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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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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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The Public Utility Commission of Texas (PUCT) approved a plan to meet the future electricity needs of the Permian Basin Region.

Texas commission approves plan for transmission infrastructure to serve Permian Basin

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The Public Utility Commission of Texas (PUCT) approved a plan to meet the future electricity needs of the Permian Basin Region.

The plan incorporates the transmission infrastructure needed to support the expansion and electrification of Texas’ oil and gas industry in West Texas. ERCOT forecasts that electricity demand in the region will grow to approximately 26 GW by 2038, which is equivalent to almost one third of the current summer demand of the entire ERCOT system.

“The Permian Basin is the heartbeat of our state and nation’s energy dominance and economy,” PUCT Commissioner Lori Cobos said. “This plan is a roadmap that will ensure electric reliability in the region for decades to come and facilitate critical transmission infrastructure investment that will ensure the continued success of Texas’ oil and gas industry and support the region’s local communities and our entire state.”

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Source: Daily Energy Insider

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