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permian basin

Boomtown, Episode 2: The Rise of the Permian

To understand the current shale boom, we take a step back in time to explore the history of oil in Texas… The Permian Basin story.

“Earlier this year, I drove to the site of Santa Rita No. 1. Named after the patron saint of impossible dreams, the Santa Rita was the oil well that launched the first Permian Basin boom and has been fueling the dreams of West Texas wildcatters ever since. The well was a classic Hollywood gusher when Frank T. Pickrell and his partners first struck oil there in 1923, but it’s a lonely site today. The metal derrick stands out like a rusting nail against the yellowed grass and surrounding scrub brush. Wind rattles the tin shack housing the rig’s ancient engine. There are no remnants of the company town that once thrived there. There’s nothing significant about this scene. Just another abandoned well in the West Texas desert. But next to the derrick is a plaque that proclaims that the events that once unfolded there “stretch the imagination.”

Boomtown is a 10-episode podcast series produced in partnership with Imperative Entertainment.

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Source: Texasmonthly.com

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Oil tops $60, settles near 3-month high

Oil prices rose slightly Monday on hopes energy demand will benefit from the trade deal between the United States and China.

Brent crude oil futures rose 16 cents to $65.37 a barrel, while West Texas Intermediate crude rose 14 cents to settle near a three-month high of $60.21 a barrel.

 

 

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Source: CNBC

 

Watch: A conversation about how the oil and gas sector affects Texas

In a state that produces more crude and more natural gas than any other, is it any wonder the sun rises and sets on the price of West Texas Intermediate?

In this live conversation, we sit down with industry professionals and local officials for a conversation on the state of play in Texas’ oil and gas sector, moderated by The Texas Tribune’s Ross Ramsey.

 

 

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Source: The Texas Tribune

The U.S. Dominates New Oil And Gas Production

The American fracking for oil and natural gas boom will continue on through the 2020s. And why not? Since fracking took off in 2008, we have more than doubled our proven oil reserves to ~65 billion barrels.

Natural gas reserves have surged over 80% to ~430 trillion cubic feet.

 

 

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Source: Forbes

U.S. Shale Will Grow Regardless Of Oil Prices

U.S. shale oil production will continue growing.

Despite a decline in the number of drilling rigs in the U.S. shale patch since the start of the year, the number of spudded wells has not fallen significantly.

 

 

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Source: Oilprice.com

 

gas assets

Cowboys Owner Jerry Jones Says He’s Hunting for More Gas Assets

Dallas Cowboys owner Jerry Jones is doubling down on a forlorn corner of the U.S. shale patch. He is calling Louisiana’s Haynesville play the best for low-cost hydrocarbons and saying he’s hunting for more gas assets there.

The billionaire owner of America’s Team is no stranger to contrarian investments. The serial entrepreneur generated enough money in the oil business to buy the National Football League club in 1989 at a time when it was bleeding cash and built it into the world’s most valuable franchise.

When the worst crude-price crash in a generation kicked off half a decade ago, explorers shifted to the pancaked layers of oil-soaked rock in the Permian Basin of West Texas and New Mexico for that field’s relatively lower costs. And although it has become the world’s biggest shale patch, Jones is looking elsewhere for growth.

“The gas in Haynesville is the best-cost hydrocarbons in the industry,” Jones, 77, said in a telephone interview Tuesday with Bloomberg. “My immediate plan is to continue to aggregate long-term reserves to have the most efficient source of natural gas.”

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Source: Bloomberg.com

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Natural Gas Emerging as the World’s Go-To Fuel

Natural gas is the cleanest, most versatile, and most flexible fossil fuel.

This all explains why gas today provides a rising 30 percent of the energy used in the rich OECD economies.

Now, the still developing countries – which constitute 85 percent of the global population – hope to follow the Western model in making a global “dash to gas.” China and India especially have national strategies to lower their overdependence on coal and lift gas’ 8 percent share of the energy supply to around 20 percent.

Since 2000, global gas reserves have expanded over 50 percent to 7,000 Tcf. In turn, total demand since 2010 alone has risen 25 percent to 380 Bcf/d. The rapidly growing LNG trade is encouraging more gas usage, evolving this longtime regional product into a global and fungible commodity like oil. LNG continues to extend its ~15 percent share of the world’s gas consumption by connecting distant suppliers and buyers. LNG investments hit $50 billion in 2019 alone, with hundreds of billions of dollars more on the horizon.

The U.S. shale revolution itself is at the heart of the global “dash to gas.” Over the past decade, U.S. gas production has risen over 60 percent to 93 Bcf/d. Excess supply has helped the U.S. become the third largest LNG supplier in just a few years, now shipping out over 7 Bcf/d. The growth of destination-flexible, hub-priced LNG exports from the U.S. is establishing a more liquid and flexible gas market. Along with advancing systems like FLNG, this is deepening the pool of importing nations, now at 45 versus 25 five years ago.

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Source: rigzone.com

Supply and demand

U.S. oil producers have said they plan to slow production to reduce supplies and thus boost the costs.

But experts say that oil production will stay ramped up into 2020, and will slow later next year and after.

 

 

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Source: Toledoblade.com

Rail, frac sand provider expanding in Marcellus shale

Shale Rail released plans to add an additional new track.

The Wysox location has the capacity to transload over 80,000 tons per month of frac sand.

 

 

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Source: northamericanshalemagazine.com

Natural Gas Rates Go Up in November

Natural gas rates will go up next month under new rates. The PUC approved an overall increase of $5.3 million, or 8.5%.

The company said the monthly bill of a typical customer using 62 therms per month will increase by $3.89, or 8.3%. It is from $46.69 to $50.58. Commercial customers who average 264 therms per month will increase by $17.96, or 11.5%, from $156.73 to $174.69. Industrial customers using an average 1,748 therms per month will increase by $135.50, or 13.8%, from $983.63 to $1,119.13.

In a statement, the PUC said the cost of the natural gas supply spiked over the last year. This is due to a pipeline explosion last winter, which cut the regional gas supply and caused prices to increase. The state allows companies to pass along their purchase costs to customers without a markup on the price.

Monthly average natural gas prices at most key regional trading hubs in 2019. It reached its highest levels in February, and they were relatively low and stable from April through December. In the Northeast, additional imports of liquefied natural gas (LNG) into New England limited price spikes during the winter of 2018–19. Despite a cold snap in the Midwest in February 2019, natural gas prices at Chicago Citygate were lower than during previous extreme weather events.

However, in the Pacific Northwest, unseasonably cold weather at the end of winter coupled with regional supply constraints. It and decreased storage inventories led to significant price spikes at the Northwest Sumas hub in March. Additional pipeline takeaway capacity in the Permian region eased some infrastructure constraints and increased regional prices at the Waha hub in western Texas after six consecutive months of prices lower than $1/MMBtu (March through August).

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Source: bendbulletin.com

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