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Keyword: permian

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  • Meteor mega-hit spawned Australian continent: researchers

    06/03/2006 3:23:27 PM PDT · by NormsRevenge · 25 replies · 774+ views
    AFP on Yahoo ^ | 6/2/06 | AFP
    WASHINGTON (AFP) - A meteor's roaring crash into Antarctica -- larger and earlier than the impact that killed the dinosaurs -- caused the biggest mass extinction in Earth's history and likely spawned the Australian continent, scientists said. Ohio State University scientists said the 483-kilometer-wide (300-mile-wide) crater is now hidden more than 1.6 kilometers (one mile) beneath the East Antarctic Ice Sheet. "Gravity measurements that reveal its existence suggest that it could date back about 250 million years -- the time of the Permian-Triassic extinction, when almost all animal life on Earth died out," the university said in a statement Thursday....
  • Chevron delays big projects, plows the Permian Basin

    01/31/2016 7:56:24 AM PST · by thackney · 2 replies
    Fuel Fix ^ | January 29, 2016 | Collin Eaton
    The CEO of Chevron Corp. said his company recently mothballed a $500 million ultra deep-water Gulf of Mexico development not because the oil reservoir was too small to develop - but because it had better places to spend its money. Namely, the Permian Basin in West Texas. "There are tough choices being made," Chevron CEO John Watson told investors on Friday, after the San Ramon, California oil giant posted its first quarterly loss since 2002. The $588 million loss - worse than analysts had expected - was driven by a series of special charges in the fourth quarter, including Chevron's...
  • EIA: Permian Basin output still growing, but other top shale plays to fall

    11/10/2015 5:47:53 AM PST · by thackney · 14 replies
    Fuel Fix ^ | November 9, 2015 | Joshua Cain
    New federal data shows that the Energy Department expects drillers in the Permian Basin to push oil production in the shale play above 2 million barrels per day for the first time ever this November. The U.S. Energy Information Administration’s monthly Drilling Productivity Report released Monday, which covers seven of the biggest shale plays in the country, projects production in the Permian to jump by 17,000 bpd this month. That increase would bring the play above the 2 million bpd mark. In December, the EIA expects the play to grow again by 11,000 bpd. But the Permian is one of...
  • Fire frogs' and eel-like amphibians: The Field Museum's Brazilian fossil discovery

    11/08/2015 1:14:06 PM PST · by JimSEA · 15 replies
    Science Daily ^ | 11/05/2016 | Field Museum
    Two hundred and seventy-eight million years ago, the world was a different place. Not only were the landmasses merged into the supercontinent of Pangaea, but the land was home to ancient animals unlike anything alive today. But until now, very little information was available about what animals were present in the southern tropics. In a study published in Nature Communications, scientists from The Field Museum and colleagues from around the world describe several new amphibian species and a reptile from northeastern Brazil that help fill this key geographic gap and reveal how animals moved among regions in the supercontinent. "Almost...
  • Energy expert Dr. Daniel Fine to give breaking news keynote PPROA conference

    09/11/2015 2:18:13 PM PDT · by brownwill6767
    Amarillo Globe News ^ | 9/5/15 | KAREN SMITH WELCH
    Dr. Daniel Fine, associate director of the New Mexico Center for Energy Policy, discusses the impact of falling oil prices on the domestic energy industry.
  • EIA’s estimates for state crude oil production account for incomplete, lagged data

    07/10/2015 6:16:08 AM PDT · by thackney · 4 replies
    Energy Information Administration ^ | JULY 10, 2015 | Energy Information Administration
    Market analysts have a keen interest in understanding how crude oil production in key states has been affected by recent changes in crude oil prices and drilling activity. EIA develops state-level production estimates for selected states that are based in part on state-level data. However, data published by state agencies are often incomplete when first published because of a combination of late reporting and processing delays, mainly due to the filing of production reports that do not contain all required information. Because EIA's methodology for state-level production estimates aims to anticipate and account for expected revisions to data collected by...
  • The Biggest Extinction on Earth (Mother Nature is not your friend)

    04/04/2007 5:54:02 AM PDT · by Valin · 17 replies · 879+ views
    First Science ^ | 3/30/07 | Naomi Miles
    Around 250 million years ago, a huge volcanic eruption triggered a deadly series of events that wiped out 95% of all species on Earth. Scientists have been piecing together the story of what happened. Our planet has a troubled and turbulent past: five catastrophic natural events have caused mass extinctions of life on Earth. Perhaps the most famous one is the asteroid impact that caused the demise of the dinosaurs. But the most extensive extinction event occurred even before dinosaurs were around. In the Permian era, about 250 million years ago, a destructive volcanic eruption radically altered conditions on Earth...
  • Sixth extinction, rivaling that of the dinosaurs, should join the big five, scientists say

    04/16/2015 10:10:24 PM PDT · by Utilizer · 25 replies
    American Association for the Advancement of Science ^ | 16 April 2015 5:15 pm | Eric Hand
    Earth has seen its share of catastrophes, the worst being the “big five” mass extinctions scientists traditionally talk about. Now, paleontologists are arguing that a sixth extinction, 260 million years ago, at the end of a geological age called the Capitanian, deserves to be a member of the exclusive club. In a new study, they offer evidence for a massive die-off in shallow, cool waters in what is now Norway. That finding, combined with previous evidence of extinctions in tropical waters, means that the Capitanian was a global catastrophe. “It’s the first time we can say this is a true...
  • Chevron’s long game, Oil giant keeps drilling, sees Permian as Top 5 asset in the world

    04/06/2015 9:11:29 AM PDT · by thackney · 4 replies
    OA Online ^ | April 5, 2015 | COREY PAUL
    Much of the Permian Basin’s oil boom eluded the world’s supermajor oil companies like Chevron, who took their corporate offices and large management teams from the area in the 1990s as common perception held the region was slowly dying. But during this downturn, the supermajors see opportunity again in the Permian Basin. Chevron, and to a lesser extent Exxon Mobil, plan to pursue aggressive drilling and completion programs this year. In the short-term, that offers some relief for the oil service companies and rig crews hammered by oil prices hovering below $50 per barrel. But it also reflects a long-term...
  • Fact or Fiction?: Dark Matter Killed the Dinosaurs

    04/02/2015 10:15:04 PM PDT · by grundle · 58 replies
    Scientific American ^ | March 25, 2015 | Lee Billings
    A new out-of-this-world theory links mass extinctions with exotic astrophysics and galactic architecture Every once in a great while, something almost unspeakable happens to Earth. Some terrible force reaches out and tears the tree of life limb from limb. In a geological instant, countless creatures perish and entire lineages simply cease to exist. The most famous of these mass extinctions happened about 66 million years ago, when the dinosaurs died out in the planet-wide environmental disruption that followed a mountain-sized space rock walloping Earth. We can still see the scar from the impact today as a nearly 200-kilometer-wide crater in...
  • Baker Hughes: US Oil Drillers Cut Rigs For 4th Straight Week

    01/06/2015 4:21:52 AM PST · by thackney · 13 replies
    Reuters via Rig Zone ^ | January 05, 2015 | Scott DiSavino
    The number of rigs drilling for oil in the United States fell by 17 this week, as energy companies facing lower crude prices reduced the rig count for the fourth straight week, data from oil services firm Baker Hughes showed on Monday. The oil rig count dropped to 1,482 in the week to Jan. 2, its lowest level since March, the data showed. The number of oil rigs has declined in nine of the last 12 weeks since hitting a record high of 1,609 in mid-October. The number of rigs remains up more than 100 from the same time last...
  • Midland Basin oil worker talks crude prices, fracking bans in Reddit AMA

    01/01/2015 8:48:12 AM PST · by thackney · 21 replies
    Fuel Fix ^ | January 1, 2015 | Joshua Cain
    The U.S. shale boom has drawn thousands of workers to the remote oil fields of states like North Dakota and Texas, enticing laborers with lucrative pay packages and flooding sparsely populated towns with new residents. That’s been the pattern since 2007, but analysts say labor needs for drilling companies could fall off dramatically as crude oil prices continue to plunge. On Tuesday, a Redditor under the screen name “oil_trash,” who said he was a flowback operator in the Midland Basin region of Texas, started an “Ask Me Anything” thread on the social networking site. For several hours, Reddit users filled...
  • In the Permian Basin and Eagle Ford Shale, Crude's Boom is the Overriding Theme

    12/29/2014 6:31:05 PM PST · by Rodamala · 12 replies
    Progressive Railroading ^ | December 2014 | Jeff Stagl
    What are the most active crude oil-producing regions in the United States? The Permian Basin and Eagle Ford Shale, according to the U.S. Energy Information Administration's rig counts. Among more than 1,500 oil rigs in operation around the nation as of early November, more than 560 were in the Permian Basin and more than 200 were in the Eagle Ford Shale. By comparison, about 190 rigs were operating in the Bakken Shale. And at third quarter's end, the Permian Basin and Eagle Ford Shale housed 7,787 and 3,541 wells, respectively, while 2,062 wells were located in the Williston Basin, which...
  • EIA: US production to increase 115K barrels in January

    12/09/2014 10:46:31 AM PST · by thackney · 12 replies
    Fuel Fix ^ | December 9, 2014 | Joshua Cain
    U.S. crude oil production will rise 115,000 barrels of oil per day in January, according to Energy Information Administration data released Monday. Next month’s total will be nearly 2,000 bpd more than December’s rise. Drilling efficiencies in the Bakken, Eagle Ford and Permian Basin shale plays account for most of the production increase. EIA data showed that rigs in these plays will get about 50 bpd more than they did last month, good for a total increase of 103,000 bpd. The Permian Basin is still the largest U.S. shale play, increasing to 1.87 million bpd. The Eagle Fored is second...
  • The Oil Patch Prince: A Great Tale Of West Texas

    10/27/2014 6:04:43 AM PDT · by bert · 5 replies
    Forbes ^ | 10/15/2014 | Christopher HelmanChristopher Helman
    Six years ago Bryan Sheffield had no energy industry experience. Today he’s on track to become a billionaire before his 40th birthday. How it happened is one of the greatest Texas oil stories of all time. The Great American Energy Boom is responsible for some of the most incredible roughneck-to-riches stories in business history. Aubrey McClendon built Chesapeake Energy CHK -0.87% into a land-grabbing juggernaut, lost his shirt (and his spot on The Forbes 400) from too much borrowing and is now clawing his way back. Harold Hamm envisioned using horizontal drilling and hydraulic fracturing technology to bring up oil...
  • Eagle Ford expected to hit 1.6 million barrels next month

    10/16/2014 11:12:30 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | October 16, 2014 | Jennifer Hiller
    The Eagle Ford Shale is expected to make 1.61 million barrels of oil per day in November, up 42 percent from the year before, according to a new government report. The field is making around 1.58 million barrels of oil daily this month, according to the U.S. Energy Information Administration. The EIA shows production from the Eagle Ford and other major shale fields increasing even as the price of crude oil dips. The Permian Basin remains the nation’s most prolific oil field. It’s expected to make 1.8 million daily barrels of oil in November, up 30 percent from the same...
  • Jim Cramer on the Stock Market: What the Fall in Oil Means

    10/14/2014 6:04:38 AM PDT · by ckilmer · 73 replies
    thestreet ^ | Oct 13, 2014 | Jim Cramer
        3 0iJim Cramer on the Stock Market: What the Fall in Oil Means BY Jim Cramer  Oct 13, 2014 | 12:03 PM EDT   NEW YORK (Real Money) -- Blame it on the Permian. That's where the oil is flooding into the markets right now. Sure, it is absolutely true that the Bakken and the Eagle Ford shales are responsible for the lion's share of new oil being produced in this country. Sure, the Bakken in North Dakota is amazing with its 1.1 million barrels a day, double what it was when I went there a couple of...
  • Proposed LNG plant aims to fuel drilling rigs, pressure pumpers

    10/07/2014 5:31:22 AM PDT · by thackney · 31 replies
    Fuel Fix ^ | October 6, 2014 | Rhiannon Meyers
    Drilling companies in the booming Permian Basin may soon have an option to power their heavy-duty equipment with the same stuff they’re pumping from the ground. Stabilis Energy, a Beaumont-based company that has been marketing liquefied natural gas to oil field companies, plans to partner with Flint Hills Resources to build a LNG plant in Odessa tailored toward providing fuel for high horsepower engines in drilling rigs and pressure pumpers. The companies did not disclose the cost of the project, which is expected to have a capacity of about 100,000 gallons of LNG per day. Pending final approval by the...
  • Eagle Ford, Permian drilling production surges

    10/06/2014 5:09:54 AM PDT · by thackney · 13 replies
    Fuel Fix ^ | October 3, 2014 | Vicki Vaughan
    Spurred by drilling across Texas and led by the Eagle Ford Shale and Permian Basin, crude oil production in Texas rose more than 23 percent in August compared to August 2013, according to the Texas Petro Index. Oil production totaled an estimated 95.56 million barrels in August compared with 77.6 million barrels in August 2013, according to economist Karr Ingham, who developed and maintains the Texas Petro Index. In addition, the 307,700 employees who are estimated to work for drilling and oil-field service companies surpassed 300,000 for the second time since the index was launched in 1995. Employment rose 8.3...

    09/30/2014 4:52:56 AM PDT · by thackney · 2 replies
    Oil & Gas Financial Journal ^ | September 19, 2014 | Exxon Mobil Corp.
    Exxon Mobil Corp. (NYSE:XOM) has entered into a non-monetary exchange agreement with LINN Energy LLC (NASDAQ: LINE) to add 17,800 net acres in the Permian Basin to its US oil and natural gas portfolio managed by subsidiary XTO Energy Inc. “Our operated-acreage position in the Midland Basin Wolfcamp core is now around 120,000 net acres. We continue to increase drilling activity in the play, currently operating six horizontal rigs, and are very encouraged by initial well results.” In the exchange, LINN Energy will receive interest in about 500 net acres from ExxonMobil’s South Belridge Field near Bakersfield, California. In the...
  • Higher Permian production, constrained infrastructure increase spread between WTI oil hubs

    09/23/2014 12:47:48 PM PDT · by thackney · 2 replies
    Energy Information Administration ^ | SEPTEMBER 23, 2014 | Energy Information Administration
    Increasing production of crude oil in the Permian Basin in western Texas, and parts of New Mexico, has outpaced pipeline infrastructure to move the crude to refineries, causing prices for crude in the Permian Basin (at Midland, Texas) to fall below similar crudes priced at Cushing, Oklahoma. While the price difference between Midland and Cushing has been increasing for almost a year, recent refinery outages in the region caused it to widen substantially. Several infrastructure projects that will allow more crude to flow from the Permian to the U.S. Gulf Coast are expected to come online soon, which should cause...
  • Southeast NM Flooding: Evacuees return home; Oilfields closed; flash flood watch continues

    09/23/2014 7:29:56 AM PDT · by george76 · 12 replies
    KOB Eyewitnes News 4 ^ | 09/22/2014 | Elizabeth Reed
    We're just praying there's no more rain, that our house is going to stay the same. But whatever happens, God has his plan," said Jennica Granger. OILFIELD ROADS FLOODED OUT. People living in Carlsbad caught a break from the rain Monday, but it's little consolation to people who've been hit in the pocketbook by all the flooding. The Pecos River is swollen, bridges are washed over and roads are closed. The San Jose Bridge was overrun by water early Monday morning, and the sidewalk near the bridge was washed out. The water level has gone down along the Pecos River,...
  • Why the Permian shale boom transformed US energy markets

    09/20/2014 8:56:02 AM PDT · by ckilmer · 8 replies
    marketrealist ^ | • Sep 18, 2014 10:31 am EDT | By Alex Chamberlin
    Why the Permian shale boom transformed US energy markets By Alex Chamberlin - Disclosure  • Sep 18, 2014 10:31 am EDT U.S. shale boom transformed U.S. energy marketsAccording to the U.S. Energy Information Administration (or EIA), the top seven unconventional oil plays accounted for 95% of domestic oil production growth. They also accounted for all domestic natural gas production growth during 2011–2013.Permian Basin crude oilAccording to the EIA, the Permian Basin in west Texas and eastern New Mexico is the largest crude oil-producing region in the U.S.Enlarge GraphCrude oil production from the Permian Basin increased from 850,000 barrels per day...
  • Oilfield activity injects momentum into economy

    09/02/2014 5:10:34 AM PDT · by thackney · 1 replies
    Midland Reporter-Telegram ^ | August 31, 2014 | MellacEwen
    The impact of higher oil and gas activity, fueled by a run-up in crude prices, continued to flow into the general economies of Midland and Odessa in July. Karr Ingham, the Amarillo economist who prepares the Midland-Odessa Regional Economic Index for Midland Development Corp. and Security Bank, said the July index is 6.2 percent higher than the previous July. This is a higher increase than June, which was 5.8 percent above June 2013 levels. Ingham said the increased momentum comes at a time when the Midland-Odessa economy had been reporting shrinking growth rates. “It’s not like we were really seeing...

    10/19/2012 9:11:14 AM PDT · by SeekAndFind · 35 replies
    The Register ^ | 10/19/2012 | By Brid-Aine Parnell
    Boffins have discovered that "lethally hot" ocean temperatures kept the Earth devoid of life for millions of years after the mass extinction that occurred 250 million years ago. The global wipeout that ended the Permian era, before dinosaurs, wiped out nearly all of the world's species. Mass extinctions like these in Earth's history are usually followed by a "dead zone", a period of tens of thousands of years before new species crop up. But the early Triassic dead zone lasted millions of years, not thousands. Boffins now reckon that the extra-long five million year dead zone was caused by screaming...
  • Texas price gap widens as oil production rises

    08/19/2014 12:55:11 PM PDT · by thackney · 18 replies
    Fuel Fix ^ | August 19, 2014 | Robert Grattan
    The gap between crude oil prices in the major trading centers of Midland, Texas and Cushing, Okla. ballooned to $19 Tuesday morning, the widest point this year and second-highest on record. On Tuesday morning, the price for crude oil hit a low of $77.48 per barrel in Midland. In Cushing, the benchmark pricing point for U.S. crude contracts, the price was $96.48. Worldwide crude prices fell, Bloomberg reported, after Iraqi and Kurdish forces regained control of a key dam in Iraq and slowed the advance of Islamic State militants. Midland prices are further depressed because production growth in West Texas’...
  • 5 Things Pioneer Natural Resources’ Management Wants You to Know

    08/18/2014 11:15:30 PM PDT · by ckilmer · 29 replies ^ | August 18, 2014 | By Matt DiLallo
    5 Things Pioneer Natural Resources’ Management Wants You to Know By Matt DiLallo | More Articles | Save For Later August 18, 2014 | Comments (0) Pioneer Natural Resources' (NYSE: PXD  ) management team earlier this month spent nearly 75 minutes discussing its second-quarter results with analysts and investors. The company believes it is sitting on more than 10 billion barrels of recoverable oil and gas in the Permian Basin. Here's what management wants investors to know about its plans to create value from that massive resource. No. 1: The water issue is slowly drying upOne reason for Pioneer Natural Resources' large...
  • Oil production in Permian causes pipeline bottleneck in Texas

    08/17/2014 8:05:45 PM PDT · by ckilmer · 13 replies
    rigzone ^ | Tue Aug 12, 2014 12:56pm EDT | Catherine Ngai
    Oil Production In Permian Causes Pipeline Bottleneck In TexasCatherine Ngai|Tuesday, August 12, 2014 NEW YORK, Aug 12 (Reuters) - Oil production from the burgeoning Permian Basin of West Texas is outpacing pipelines' ability to transport oil to the Gulf Coast, causing coastal refiners to pay an additional premium to acquire oil.On Monday, that bottleneck caused oil for delivery at Midland, Texas <WTC-WTM> to trade at nearly $20 a barrel less than Gulf Coast benchmark Light Louisiana Sweet <WTC-LLS>, the deepest discount in 17 months. It was little changed on Tuesday.The deep discount is a consequence of the U.S. shale revolution, which...
  • Why This Oil Baron Thinks U.S. Oil Production Could Double

    08/17/2014 3:17:37 PM PDT · by ckilmer · 47 replies ^ | August 17, 2014 | Adam Galas
    Why This Oil Baron Thinks U.S. Oil Production Could Double By Adam Galas | More Articles August 17, 2014 | Comments (0) America's oil production is on a roll. After peaking in November of 1970 at 10 million barrels per day (bpd) and declining for nearly 40 years to a low of just 5 million bpd in 2008, today's oil production has soared 67%. The Energy Information Administration (EIA) is expecting another 13.6% increase by 2016 to 9.5 million bpd, before production tapers off in 2020. This miracle has been made possible by soaring shale oil production out of Texas...
  • Permian’s Oil Surge Creates Need for Pipelines

    08/08/2014 4:22:20 AM PDT · by thackney · 10 replies
    Fox Business ^ | August 07, 2014 | Matthew Rocco
    With crude gushing from the Permian Basin, companies are ramping up efforts to build pipelines and better capitalize on the production surge. Drillers have been producing oil in the Permian for some eight decades. But in recent years, the Texas formation’s central region, which consists of the Delaware and Midland basins, became a hotbed for shale oil. The Permian is now the top oil-producing area in the U.S., accounting for 18% of the nation’s total output in 2013. Based on data from the Energy Information Administration, the Permian recorded production of 1.35 million barrels per day last year. The region...
  • Pioneer CEO: US oil production could hit 14 million barrels/day

    08/07/2014 3:32:58 PM PDT · by ckilmer · 29 replies
    fuelfix ^ | August 6, 2014 at 6:54 pm | y Jennifer A. Dlouhy
    Pioneer CEO: US oil production could hit 14 million barrels/day Posted on August 6, 2014 at 6:54 pm by Jennifer A. Dlouhy in General Scott Sheffield, chairman and CEO of Pioneer Natural Resources, speaks in Midland, Texas. (Tim Fischer\Reporter-Telegram) DENVER — Technological improvements will allow energy companies to scrape more crude out of the ground and drive U.S. oil production higher, even as producers seek new overseas markets for the fossil fuels, executives said Wednesday.Although government forecasters expect U.S. oil production to peak around 9.5 million barrels per day in 2016, Scott Sheffield, CEO of Irving, Texas-based Pioneer Natural Resources...
  • Looking For The Next Oil Boom? Follow The Tech

    07/16/2014 4:02:08 PM PDT · by ckilmer · 12 replies
    seekingalpha ^ | Jul. 16, 2014 10:16 AM ET
    Much larger than Eagle Ford and once thought to have reached peak production, new technology has brought us full circle back to the Permian Basin in Texas and New Mexico, where the recent shift to horizontal well drilling has rendered this play the unconventional ground zero.
  • Six formations are responsible for surge in Permian Basin crude oil production

    07/09/2014 7:30:55 AM PDT · by thackney · 7 replies
    Energy Information Administration ^ | JULY 9, 2014 | Energy Information Administration
    The Permian Basin in Texas and New Mexico is the nation's most prolific oil producing area. Six formations within the basin have provided the bulk of Permian's 60% increase in oil output since 2007. Crude oil production in the Permian Basin has increased from a low point of 850,000 barrels per day (bbl/d) in 2007 to 1,350,000 bbl/d in 2013. Largely as a result of this growth, crude oil production from Permian Basin counties has exceeded production from the federal offshore Gulf of Mexico region since March 2013, making the Permian the largest crude oil producing region in the United...
  • Expectations for Permian Basin oil production rises

    06/10/2014 9:17:23 PM PDT · by ckilmer · 28 replies ^ | June 10, 2014 | By Matt DiLallo
    By Matt DiLallo | More Articles June 10, 2014 | Comments (0)   Source: Chesapeake Energy.  Drilling down into the Permian BasinWhile the Permian Basin is one of America's oldest and most prolific oil basins, its best days could lie ahead. According to leading Permian Basin driller Pioneer Natural Resources (NYSE: PXD  ) , the Spraberry and Wolfcamp Shale formations in the Permian Basin represent the largest oil field in America, and one of the biggest in the world. As the following slide notes, the field holds an estimated 75 billion barrels of recoverable oil and gas. Source: Pioneer Natural Resources.  As that...
  • Fracking Isn’t the Only Drilling Technique Driving Rapid Growth in U.S. Oil Production

    06/01/2014 3:49:02 PM PDT · by ckilmer · 28 replies ^ | June 1, 2014 | Arjun Sreekumar
    Fracking Isn’t the Only Drilling Technique Driving Rapid Growth in U.S. Oil Production By Arjun Sreekumar | More Articles | Save For Later June 1, 2014 | Comments (0) As the U.S. energy boom has taken off over the past several years, the term "fracking" has become a household name. But fracking, which involves pumping massive quantities of water, proppant, and other chemicals into a wellbore to unlock trapped hydrocarbons, isn't the only drilling technique responsible for the surge in U.S. oil and gas production.Horizontal drilling, which allows operators to reach hydrocarbon formations that cannot be accessed via vertical drilling,...
  • New projections show oil production soaring as rigs boost efficiency

    05/29/2014 10:02:54 AM PDT · by ckilmer · 3 replies
    fuelfix ^ | May 12, 2014
    New projections show oil production soaring as rigs boost efficiency Posted on May 12, 2014 at 6:48 pm by Simone Sebastian in featured, Production, Shale EmailPrint1263 inShare184 An Enervest rig works in the Barnett Shale. (Enervest) HOUSTON — Oil production will continue to soar in the six major U.S. shale plays, with more barrels pumped per rig, according to federal projections released Monday.Total oil production in the six regions is expected to grow to 4.43 million barrels per day in June, an increase of 75,000 barrels per day compared to May, according to the U.S. Energy Information Administration. The federal...

    05/28/2014 12:38:41 PM PDT · by thackney · 25 replies
    Oil & Gas Financial Journal ^ | May 7, 2014 | Rystad Energy
    The Permian Basin, known for its vast conventional resources, has experienced over the past years an activity renaissance targeting unconventional formations. More recently, unconventional activity in this basin has shifted from vertical to horizontal wells yielding more recoverable volumes and higher D&C costs per well. Hence, both tight oil production and spending are expected to grow in this area, possibly surpassing other mature shale plays such as Eagle Ford and Bakken. The accelerated drilling into the Wolfcamp and other horizons in the Permian Basin anticipate this area will produce more tight oil volumes than any other tight play in North...
  • The Jaw-Dropping Potential in This American Oil Patch Could Change the World

    05/25/2014 9:39:44 AM PDT · by ckilmer · 41 replies ^ | May 24, 2014 | Tyler Crowe
    The Jaw-Dropping Potential in This American Oil Patch Could Change the World By Tyler Crowe |May 24, 2014 | It may not look like much, but this might be the biggest oil field in the world (Source: Devon Energy Media Resources).The pride and joy of Saudi Arabia's oil industry has been the Ghawar oil field, which has been recognized as the largest in the world ever since its discovery in 1948. That is, perhaps, until now. A shale oil formation deep beneath the plains of West Texas has been sitting right under our noses for years, and Pioneer Natural Resources (NYSE: PXD  )...
  • Horizontal Drilling Is On the Rise in Permian As Producers Chase Tight Oil

    05/23/2014 5:47:50 AM PDT · by thackney · 7 replies
    Rig Zone ^ | May 22, 2014 | Gene Lockard
    For the past several years, the Permian Basin remained an area where vertical drilling was still the principle method of extraction, even as horizontal drilling and hydraulic fracturing become ubiquitous in the Eagle Ford Shale, the Bakken, and other shale plays in the United States. However, horizontal drilling is on the rise in the Permian Basin, as well, according to new data by the Energy Information Administration (EIA). Horizontal drilling began to increase in the Permian Basin early in 2013, the EIA said. By the end of 2013, oil extraction in the Permian accounted for half of the total increase...
  • Texas is still the number one oil producer, but how long will the boom last?

    05/16/2014 10:17:30 AM PDT · by thackney · 13 replies
    Oil Pro ^ | 5/15/2014 | Andrew Ward
    Despite impressive strides made in areas like North Dakota and Ohio, and the previous challenges felt in northern regions of the state, Texas is still far and away the leading producer of domestic oil. Earlier this week, the Energy Information Administration released its drilling productivity report, which showcases anticipated production levels in the Bakken, Eagle Ford, Haynesville, Marcellus, Niobrara and Permian regions. Collectively, these combine for 90 percent of the United States' oil production growth. The Eagle Ford Formation, which runs along most of southern Texas, is leading the way. According to the report, Texas is the nation's top oil...
  • New Frontiers: the race to get takeaway capacity out to the West Texas oil fields

    04/21/2014 11:36:27 AM PDT · by thackney · 3 replies
    Platts ^ | April 21, 2014 | Bridget Hunsucker
    US Permian Basin pipeline capacity is slated to soon expand by about 500,000 b/d, matching growing production with takeaway capacity. But the balancing act may be short-lived, as horizontal drilling is expected to unlock more oil in the legacy field. Producers are applying shale drilling techniques learned in the North Dakota Bakken and South Texas Eagle Ford to the Permian, and some longterm forecasts for the West Texas play have been revised northward in the past year. The Permian Basin lies under West Texas and southeast New Mexico and historically produces light sweet West Texas Intermediate crude and medium sour...
  • Cramer's Stop Trading: Energy Revolution

    04/17/2014 3:11:28 PM PDT · by ckilmer · 1 replies
    Cramer discusses companies involved in Permian basin oil output whose numbers came in today at 2.75 million barrels a day
  • Toxic Gases Caused World's Worst Extinction

    02/04/2009 1:26:44 PM PST · by NormsRevenge · 38 replies · 2,252+ views
    Discovery News ^ | 2/4/09 | Michael Reilly
    Feb. 4, 2009 -- An ancient killer is hiding in the remote forests of Siberia. Walled off from western eyes during the Soviet era and forgotten among the endless expanse of wilderness, scientists are starting to uncover the remnants of a supervolcano that rained Hell on Earth 250 million years ago and killed 90 percent of all life. Researchers have known about the volcano -- the Siberian Traps, for years. And they've speculated that the volcanic rocks, which cover an area about the size of Alaska, played a role in runaway global warming that led to the end -- Permian...
  • Power grid takes on the West Texas drilling boom

    03/06/2014 10:46:31 AM PST · by thackney · 8 replies
    Fuel Fix ^ | March 6, 2014 | Emily Pickrell
    The booming oil and gas industry in the Permian Basin has created a voracious demand for power in West Texas, one that the grid is struggling to keep pace with, a Texas grid manager said Thursday. “Growth out in the far West is 20 to 25 percent year over year. It has just exploded and it is all oil field load,” said Brad Jones, vice president of commercial operations for the Electric Reliability Council of Texas, which manages the grid for most of Texas. Jones was one of several speakers at a morning panel at the IHS CERAWeek energy summit...
  • New Frontiers: Eagle Ford vs. Permian, the great Texas oil showdown

    02/25/2014 4:48:38 AM PST · by thackney · 9 replies
    Platts ^ | February 24, 2014 | Starr Spencer
    Production in West Texas’ Permian Basin has grown at a moderate clip over the last few years, but how does it stack up to its faster-growing peer resource plays? Two prominent operators in the biggest US unconventional oil plays traded thoughts recently on how it measures up to the giant Eagle Ford field, which has been called the “800-pound gorilla” among shale plays. The prolific Eagle Ford, sited in South Texas, and the Bakken Shale in North Dakota/Montana each produce less than the Permian, but are the bigger plays, Bill Thomas, CEO of EOG Resources, said at the Credit Suisse...
  • New Frontiers: The Cline shale might not be the next big thing

    01/28/2014 5:58:07 AM PST · by thackney · 15 replies
    Platts ^ | January 27, 2014 | News Desk
    When the Cline Shale first moved into the public eye a couple of years ago, the West Texas play quickly set aflame industry’s imagination of a Saudi Arabia-like reservoir that would provide tens of billions of barrels of crude for the oil-hungry US market. “Shale oil field 3 times bigger than the Eagle Ford (and 6x bigger than the Bakken),” read one headline. “Cline Shale could be biggest in US history,” read another. But the Cline, alone, has not yet lived up to the hype, although exploration there is still in its infancy compared to the slightly more mature and...
  • Second Life for an Old Oil Field

    11/20/2013 3:33:57 PM PST · by thackney · 14 replies
    Wall Street Journal ^ | Nov. 19, 2013 | TOM FOWLER
    One of Texas' oldest oil fields, in decline for decades, has become one of the hottest places in the country to drill for crude, as energy companies create clusters of wells with layers of horizontal branches. The Permian Basin—86,000 square miles centered on Midland, Texas—has been pumping oil since the 1920s, though production peaked at about 2 million barrels a day in the early 1970s. For decades, geologists have known that oil could be found in different layers of rock piled up like a stack of geologic pancakes. But now drillers are starting to tap those layers simultaneously from a...
  • Texas on track to be among world’s largest oil producers

    10/08/2013 5:18:11 AM PDT · by thackney · 23 replies
    Fuel Fix ^ | October 7, 2013 | Zain Shauk
    Drilling and production in Texas continues to rise, putting the state on track to be among the world’s largest producers of oil by the end of the decade, a Texas regulator told a Houston audience Monday. Texas Railroad Commission Chairman Barry Smitherman said that drilling permit applications are approaching their highest level in nearly 30 years at the same time as oil production continues to rise. “This year we are likely to issue more drilling permits for oil than we have since 1985,” Smitherman said at an event hosted by the Locke Lord law firm downtown. The three-member Railroad Commission...
  • Texas oil and gas activity sets index record

    10/03/2013 8:18:41 AM PDT · by thackney · 4 replies
    Fuel Fix ^ | October 3, 2013 | Vicki Vaughan
    The state’s oil and gas industry continued to strengthen in August, according to an index of key activity. “The Texas Petro Index continued its march into record territory in August,” said economist Karr Ingham, who developed the index. Strong crude oil prices and improving natural gas prices helped boost the index to 289.8, a record level that beat the old record, set in July, of 288.2. The latter number was revised upward from 287.7 because of ongoing revisions for the state’s oil production. Ingham prepares the monthly index for the Texas Alliance of Energy Producers, an industry association. He began...
  • Texas Oil And Gas Numbers Fly Off The Charts

    08/08/2013 6:46:38 PM PDT · by thackney · 26 replies
    Forbes ^ | 8/07/2013 | David Blackmon
    The growing scale of the oil and natural gas boom in Texas continues to stun most observers. We have discussed this phenomenon periodically (see prior pieces here and here) , but the newest developments are so off the charts that an update is warranted. We’ve pointed out a couple of times that Texas’s oil production represents roughly 30% of the total US output, an amazing statistic, especially considering that the percentage was below 15% just a few years ago. In May, that statistic became even more amazing, as Texas accounted for 34.5% of total US oil production, thanks to continued...