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The U.S. Geological Survey in the Department of the Interior said last week that the Wolfcamp shale and Bonespring formation in the Delaware Basin portion of the Permian Basin contain an estimated 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids – the most potential oil and gas resources USGS ever has assessed. The estimate is for continuous (unconventional) oil and consists of undiscovered, technically recoverable resources. gas station USGS director Jim Reilly said Dec. 6, “Thanks to advances in technology, the Permian Basin continues to impress in terms of resource potential. The results of this most recent assessment and that of the Wolfcamp formation in the Midland Basin in 2016 (20 billion barrels of oil, 16 trillion cubic feet of natural gas) are our largest continuous oil and gas assessments ever released. Knowing where these resources are located and how much exists are crucial to ensuring both our energy independence and energy dominance.”

Stephen Robertson of the Permian Basin Petroleum Association told the Midland Reporter Telegram, “Reeves County, which is in the heart of that play, is running more rigs than any other county in the nation and has been doing that for quite a while. The people out here know that it’s there, and it really is improvement of technologies and increased efficiencies allowing people the ability to actually be able to access it and produce it.”

San Ramon, Calif.-based Chevron said Dec. 6 its capital and exploratory spending program for 2019 will be about $20 billion. The Houston Chronicle said that’s an increase of 9 percent from last year and the company’s first spending hike since 2014. Michael K. gas quality by brand Wirth, chairman and CEO, said, “Our 2019 budget supports a robust portfolio of upstream and downstream investments, highlighted by our world-class Permian Basin position, additional shale and tight development in other basins, and our major capital project at TCO in Kazakhstan.”

Houston-based ConocoPhillips said Dec. 10 its capital spending program will remain flat in 2019 with oil prices currently declining. The company set its capital spending at $6.1 billion and said it will pump up to 1.35 million boed. ConocoPhillips said it will focus on Texas in the Permian Basin and Eagle Ford Shale and in western Canada, Alaska and the emerging Austin Chalk play in Louisiana. About $3.1 billion or 51 percent is allocated for the lower 48 states, led by Texas. ConocoPhillips expects to run 10-to-11 rigs in Delaware, Eagle Ford and Bakken “with flexibility to shift activity among the plays during the year.” In Delaware and Eagle Ford, the company will conduct multiwell pilots of new completion designs. electricity jeopardy 4th grade New Mexico continues to add rigs; counts in Permian, Texas, U.S. decline

New Mexico remained at an all-time high in active oil and gas rigs for the third straight week as of Dec. 7, according to Baker Hughes. The state added 2 rigs in the previous week to reach 110 (73 a year ago) after high counts of 108 Nov. 21 and Nov. 30. Texas lost 2 rigs to 529 (459 a year ago), and the U.S. lost 1 rig to 1,075 (931 a year ago). As the price of oil continued its recent decline, the U.S. lost 10 oil-directed rigs in the past week to 877 (751 a year ago).

The Permian Basin rig count was down 4 for the past week to 489 (400 a year ago). Reeves (down 7 to 78), Midland (up 1 to 57) and Lea, N.M., (unchanged at 57) continue to lead the basin followed by Eddy, N.M., at 47 (up 2 in past week), Martin at 44 (down 3), Ward at 24 (up 2), Upton at 23 (up 3), Loving at 22 (unchanged) and Howard at 20 (unchanged).

Other leading regions as of Dec. 7 were Eagle Ford at 80 (79 last week, 70 last year), Cana Woodford at 57 (55 last week, 73 last year), Marcellus also at 57 (56 last week, 45 last year), Williston at 56 (56 last week, 47 last year) and Haynesville at 51 (52 last week, 46 last year). Other leading states were Oklahoma at 142 (145 last week, 121 last year), Louisiana fourth with 64 (65 last week, 63 last year) and North Dakota at 52 (52 last week, 46 last year). Valor Mineral Management opens in Midland and Fort Worth

Valor Mineral Management, with offices in Midland and Fort Worth, launched last month to focus on “providing best-in-class mineral and royalty management and consulting services on behalf of clients across the U.S.” Valor said it will use a suite of proprietary software tools to provide clients insights into their holdings to maximize asset value. la gas leak Valor principles have collectively managed hundreds of millions of dollars’ worth of oil and gas interests for more than 700 owners in 26 states and more than 300 counties in the U.S. LNG exports from U.S. to more than double by end of 2019

A new report from the U.S. Energy Information Administration says the nation will be able to export more than double the amount of liquefied natural gas by year end 2019. LNG producers currently have the ability to export about 3.6 billion cubic feet of natural gas per day, but with 18 LNG production units from four companies expected to come into service in the next 12 months, export capacity could grow to 8.9 billion cubic feet per day by the end of next year. That would put the U.S. third behind Australia and Qatar in LNG exports per year. The U.S. began exporting LNG from the lower 48 states in February 2016 when Cheniere Energy shipped its first cargo from its Sabine Pass terminal in Louisiana. hp gas online Texas recovers half of jobs lost in 2014-16 industry downturn

The Texas Oil & Gas Association and Texas Workforce Commission said this week that the state has recovered about half of the industry’s jobs lost in the state’s downturn from December 2014 to September 2016. Oil and gas companies in Texas added 2,400 exploration and production jobs in October – the 23rd consecutive month of job growth. The workforce commission said a total of more than 100,000 jobs were lost; since the low point, employment in the Texas upstream sector has added 56,000 jobs.