WTI Crude
47.54
Brent Crude
50.14
Natural Gas
3.08

Category: July 2017

Mining for sand in the booming frac sand business

Oil prices may remain weak, but business is booming for oil in Texas shale plays, especially in West Texas' Permian Basin. That means the demand for sand is skyrocketing to churn out oil and gas as part of the hydraulic fracturing, or fracking, process. The industry is moving quickly to produce more sand than ever to meet the demand of an oil and gas sector that is using up to 20 times more sand per well than it did during…

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Brent oil climbs above $50 for first time since early June

LONDON (Reuters) - Brent crude oil rose above $50 per barrel for the first time since early June on Thursday, adding to gains made the previous session when falling U.S. crude and oil product inventories lifted the market. Brent futures LCOc1, the international benchmark for oil prices, stood at $50.10 at 1257 GMT, 40 cents up from their last settlement. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.42 per barrel, 30 cents higher. Both benchmarks were trading…

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Small Permian producers flashing warnings as oil remains cheap

In many ways, the economic impact of falling oil prices stung worse in West Texas than it did in Houston, which lost tens of thousands of jobs in the throes of the oil bust. "It was a bloodbath out there," said Karr Ingham, a Texas economist based in Amarillo. "There's a recovery in full swing down there, but the elephant in the room is oil prices. The bigger guys are still spending, but they're going to stall out at some…

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Marketed: Five E&Ps Offer Permian Wells, Leasehold In West Texas

Permian Basin oil and gas properties throughout West Texas are for sale in five separate, sealed-bid offerings being handled by EnergyNet. The offerings comprise operated and nonop interests, HBP leasehold acreage and producing wells. Sellers consist of Energy Properties 2000-I LLC, Jones Energy Inc. (NYSE: JONE), Bold Energy II LLC, Fletcher Exploration LLC and Monadnock Resources LLC. CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLISHER Published by Oil and Gas Investor [formidable id="19"]

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Oil climbs as firm demand absorbs ample supply

Oil prices were stable on Tuesday, supported by strong consumption but weighed by ongoing high supplies from producer club OPEC and also the United States. Brent crude futures, the international benchmark for oil prices, were at $48.55 per barrel at 0130 GMT, up 13 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.12 per barrel, up 10 cents, or 0.2 percent. In a sign of strong demand, data on Monday showed…

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Trump administration reduces royalty rates in first U.S. oil, gas lease sale

WASHINGTON (Reuters) - The Trump administration announced its first offshore oil and gas lease sale on Thursday, offering 76 million acres in the Gulf of Mexico and reduced royalty rates for shallow water leases to encourage drilling at a time of low oil prices. U.S. Interior Secretary Ryan Zinke said the sale to take place on August 16 will offer leases offshore Texas, Louisiana, Mississippi, Alabama and Florida for exploration and development. The sale will be the first of the…

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Premier Oil says discovers oil off the coast of Mexico

Premier Oil Plc said it had discovered oil off the coast of Mexico at its Zama-1 exploration well in Block 7. Premier, which holds a 25 percent interest in the block, said estimates for the Zama-1 well were in excess of 1 billion barrels, which could extend into a neighbouring block. The project is jointly owned by Talos Energy, which acts as operator and has a 35 percent stake, and Sierra Oil and Gas which holds the remaining 40 percent.…

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Oil and gas “dream team” reunites to form new exploration and production company with $500M

A "dream team" of five oil and gas veterans has reunited to launch San Antonio-based Silverback Exploration II LLC, an energy company with $500 million at its disposal. The exploration and production company announced its formation early Monday morning along with a $500 million in private equity commitment from EnCap Investments LP. Silverback Exploration II was created by five out of the six executives who founded San Antonio-based Silverback Exploration LLC, a small but nimble oil company that made a…

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America’s Natural Gas Could Cut into Russia’s Influence Abroad

With the president once again managing to divert attention from a sensible policy to a vulgar tweet, you might not have noticed that this past week has been “Energy Week.” The immediate result has been a lot of speeches, including one by Harold Hamm, the Trump-supporting oil-and-gas man who played a key role in the development of our shale resources, and another from energy secretary Rick Perry. Unfortunately, the former governor of oil- and gas-rich Texas temporarily confused the words…

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Halliburton hiring surges as US fracking demand swells

Houston, Texas-based oilfield services company Halliburton (HAL) said Monday it has seen a surge of new job openings this year thanks to an increased demand for fracking in the United States. The company is hiring about 100 new employees each month to keep pace with demand in west Texas and has expanded its workforce in the region by more than one-third, to 2,700 employees, the company’s head of operations in the Permian Basin Chris Gatjanis told the Houston Chronicle. Halliburton…

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