![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber Austin, Texas (UPI) May 11, 2016
The number of oil and natural gas drilling permits issued by Texas regulators in April was lower year-on-year by 20 percent, state data show. The Railroad Commission of Texas said it issued 683 original drilling permits in April, compared with 848 from the same month one year ago. Most of the permits were for oil-related activities. Weekly data published Friday by oil field services company Baker Hughes show 188 rigs actively exploring for or producing oil and natural gas in Texas, a gain of 1.6 percent from the previous week, but 50 percent lower than the same week in 2015. In February, the last full month for which state data are available, Texas produced 79.6 million barrels of oil, a figure that was lower year-on-year by around 17 percent. Texas is the No. 1 oil producer in the United States and its rig count represents roughly 45 percent of all activity in the country. A low price for crude oil has taken a toll on the state economy, as many energy companies with headquarters in Houston lay off staff or close their offices altogether. Texas Railroad Commissioner Christi Craddick said in a March editorial in the Midland (Texas) Reporter-Telegram it was only a matter of time before the sector recovered. "While the overall decline in oil prices has led to falling revenues for the energy sector and job loss in the oil fields, it seems we are touching the bottom of this market cycle on our way to a bigger upside," she said. The price for crude oil has increased 12 percent since the March editorial was published. In terms of discoveries, state data show four new oil finds recorded in April, against three recorded in April 2012. Nevertheless, March data provided by Platts Analytics show production from the Eagle Ford shale basin in Texas, one of the more lucrative reserve areas, declined about 3 percent in March for the eighth straight month of loss.
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |