The Texas Electricity Supply Chain Map now includes more information that will assist state emergency officials during disasters.

Texas regulators unveil new oil, gas, utility infrastructure map to assist during extreme weather

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According to a jointly-released statement from the Railroad Commission of Texas and the Public Utility Commission of Texas, the Texas Electricity Supply Chain Map now includes more information that will assist state emergency officials in preparing for, responding to and recovering from weather emergencies or other disasters.

The map was created in April 2022, and has successfully been used by state emergency officials during weather emergencies including severe storms last winter season. It’s a crucial tool used by the Public Utility Commission of Texas (PUCT), the Railroad Commission (RRC), and state emergency responders to respond to issues in real-time through direct communication and movement of resources necessary for maintenance or repair of electric generation and transmission infrastructure during an emergency.

The map has more than 12,746 facilities, including electricity generation plants powered by natural gas, electric substations, natural gas processing plants, underground gas storage facilities, oil and gas well leases, saltwater disposal wells. It also has more than 21,000 miles of gas transmission pipelines and approximately 60,000 miles of electric transmission lines;

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Source: World Oil

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Crude oil prices surged over the summer as OPEC curtailed production, followed by the outbreak in early October of the Israel-Hamas war

Oil’s rising price poised to boost energy sector

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Crude oil prices surged over the summer as OPEC curtailed production, followed by the outbreak in early October of the Israel-Hamas war, which sparked fears of greater military conflict throughout the region. While higher oil prices may prove challenging for overall equity performance, energy stocks appear poised to benefit if commodity prices resume their ascent.
Oil’s surge and drop: Oil prices had risen following the eruption of violence in the Middle East, but have since fallen. West Texas Intermediate closed at $80.44 on Nov. 1 vs. $82.79 on Oct. 6, but will increase by more than 10% next year, according to U.S. Energy Information Administration forecasts. However, the EIA notes that its forecasts don’t take into account impacts from recent geopolitical events. Natural gas prices were recently $3.44 per million BTU compared to $3.34 on Oct. 6.

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Source: Pensions&Investments

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Occidental's president and CEO, Vicki Hollub, asserts that the Permian still has significant oil to develop, disputing concerns about falling well productivity.

The Permian oil boom isn’t over just yet

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The Permian has more oil in place to allow output growth for the next few years, Occidental’s president and CEO Vicki Hollub said this week, commenting on mounting concerns among analysts that well productivity in the top oil-producing U.S. shale basin is dropping off.

“Well, we’ve seen continuing improvement in our oil well productivity and so we haven’t seen a drop off,” Hollub said at the ADIPEC energy conference in Abu Dhabi, as carried by Reuters.

While there has been a degradation of productivity with some operators, the Permian “still has enough additional oil to develop that will continue to grow over the next few years,” Oxy’s Hollub said.

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Source: Oil Price

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Year-to-date through July 2023, TX accounts for 43.3% of all oil production and 27.4% of all natural gas marketed production in the country.

Report: Texas oil and natural gas industry breaks decades-old production records

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The powerhouse of the U.S. energy sector—the Texas oil and natural gas industry—reached a new record production high in June and July, surpassing all-time highs set 30 and 40 years ago, according to an energy economics analysis published by Texas Oil & Gas Association.

The analysis, conducted by TXOG’s Chief Economist Dean Foreman, Ph.D., shows that Texas’ production of oil, natural gas, and natural gas liquids broke previous records and that resource reserves are expected to support decades of prospective production. It also highlights a range of records broken in May, also surpassing previous 30- and 40-year-old highs.

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Source: The Center Square

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The US and its core allies see rising oil and gas prices as serious economic and political threats to them.

Why OPEC+ will do whatever it can to send oil prices higher

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The relentless drive of OPEC+ to keep driving oil prices higher, as predicted by OilPrice.com some time ago, was seen again in last week’s extension of major additional cuts made to the initial reductions in output first put into place last October. On 3 August, the de facto leader of the OPEC part of the group, Saudi Arabia, announced it will continue the additional 1 million barrel per day (bpd) cut in production that it announced in June through into September at least. Russia, looking to quietly sell its oil at a discount to the OPEC+ rate through backdoor channels, as also analysed by OilPrice.com, said it will taper its 500,000 bpd additional export cut for August to 300,000 bpd in September. These extended cuts come on top of the 3.66 million bpd in collective cuts from the OPEC+ oil cartel implemented since October 2022. The key questions now are: will OPEC+ keep oil prices rising through further production cuts and, if so, what can the West do about it?

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Source: Oil Price

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US oil and gas output still rising in response to high prices last year

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 U.S. oil and gas production continued to rise strongly in March – the delayed impact of very high prices that prevailed until the third quarter of 2022.

Oil output increased by 171,000 barrels per day (b/d) in March compared with February, according to the U.S. Energy Information Administration (“Petroleum supply monthly”, EIA, May 31).

The gains were led by the Lower 48 states (+137,000 b/d) and Gulf of Mexico (+45,000 b/d), which more than offset lower production from Alaska (-11,000 b/d).

Output rose by almost 10% in the first three months of 2023, compared with the same period a year earlier, and was the second-highest for the time of year after 2020.

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Source: Reuters

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The Texas crude WTI Midland’s inclusion in Dated Brent is the most significant overhaul of the measure in decades.

US crude sets world’s most important oil benchmark for first time

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U.S. oil is already having a profound impact on the world’s most important oil benchmark, effectively setting the price just after its inclusion in the measure.

WTI Midland — produced in the West Texas shales — joined the Dated Brent benchmark on Tuesday, in an effort to revamp a gauge that is used to set the price of more than two-thirds of the world’s crude. So far, that integration has proved successful.

bp Plc has been offering the grade for early June at a low level on a pricing window run by S&P Global Commodity Insights, better known by traders as Platts. As prices of the five other grades that comprise the benchmark were much higher, WTI Midland has essentially served as the key price maker.

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Source: Oil & Gas 360

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Production in the oil-and-gas-rich Permian Basin hits records recently, juicing oil company profits and easing energy supply worries.

US Permian Basin oil production — and profits — have surged

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Production in the oil-and-gas-rich Permian Basin of West Texas and New Mexico hit records recently, juicing oil company profits and easing energy supply worries.

It shows U.S. oil companies are responding to higher prices, with increased drilling and pumping after what seemed like months of foot-dragging.

Russia’s invasion of Ukraine generated a global oil shock in 2022. U.S. crude climbed over $120 a barrel back in March, and average gasoline prices jumped to more than $5 per gallon in June.

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Source: AXIOS

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Texas energy expected to be key in meeting global demand

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As 2023 gets underway, the Energy Information Administration is offering its annual short-term energy outlook for the early part of the year.

Among the trends the report has identified are rising natural gas production, increasing liquefied natural gas exports and high winter electricity prices.

So, asked the Texas Independent Producers and Royalty Owners Association, what does this mean for Texas?

“Global production will continue to rise in the coming years and the Permian Basin will play a critical role in meeting energy demand here and abroad,” responded Ed Longanecker, TIPRO president, in an email to the Reporter-Telegram.

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Source: mrt

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