Permian (Texas) Changing Technologies - Ramifications

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Ethan / JRyan
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Permian (Texas) Changing Technologies - Ramifications Dec 14, 2018 17:55:39 GMT -5

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Post by Ethan / JRyan on Dec 14, 2018 17:55:39 GMT -5

Real Implications Of The New Permian Estimates

This week the United States Geological Survey (USGS) announced a groundbreaking oil and gas discovery in West Texas’ Permian Basin. According to the organization’s recent press release, a whopping 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids are now believed to lie untapped in the Wolfcamp Shale and overlying Bone Spring Formation area of Texas and New Mexico’s Permian Basin.

Now, in addition to this stunning discovery from the USGS, there is even further hope that there are still additional technically recoverable resources lying in wait, yet to be discovered.

“In the 1980’s, during my time in the petroleum industry, the Permian and similar mature basins were not considered viable for producing large new recoverable resources. Today, 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 are our largest continuous oil and gas assessments ever released.”

Reilly stressed, “Knowing where these resources are located and how much exists is crucial to ensuring both our energy independence and energy dominance.”

Last Edit: Mar 24, 2019 19:21:06 GMT -5 by Ethan / JRyan

By Grace Alone Go I

Ethan / JRyan
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Permian (Texas) Changing Technologies - Ramifications Jan 24, 2019 9:20:08 GMT -5 ccrc79 likes this

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Post by Ethan / JRyan on Jan 24, 2019 9:20:08 GMT -5

I wanted to post this as the ramifications of it for world oil production and US in particular are astounding. Technology is changing at a blistering speed. What does this have to do with Zion Oil? Well a little but the main thing is Oil is Israel in general with a particular caveat, notice the following:

So what we are seeing in the Permian and North Dakota could very well happen in Israel one day. Environmental concerns I think are the biggest roadblock at this point. Givot showed it is there but did not have the capital to really pursue and the technology is also much better now. Genie knew it as well. I do not think at this point conventional oil is readily available but I hope I am wrong. It might not be Zion Oil that develops it, but someone at some point will. Maybe when oil is north of $100 a barrel?

Release Date: November 28, 2018

Estimates Include 46.3 Billion Barrels of Oil, 281 Trillion Cubic feet of Natural Gas, and 20 Billion Barrels of Natural Gas Liquids in Texas and New Mexico’s Wolfcamp Shale and Bone Spring Formation.

Assessment units for the Wolfcamp Shale and Bone Spring Formation of the Delaware Basin.

(Public domain.)

WASHINGTON - Today, the U.S. Department of the Interior announced the Wolfcamp Shale and overlying Bone Spring Formation in the Delaware Basin portion of Texas and New Mexico’s Permian Basin province contain an estimated mean of 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids, according to an assessment by the U.S. Geological Survey (USGS). This estimate is for continuous (unconventional) oil, and consists of undiscovered, technically recoverable resources.

"Christmas came a few weeks early this year," said U.S. Secretary of the Interior Ryan Zinke. "American strength flows from American energy, and as it turns out, we have a lot of American energy. Before this assessment came down, I was bullish on oil and gas production in the United States. Now, I know for a fact that American energy dominance is within our grasp as a nation."

“In the 1980’s, during my time in the petroleum industry, the Permian and similar mature basins were not considered viable for producing large new recoverable resources. Today, 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 are our largest continuous oil and gas assessments ever released,” said Dr. Jim Reilly, USGS Director. “Knowing where these resources are located and how much exists is crucial to ensuring both our energy independence and energy dominance.”

Assessment units for the Wolfcamp Shale and Bone Spring Formation of the Delaware Basin.

(Public domain.)

Although the USGS has previously assessed conventional oil and gas resources in the Permian Basin province, this is the first assessment of continuous resources in the Wolfcamp shale and Bone Spring Formation in the Delaware Basin portion of the Permian. Oil and gas companies are currently producing oil here using both traditional vertical well technology and horizontal drilling and hydraulic fracturing.

The Wolfcamp shale in the Midland Basin portion of the Permian Basin province was assessed separately in 2016, and at that time it was the largest assessment of continuous oil conducted by the USGS. The Delaware Basin assessment of the Wolfcamp Shale and Bone Spring Formation is more than two times larger than that of the Midland Basin. The Permian Basin province includes a series of basins and other geologic formations in West Texas and southern New Mexico. It is one of the most productive areas for oil and gas in the entire United States.

“The results we’ve released today demonstrate the impact that improved technologies such as hydraulic fracturing and directional drilling have had on increasing the estimates of undiscovered, technically recoverable continuous (i.e., unconventional) resources,” said Walter Guidroz, Program Coordinator of the USGS Energy Resources Program.

Undiscovered resources are those that are estimated to exist based on geologic knowledge and already established production, while technically recoverable resources are those that can be produced using currently available technology and industry practices. Whether or not it is profitable to produce these resources has not been evaluated.

USGS is the only provider of publicly available estimates of undiscovered technically recoverable oil and gas resources of onshore lands and offshore state waters. The USGS Delaware Basin Wolfcamp shale and Bone Spring Formation assessment was undertaken as part of a nationwide project assessing domestic petroleum basins using standardized methodology and protocols.

The new assessment of the Delaware Basin Wolfcamp shale may be found online. To find out more about USGS energy assessments and other energy research, please visit the USGS Energy Resources Program website, sign up for our Newsletter, and follow us on Twitter.

Last Edit: Jan 24, 2019 9:20:47 GMT -5 by Ethan / JRyan

By Grace Alone Go I

Ethan / JRyan
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Permian (Texas) Changing Technologies - Ramifications Feb 13, 2019 12:24:14 GMT -5 ccrc79 likes this

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Post by Ethan / JRyan on Feb 13, 2019 12:24:14 GMT -5

Texas crude oil production breaks 1970s record!

LINK ^^^^

By Sergio Chapa, Houston Chronicle Published 8:01 am CST, Monday, February 11, 2019

Crude oil production in Texas has beaten a previous record set in the 1970s, a new report from the Texas Independent Producers Royalty Owners Association stated.

Texas oil wells produced more than 1.54 billion barrels of crude in 2018, beating the previous record of 1.28 billion barrels set in 1973, TIPRO reported in its annual "State of Energy Report" early Monday morning.

Natural gas production also grew, reaching 8.8 trillion cubic feet in 2018, the report stated.

"As the national leader in oil and natural gas production, Texas is paving the way for America's energy independence," Texas Gov. Greg Abbott said in statement in response to the report. "From technological advancements resulting in increased oil and natural gas output to our LNG export facilities, the Lone Star State's energy economy is firing on all cylinders. As Governor, I will continue to work with our independent oil and gas producers to take our economy to even greater heights."

Crude oil production reached 1.26 billion barrels in 2017 – just shy of breaking the 1973 record, Railroad Commission of Texas figures show.

Oil companies reached their record production figures in 2018 despite a 40 percent commodity price drop during the fourth quarter.

"I'm grateful for the leadership and tenacity of the men and women in this industry to fuel our economy, provide jobs and pay significant tax revenue for our roads, water and education infrastructure," Railroad Commission Chairman Christi Craddick said in a statement in response to TIPRO's report.

In addition to record production numbers, the oil and natural gas industry also grew in employment numbers.

The industry finished 2018 employing 880,681 people, a 5 percent increase over 2017 employment figure, TIPRO reported. Texas accounted for more than 352,000 of those jobs, or about 40 percent, TIRPO reported.

With more than 27,000 new oil and natural gas jobs added, Texas experienced the largest industry gains in 2018, followed by Oklahoma 5,266; New Mexico with 3,626; North Dakota with 2,808 and Colorado with 2,282.

"The favorable business environment, environmental stewardship and science based approach to regulatory oversight in Texas is a model for all oil and gas producing states," TIPRO Chairman Eugene Garcia said in a statement.

This is no joke, it is real and getting cheaper to do all the time.

If I go to the shareholders meeting this year, you can bet that will be a topic of discussion, I will make sure of it.

Last Edit: Feb 13, 2019 12:26:02 GMT -5 by Ethan / JRyan

By Grace Alone Go I

Ethan / JRyan
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Permian (Texas) Changing Technologies - Ramifications Mar 1, 2019 15:48:47 GMT -5

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Post by Ethan / JRyan on Mar 1, 2019 15:48:47 GMT -5

The Permian Is A Double-Edged Sword For Oil Majors

Link doesn't work - sends to Yahoo....try google..Fixed

But the health of the industry is in the eye of the beholder, in many ways. In response to Chevron’s financial results, some market analysts were not as impressed. “THE REAL STORY IS THAT THE FRACKING SECTOR HAS BEEN, AND CONTINUES TO BE, A FINANCIAL BUST,” Kathy Hipple, Tom Sanzillo and Clark Williams-Derry wrote in a joint commentary for the Institute for Energy Economics and Financial Analysis (IEEFA) and the Sightline Institute.
In a previous study, the trio of ana

In a previous study, the trio of analysts found that a selection of 32 mid-sized U.S. E&Ps spent nearly $1 billion more on drilling and related capital expenditures during the third quarter of 2018 than they generated in sales, which was notable because market conditions were much more auspicious than at any point in previous years. “These results may come as a surprise to investors who incorrectly equate rising output with financial success,” they wrote. At the time, U.S. oil production was breaking records, oil prices were at their highest point in years and “[e]ven with those advantages, our sample of mid-size oil and gas producers continued to hemorrhage cash due to the high cost of drilling and the industry’s seemingly insatiable thirst for capital.”

Chevron is a late-comer to the Permian, so presumably they are in the early growth stages, spending on drilling so that they can scale up and eventually turn a profit. But, as the IEEFA and Sightline Institute analysts note, that has been the mantra from most shale companies for more than a decade. If Chevron manages to become cash flow positive, investors will likely forgive and forget. But that remains to be seen. In the meantime, Wall Street is beginning to lose some patience with shale drillers.

One can find both positive and negative articles on Shale Oil. The fact remains that it is a global driver in Oil pricing and the House of Saud did not bankrupt the US companies as intended. As the decade comes to a close we will know more but all it would take is for Oil to once again cross over $100 and things would change. In the bigger picture I am more worried about it going the other way.

Still the technology is changing fast and getting better, who knows?

Last Edit: Mar 1, 2019 23:26:22 GMT -5 by Ethan / JRyan

By Grace Alone Go I

Ethan / JRyan Administrator By Grace Alone Go I... Posts: 980	Permian (Texas) Changing Technologies - Ramifications Mar 24, 2019 20:31:31 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by Ethan / JRyan on Mar 24, 2019 20:31:31 GMT -5 Interesting link that is buried here in places but I wanted to get it recorded.. Fracking and how it relates to ZN
	Last Edit: Mar 24, 2019 20:33:07 GMT -5 by Ethan / JRyan By Grace Alone Go I

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Keep all shouts and or text, classy.

Ethan / JRyan: Remember, Life is but a short time. Eternity is what actually counts. These are strange days for all, especially the nation of Israel. The well is but a blip in the big picture. Pray the Ancient of Days spares us in the coming weeks... Aug 9, 2024 14:06:42 GMT -5

Ethan / JRyan: Well it is getting more insane now......Pray for peace, the search for oil can wait. Oct 3, 2024 7:00:06 GMT -5

Ethan / JRyan: Why the rise on no news? Nice but odd don't ya think? Nov 8, 2024 10:00:37 GMT -5

Ethan / JRyan: What a nice day but look at the volume? WOW Nov 14, 2024 15:22:15 GMT -5

Ethan / JRyan: Clueless as to why but not complaining.......Amazing really. Still a HUGE risk. Nov 19, 2024 10:32:59 GMT -5

Permian (Texas) Changing Technologies - Ramifications

Post by Ethan / JRyan on Dec 14, 2018 17:55:39 GMT -5

Post by Ethan / JRyan on Jan 24, 2019 9:20:08 GMT -5

Post by Ethan / JRyan on Feb 13, 2019 12:24:14 GMT -5

Post by Ethan / JRyan on Mar 1, 2019 15:48:47 GMT -5

Post by Ethan / JRyan on Mar 24, 2019 20:31:31 GMT -5

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