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UAE exit from OPEC signals closer alignment with US interests, experts say

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As the United Arab Emirates’s exit from OPEC officially takes effect, experts say the United States government will welcome the move for its potential to curb the oil-producing cartel’s pricing power.

While the UAE’s withdrawal, which went into effect on Friday, has been long rumoured, the timing was unexpected.

“The exit was a surprise in timing (at least to me), but in some ways has been brewing for some time,” wrote Rachel Ziemba, adjunct senior fellow at the Center for a New American Security – a US think tank.

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Source: Al Jazeera

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At SPE’s Hydraulic Fracturing Conference, Energy Secretary Chris Wright challenges the industry to significantly boost oil and gas recovery.

US Energy Secretary urges industry to double oil and gas output

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US Energy Secretary Chris Wright is challenging the industry to significantly boost oil and gas recovery.

“Those awesome shale reservoirs with high permeability and high deliverability, we’re still only getting about 10% of the oil out,” the founder and former head of Liberty Energy said during SPE’s Hydraulic Fracturing Technology Conference in The Woodlands, Texas, on 3 February. “Let’s figure out how to double that recovery.”

It is, he acknowledged, a hard problem, but a worthy one that, if solved, could help lift billions of people out of energy poverty to live longer and healthier lives.

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Source: JPT

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Lawmakers tour Permian Basin oil sites to shape energy policy, promote jobs, and support US energy dominance and innovation.

Lawmakers tour Permian Basin oil sites, discuss energy policy and jobs

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Rep. August Pfluger continues to escort fellow members of Congress to the Permian Basin on a tour of the region’s oil and gas operations.

This week, members of the House Committee on Energy and Commerce visited a hydraulic fracturing site and held a roundtable discussion with members of local energy companies.

“The purpose is the same as it has been the last five years,” said the Texas Republican, whose District 11 encompasses the Permian Basin. “They came to see how the energy space works. The Permian Basin literally provides the foundation of our economy.”

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Source: mrt

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Revenues from oil and natural gas leases on onshore federal lands totaled $8.497B in 2023, according to a new Congressional Research Service.

Federal oil & natural gas leasing revenue tops nearly $8.5 billion in 2023

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Revenues from oil and natural gas leases on onshore federal lands totaled $8.497 billion in 2023, according to a new Congressional Research Service (CRS) report. In fact, oil and natural gas leasing represents a whopping 93 percent of the total federal revenue from all leasable minerals and geothermal on onshore federal lands.

In the past ten years, these revenues have consistently increased, exemplifying the ongoing, strong contributions the industry provides to the United States.

Source: Department of the Interior (DOI), Office of Natural Resources Revenue (ONRR)

The report comes on the heels of a major shift in federal support for oil and gas development on federal lands, with the Trump Administration making significant strides to streamline permitting and increase federal development.

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Source: Energy in Depth

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US DOI announced that it generated over $39 million in total receipts from oil and gas lease sales held in the first quarter of 2025.

USA DOI generates $39MM from 1Q 2025 oil, gas lease sales

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In a statement posted on its site recently, the U.S. Department of the Interior (DOI) announced that it generated over $39 million in total receipts from oil and gas lease sales held in the first quarter of 2025.

The Bureau of Land Management leased 34 parcels totaling 25,038 acres for $39,007,609 in total receipts for its first quarter of fiscal year 2025 oil and gas lease sales, the DOI noted in the statement. The organization highlighted that the Bureau of Land Management held oil and gas lease sales in Montana, North Dakota, New Mexico, Wyoming, and Nevada.

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Source: Rigzone

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In 2024, Texas' oil and gas industry set records in production, job creation, and taxes/royalties paid, per a report by TIPRO.

Report: Texas oil and gas industry broke multiple records in 2024

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The Texas oil and natural gas industry broke multiple records in 2024, from production, to job creation, to taxes and royalties it paid, according to a new report published by the Texas Independent Producers & Royalty Owners Association (TIPRO).

In Texas, the industry led the U.S. in nearly every category, including having the most people employed in the industry.

Texas accounts for 23% of all oil and natural gas jobs in the U.S., supporting 480,460 directly last year, with direct and indirect jobs totaling nearly 2.8 million, according to the analysis.

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Source: AOL

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Researchers used AI to analyze 45 years of USGS maps, uncovering oil and gas wells not listed in state records in California and Oklahoma.

AI helps researchers dig through old maps to find lost oil and gas wells

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Undocumented orphaned wells pose hazards to both the environment and the climate. Scientists are building modern tools to help locate, assess, and pave the way for ultimately plugging these forgotten relics.

Scattered across the United States are remnants from almost 170 years of commercial drilling: hundreds of thousands of forgotten oil and gas wells. These undocumented orphaned wells (UOWs) are not listed in formal records, and they have no known (or financially solvent) operators. They are often out of sight and out of mind – a hazardous combination.

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Source: BERKELEY LAB

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Major companies' recent mergers and acquisitions of independent oil firms have positively reshaped the energy industry in the Permian Basin.

Big oil mergers promise greater stability

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The recent series of mergers and acquisitions of independent oil companies by major companies has reshaped the energy industry for the better in the Permian Basin.

Odessa oilman Kirk Edwards, State Rep. Brooks Landgraf and Waco economist Ray Perryman say one of the big benefits will be more stability in the oil and natural gas markets as the major companies prove much less reactive to price fluctuations than the independents always were.

Starting last fall and continuing through the spring, ExxonMobil bought Pioneer Natural Resources for $60 billion, Chevron merged with the Hess Corp. for $53 billion, Diamondback Energy obtained Endeavor Energy Resources for $26 billion and Occidental Petroleum acquired CrownRock Operating for $12 billion. ConocoPhillips bought Concho Resources for $13.3 billion in 2020.

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Source: OA online

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Over the next 12 months, US Energy plans to invest over $750 million, primarily targeting projects in the Permian region.

US Energy Development Corporation to invest $750 million on Permian projects

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U.S. Energy Development Corporation (U.S. Energy) is expanding its operations in the prolific Permian basin. U.S. Energy is poised for significant growth and development in one of the most productive oil and gas regions in the United States.

Over the next 12 months, the company expects to deploy upwards of $750 million, with the majority of this capital earmarked for projects in the Permian.

Following closely on the heels of its success with the JT Morris pad, U.S. Energy brought its Westway 2122 two-well pad online in mid-June. Similar to JT Morris, the Westway project was completed under budget and ahead of schedule.

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Source: Oil & Gas 360

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The oil and gas industry has experienced a number of booms and busts over the past few decades, but for now, it appears to be flush with cash.

Oil and gas companies are swimming in so much cash that they’re cutting back on borrowing at a faster pace

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Last year, the demand for loans from fossil-fuel companies fell 6% year-on-year and that followed a decline of 1% in 2022.

From a climate perspective, this may sound like good news because the drop in bank lending to oil, gas and coal companies should mean less investment and less production over time.

The reality, however, is that oil and gas companies don’t need a lot of loans because they’re generating so much money these days from their underlying businesses, said Andrew John Stevenson, senior analyst at Bloomberg Intelligence. And that trend is likely to continue through the end of the decade, he said.

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Source: Fortune

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