Midland oil company Discovery Operating filed its first drilling permits since June. Some … And as the world struggles against the COVID-19 crisis, the global natural gas industry hoped it could recovery quickly as the pandemic subsides. More:Here are the 7 oil and gas operators being sued by the New Mexico State Land Office. : "We still have this issue where we have the best operator producing 30-40% more for the same dollar drilled in the same producing zone than the worst operator.". More:Thriving coronavirus, ailing oil industry leave Carlsbad residents struggling. DrillingInfo has seen these kinds of deals as one of the factors that have led to a boom in what Gilmer refers to as "horse-trading" of acreage between producing companies: "Out there in the Permian, if you can get a 10,000-foot lateral your return will be a 3 to 7 PV10 multiple over what you get on a 5,000-foot lateral. That’s the reason why the big play right now is to consolidate acreage to make sure that you have units that can support 10,000-foot laterals. October 22, 2020 TxDOT Launches Game to Combat Distracted Driving. Date of Report (Date of … It would have crossed 24 Texas counties and four parishes in Louisiana, moving up to 2.3 billion standard cubic feet of gas per day. Do these fundamental misconceptions about the nature of shale plays help explain why operators are finding their access to capital markets increasingly restricted? The Council of Petroleum Accountants Societies, Inc. (COPAS) was established in 1961 by representatives from various independent local societies throughout the U.S. and Western Canada. Permian Basin Royalty News . It spudded a well in Reagan County, near Big Lake, Texas. The Federal Energy Regulatory Commission (FERC) first approved the request to begin the application process in September 2019, but more than a year later as energy markets struggled to recovery from the pandemic, the application to FERC was withdrawn. Permian Basin Royalty News . You may opt-out by. More:Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave. Monthly Permian Basin Oil and Gas Magazine single copy price is $2. The New Mexico field advocate for national environmental group Earthworks said oil and gas facilities across the Permian Basin and in southeast -mexico">New Mexico were responsible for air-polluting emissions with little oversight from the state, even as product slowed amid the COVID-19 pandemic. Austin oil company Parsley Energy is about to mark 10 years of drilling the Spraberry formation of West Texas. Permian Basin Information, Railroad Commission of Texas. I hear a lot of people holding forth on the end of hydrocarbons because they don't know much about the dynamics of a rapidly changing industry. W.H. The Permian Basin is around 250 miles wide and 300 miles long, across West Texas and southeastern New Mexico. Follow PBT. I spend a lot of time listening. Follow PBT. Get custom notifications on traffic, crime and events happening in your area. “But unconventional plays treat you fundamentally different. SECURITIES AND EXCHANGE COMMISSION. Adrian Hedden . Three Decades after Oil Bust, Permian Basin Booms Again, San Antionio Express-News. Society Information. The Permian Basin – spanning west Texas and southeast New Mexico – has become the most prolific oil field in the world. Permian Basin News. Thousands of oil workers are getting laid off in the Permian Basin Coronavirus, combined with an oil price war, is taking its toll on the nation’s prolific shale patch . But as I also noted, that does not mean that, as some in the energy-related media are claiming, that the most active drilling basin in the world is "dying," "on its last legs," or even "peaking.". The 625-mile line would have transported natural gas from Texas’ Waha Hub, where natural gas is sent from across the Permian Basin in West Texas and southeast … It encompasses several sub-basins, including the Delaware Basin and the Midland Basin. A rainbow appears over a drilling site in the Permian Basin of West Texas. Washington, D.C. 20549 . Lowell Waite recently published a book review in the journal International Geology Review, entitled “Anatomy of a Paleozoic basin: the Permian Basin, USA, Volumes 1 and 2. “However, with the arrival of the COVID-19 pandemic, ensuing collapse of the domestic and global energy commodity prices, reduced consumption and the addition of alternative transportation solutions out of the Permian Basin, PGAP has re-evaluated the Project’s need and has determined that current market conditions do not support the economic thresholds to pursue the Project further at this time.”, More:U.S. Sen. Tom Udall continues push for oil and gas leasing reform. Abrams drilled the first well in 1920, but it produced only 10 barrels of oil per day. That remarkable growth in the Permian and elsewhere has made the U.S. the world’s top oil and natural gas producer, a far-fetched idea just 20 years ago. Average per-well peak rates for the New Mexico Permian since 2014 have gotten better every year, averaging about 20% better every year. Reuters . Permian Basin Royalty Trust Announces November Cash Distribution. The Permian Basin is one of the most prolific oil and natural gas geologic basins in the United States. They completely miss the nuances of all of these variables and the non-linear aspects in all of this. Chevron Yury Senyurin, secretary of the international Gas Exporting Countries Forum encouraged members during the 7th International Energy Forum (IEF) and International Gas Union (IGU) Ministerial Gas Forum held Dec. 3 by the Malaysian government. He is the resident energy expert on the "In The Oil Patch" radio program, and executes frequent public speaking engagements around the state of Texas and at conferences. CURRENT REPORT. That's a story that the industry itself is going to have to a better job of telling, because no one else is going to do that on its behalf. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights. August 8, 2020. News. A natural gas pipeline that would have connected producers in the Permian Basin with export and refinery markets in the Gulf Coast was halted as the fossil fuel industry struggles amid the COVID-19 pandemic. © 2020 Forbes Media LLC. The industry saw some minor recovery in recent weeks amid reports that a COVID-19 vaccine could be developed and publicly available by spring 2021, but the news wasn’t enough to drive prices near pre-pandemic levels. India’s Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan said demand for fuel in his country had returned to pre-pandemic levels. : “All these things come together to make a very interesting investment environment. HIGH SCHOOL SPORTS: Permian Basin Scoreboard for Nov. 21 OA sports oasports@oaoa.com 432-333-7703 Odessa American Posted on Nov 21, 2020 by OA sports The all time high for this statistics is 11. People who really know what they’re doing are going to make a fortune in this stuff, and the people who don’t know what they’re doing are going to waste a lot of capital. Rules and Requirements – Fall 2018 ; Select Page. David has enjoyed a 39-year career in the oil and gas industry, the last 23 years of which were spent in the public policy arena, managing regulatory and legislative issues for various companies, including Burlington Resources, Shell, El Paso Corporation, FTI Consulting and LINN Energy. Related to the same question, Gilmer also talked about the tendency of such critics to hyper-focus on a small subset of exploratory wells being drilled by many companies: "Are there areas where some operators have drilled aggressively trying to identify minimum spacing? The Fort…. Anadarko David has enjoyed a 39-year career in the oil and gas industry, the last 23 years of. Deposits of the Permian Basin are featured in Guadalupe Mountains National Park. No one has to choose a club because you attend a tryout. Permian Basin mandated back to 50% occupancy by Texas DSHS under Gov. The Gray Oak Pipeline stretches from the Permian Basin to delivery points at or near the Houston Ship Channel and capable for crude deliveries of 900,000 barrel per day. The all time high for this statistics is 11. Drilling rights in the Permian Basin averaged $24K/acre in recent deals, down 67% from 2018, and the average price across all U.S. shale has plummeted to … Engineering skill, testing, what have you. Permian Basin's oil and gas water sector continues growth in Texas and New Mexico. It’s funny to me – I’ve had talks with several of these analysts in which they poo-poohed the technology that goes into drilling the wells, claiming it was just a question of how much sand you put in there and how long your lateral is. Santa Rita taps Permian Basin, American Oil & Gas Historical Society. For ExxonMobil, the Permian represents a significant growth area. New York private equity firm Stonepeak Infrastructure Partners bought Permian Basin-focused pipeline operator Oryx Midstream in a $3.6 billion deal in April. The golden age of U.S. shale is far from over, with an expected slowdown in the Permian Basin likely to be temporary, according to the new U.S. Energy Secretary. Career Opportunities . The sad fact is that the public companies have to dance to these loud voices. So, bottom line, the Permian Basin is not "dying," "on its last legs," or "peaking." And right now, we are doing a land-office business in land in West Texas and Southeast New Mexico that, when you superficially look at it, nobody would expect...they would look at a map and say all the big blocks are already put together. Stacked plays allow for multiple wells from a single pad location, using shared infrastructure. Midland City and County Officials Celebrate Reopening of Cotton Flat Road. Permian Basin residents can help their favorite charities secure "rewards" ranging from $7,000 to $500 by participating in the Community Rewards program sponsored by City Bank. unconventional plays treat you fundamentally different. More:Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave. “We understand our duty to the world and are committed to strengthen global energy security as reliable suppliers of this important energy source.”, More:New Mexico oil and gas operators report millions of gallons of water use. We are your go-to source for local news, weather and sports in the Permian Basin, powered by Big 2 News - KMID and Fox 24 News - KPEJ. I-20 Getting 6 Lanes From 2025-30. Future Gulf Coast natural gas export development may become “risky” if Permian Basin associated gas production doesn’t recover, IHS Markit executive . - Allen Gilmer, Founder and Chairman of the Board of DrillingInfo, As I wrote in my piece last week, there is no doubt that activity in the booming Permian Basin is slowing down, and in fact has been gradually slowing throughout this year. They will be danced straight into the ground unless some real wisdom emerges in those that call the music. Permian Basin Province, Mahlon M. Ball, U.S. Geological Survey. To put some more meat onto the bone of that thesis, I was able to secure some time with Allen Gilmer, whose company, DrillingInfo, keeps close tabs on everything happening in the Permian and the country's other major play areas. Reuters. Natural gas is that partner,” he said. News. The problem with the Permian Basin isn't a lack of resources or pipeline capacity or low prices. Skill actually matters. Austin oil company Parsley Energy is doubling down on drilling in the Permian Basin of West Texas. Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 153 versus the prior-week count of 146. Washington, D.C. 20549 . Opinions expressed by Forbes Contributors are their own. He said the company could resume the project in the future if the market recovers, and the company would hold an open season to re-solicit shipping commitments from producers. City Bank will make available a total of $60,000 to be awarded to 30 local nonprofits to assist them in carrying out their missions of hope and service to people in need. The Permian Basin’s long history is characterized by ups and downs. Subscribe. Gilmer pointed out that one reason why so many analysts acquire false beliefs about the relative health of the Permian play is due to a tendency to take poor results achieved by one operator and assume they apply to all producers across the Basin. More:Matador Production to pay $125,000 fine for oil 'commingling' violations after self-audit. The Permian Basin is responsible for the greatest oil production gains in the U.S. in recent years. Anadarko's weak performance in U.S. Permian made it a takeover target to acquire : "That’s always been the case in the unconventional plays, and it’s always been pretty much ignored. in accounting in 1979. Oil & Gas news: In the Pipeline; High school sports; Archives ; Home; News; Business; Permian Basin Drilling Report Top Story DRILLING REPORT: April … “I’m happy to mention that the energy demand in India, particularly of the petroleum products and natural gas, has returned to pre-Covid-19 level,” he said at the meeting. News. David Blackmon is an independent energy analyst/consultant based in Mansfield, TX. FORM 8-K . Petroleum Accountants Society of the Permian Basin . David Blackmon is an independent energy analyst/consultant based in Mansfield, TX. Today, 5,000-foot laterals are kind of break-even deals, but at 10,000-feet they’re all of a sudden massively valuable. Permian Basin, also called West Texas Basin, large sedimentary basin in western Texas and southeastern New Mexico, U.S., noted for its rich petroleum, natural gas, and potassium deposits. About COPAS and PASPB. Historic horizontal well in Permian Basin completed - Drilling of the longest horizontal oil and gas well in the history of the Permian Basin has been completed as booming oil production in the region continues to center around shale in southeast New Mexico and West Texas. 3.32-0.01 (-0.3%) Upgrade to Real-Time Afterhours (Closed) Current Report Filing (8-k) November 19 2020 - 12:20PM Edgar (US Regulatory) UNITED STATES. 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