,” she said.

For drivers, it can take a toll on their finances, eating into other parts of their budgets just to be able to get to and from wherever they need to go.

“As a college student paying tuition, absolutely, yeah it’s terrible right now,” Caimares said.

“I mean it costs me pretty much double to fill an economy car and for people who don’t own economy cars it makes a big difference,” said Andrew Shields of Watertown.

Source: FOX61
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U.S. drillers

As oil nears $100 a barrel, U.S. drillers get busy in costly shale basins

As U.S. oil rises toward $100 a barrel, producers in some high-cost shale basins are buying properties and adding rigs and frack crews in places that fell silent when prices crashed early in the pandemic two years ago. U.S. drillers get busy in costly shale basins now.

Benchmark U.S. prices last week topped $93 a barrel, up around 65% in the last 52 weeks and the highest since 2014. U.S. producers are cranking up spending at double-digit rates as fuel demand has soared and fears have waned that OPEC will again punish them by flooding the market with crude that is cheaper to produce.

Some executives say current high prices and relatively low service costs make production economics the best in years. Firms are buying U.S. oil, pipeline, and gas processing rivals in a bet that higher prices will more than cover rising costs of labor and equipment.

New activity is stirring in secondary oilfields like Colorado’s DJ Basin, Wyoming’s Powder River, Louisiana’s Haynesville, and North Dakota’s Bakken shale, which last year lost its spot as the second-largest U.S. oil-producing region.

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Source: Reuters

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Permian Basin Oil

Permian Basin oil and gas deals getting bigger as market recovers from COVID-19

There are three recent acquisitions of oil- and gas-producing assets in the Permian Basin. And yes, it moved more than $1 billion in the last week! This is as the market for fossil fuels in the U.S. grows along with production in the basin. This is one of the nation’s most active.

Domestic oil was trading at about $88 per barrel. It goes up from about $85 a barrel a week ago, per data from Nasdaq.

The increased value in oil was followed by growth in oil and gas rigs with the Permian Basin adding one rig in the past week for a nation-leading total of 293 rigs – an increase of 101 from a year ago, as of Friday per the latest data from Baker Hughes.

New Mexico and Texas, which share the Permian, had 94 and 294 rigs, respectively – holding the top two rig counts in the nation, Baker Hughes reported.

Amid that growth more companies sought to increase their presence in the leading basin in early 2022.

Earthstone Energy announced Monday it acquired lands in the eastern Midland Basin, a section of the greater Permian in West Texas, for about $860 million from Bighorn Permian Resources.

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Source: Carlsbad Current-Argus

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Oil News

Oil Posts Its Strongest January in Decades as Market Tightens

LATEST OIL NEWS – Oil had its biggest January gain in at least 30 years as robust demand outpaced fresh supply.

The global benchmark settled above $91 a barrel, posting a 17% gain this month. The combination of booming demand, scratchy supply and dwindling stockpiles has helped crude soar this month, with top banks and oil companies saying prices may soon pass $100 a barrel.

Crude’s rally is really “a supply story,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. “Crude is flying in the face of a strong U.S. dollar and a weak global stock market. It comes down to its own fundamentals more than anything else.”

Traders were greeted Monday with a familiar set of drivers, from the weather to stockpiles. Low temperatures in the U.S. have been boosting demand for fuels, as Boston reported a daily snow record over the weekend and New York’s Central Park received more than 8 inches (20 centimeters.) An oil pipeline in Ecuador was damaged by a rockslide, potentially endangering supply. Meanwhile, oil held on tankers fell by more than 20% last week, the latest sign of ebbing inventories.

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Source: Bloomberg

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United States Natural Gas

United States Natural Gas Is No Longer Too Dirty for France

In October 2020, the French government blocked a $7 billion deal between Engie, a partially state-owned French energy enterprise, and NextDecade, a U.S. liquefied natural gas (LNG) company, because the gas was too dirty. But recently, it was revealed that a new, 11-year deal was quietly signed for that same fuel last June—this time between Engie and Cheniere Energy, a different U.S. LNG company.

Most of the details of the new deal came from a recently unsealed letter by the U.S. Energy Department, in which Cheniere asks for “confidential treatment” of the purchase. Neither company has announced the agreement, and Cheniere has declined comment on the multibillion-dollar LNG deal. Meanwhile, French news outlets have reported that Engie did its best to keep things “under the radar” and might have gone so far as to use a code name to limit publicity.

The seeming about-face is evidence that the oil and gas landscape is evolving. Some exporters, such as Cheniere, have been able to position themselves as responsible companies. For instance, Cheniere has launched initiatives to work more closely with natural gas suppliers on managing greenhouse gas emissions. Its operations also go beyond the proposed methane regulations of the U.S. Environmental Protection Agency (EPA), and the company has even gone so far as to promise carbon-neutral LNG shipments to Europe (though it’s not clear how many).

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Source: FP  (Foreign Policy)

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