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Reducing Refrac Risk – A Strategy for Success in Uncertain Times

Bob Barba of Integrated Energy Services teaches students, mostly petroleum engineers, how to make wells more productive and save on their bottom line.

The World Bank has forecast crude oil prices around $55 per barrel in 2017. Yet there is considerable uncertainty around the outlook. Ongoing negotiations among OPEC producers, and China’s transition from a manufacturing to a service-based economy, will both affect an already volatile market.  So, which companies will be in the best position to not only survive—but thrive—during times of uncertainty? ...

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Texas adds 7 rigs; Dec. 2 rig count totals 597

baker hughes, rig count

U.S. oil producers, especially in shale plays across the region, are likely crossing their fingers that OPEC’s commitment to cutting production will help oil prices to inch higher—and stay there. In the meantime, rig counts have inched up slightly. As reported by Baker Hughes, the number of rigs exploring for oil and natural gas went up a total of four ...

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Thanks to the Wolfcamp, Permian Basin breaks another record

A Concho Resources drilling rig operates in New Mexico's Permian Basin. (Image courtesy of Concho Resources)

The U.S. Geological Service (USGS) announced the estimate of continuous oil in the Wolfcamp shale in the Midland Basin portion of the Permian Basin is almost three times that of the 2013 USGS Bakken-Three Forks resource assessment. This makes the the Wolfcamp the largest estimated continuous oil accumulation that the USGS has assessed in the United States–ever. The USGS estimates ...

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U.S. rig count declines by 1 to 568

oil rig, rig count,

Baker Hughes’ latest rig count report shows the number of rigs drilling for oil rose by two this week to 452. Rigs drilling for natural gas was down 2. The total rig count fell by one to 568, still higher than the May low of 404. Total offshore rigs are down 12 from last year at this time. States losing ...

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Environmental groups raise concerns over Texas oil find near Balmorhea

Balmorhea, oil discovery west texas

HOUSTON (AP) — Some environmental organizations have raised concerns about a reported big oil and gas discovery in West Texas. The Houston Chronicle (http://bit.ly/2eDvvgQ ) reports several environmental groups are scrutinizing plans to drill around Balmorhea (BAL’-muh-ray) State Park and its famous spring-fed pool. Houston-based Apache Corp. last month announced plans for drilling after projecting up to 3 billion barrels ...

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USGS: Oklahoma earthquake likely caused by wastewater disposal

Oklahoma earthquake, wastewater injection well

FAIRVIEW, Okla. (AP) — The third-largest earthquake in Oklahoma was likely triggered by underground disposal of wastewater from oil and natural gas production, the U.S. Geological Survey found in a report issued Monday. The magnitude 5.1 quake that struck northwest of Fairview in February was likely induced by distant disposal wells, the agency said. The USGS report indicated that in ...

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AP Interview: IMF says low oil prices still hurting Mideast

middle east oil, mideast economy, oil prices, OPEC

DUBAI, United Arab Emirates (AP) — Oil-producing Mideast countries are coping with low global oil prices though more government reforms are needed, the International Monetary Fund’s chief for the Mideast said as the organization issued a new report Wednesday showing weak economic growth in the region. Masood Ahmed also told The Associated Press that Iran’s economy beat expectations by growing ...

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4 companies plead guilty to federal clean air violations

clean air violations Texas

BEAUMONT, Texas (AP) — Four companies have pleaded guilty and agreed to pay a total of $3.5 million for criminal clean air violations at two Southeast Texas oil and chemical processing facilities. Papers filed in federal court Wednesday in Beaumont show KTX Limited and KTX Properties Inc. pleaded guilty to negligently releasing hazardous air pollutants in a tank explosion at ...

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