Texas and Permian Basin oil production to double by 2023
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Unlike other folks we ain't skeered of a little fracking and horizontal drillin'.
Pretty soon we might be selling oil to OPEC.
- Permian basin oil production is forecast to reach 5.4 million b/d by 2023—more than current production from any single Organization of Petroleum Exporting Countries member other than Saudi Arabia, IHS Markit said in a new report.
and some of us are old enough to remember the seventies.
It's likely we won't give them a discount.
Very good projection, in terms of the non-renewable natural resource, the world is giving many surprises, good publication greetings from Venezuela
non-renewable natural resource
Nope..
I love Texas. we get more prosperous every year.
If Texas was a country it'd be the tenth largest economy in the world.
bigger than Russia
but, it is - the country of Texas. hehehe ...
yes sir I know, it's amazing and I like the way they designed their
infrastructure to be independent if needed such as their separate
electrical power grid. thank you sir!
The fracking industry - from what understand of it - is a bit of white elephant...??(ie economically not viable for sub $100 a barrel or something)
This is from stuff a couple of years back, when I had a little look at it...
(It seemed to me at the time, to be a bit of a 'folly'.)
.. it was the US coming of the gold standard that caused the oil crisis. The dollar value reduced. The war was just the excuse...
The fracking industry - from what understand of it - is a bit of white elephant...??(ie economically not viable for sub $100 a barrel or something)
or something.
Nope.
Every gallon of oil for at least, oh I dunno...the last hundred years?
Has been produced by the use of fracking.
fracking reduces the cost of production.
it does not increase it.
I use the term 'fracking' for shale oil extraction, not pump oil extraction in vertical wells. (to be clear)
https://www.investopedia.com/articles/active-trading/051215/cost-shale-oil-versus-conventional-oil.asp
Where am I being stoopid?
cause all wells are fracked.
and the anti-human writing that is making a LOT of ASSumptions.
comparitively short production life... is the most glaring.
see 'abiotic' oil... and re-fracking.
If you mean 'shale oil' best to be clear.
that's like saying 'horse power' when you only mean a real horse.
words matter.
but you're still wrong ...once the well has been drilled, the cost is , pardon the term. SUNK.
it doesn't matter what the price of oil is from that point on. That oil well just keeps on pumping till it runs dry.
No NEW wells are drilled when the price reaches a certain point...
BUT WAIT...There's MORE.
?
what was once impossibly difficult/expensive is suddenly SO last wednesday....easy peasy and cheap.
Wait till you see what we anticipate NEXT week.
The oil and gas industry is at the bleeding edge of technology.
(especially in Texas)
..let me do some digging.....but not for oil..
consider 'pneumatic steerable drill heads' in your spare time.
funny you should say that, as that's exactly what I was thinking of considering..
😂
something, something, something
Nope.
lol, ok.
It's true that the cost per barrel for fracking was around $100 10 years ago when it was a brand new technology. Shockingly the technology has been improved over the last ten years bringing the average cost below $50/ barrel. The beautiful thing abut this style of oil extraction is that it's relatively easy to shut down when prices are low and can be quickly brought back online when the price makes it profitable. The bad part for the US is that these wells deliver a light sweet crude that most of our refineries are not set up to turn into gasoline. Plus they have the troublesome side effect of producing massive amounts of natural gas we're not ready to handle, but I believe they are successfully coming up with solutions of this problem too.
ok. I need to learn more...
Good job my boss 😁
Ha ha ha discount is must sir
That's a great report.. We tend to have a large pool of oil by 2023.. It's great news
Undoubtedly, this is good news for American citizens from the energy point of view. The negative point and that generates uncertainty is the risk of contamination of water and the environment, as a consequence of the use of dangerous chemicals. I think that this technique should be closely monitored to implement environmental corrections on time. Greetings.
In the PERMIAN BASIN?
aw come ON!
Beware of the pollution of underground waters.
right...I'll let them know.
Drilling oil in Texas is a new thing.
they might not know.
underground waters in the Permian Basin.
gotcha.
who'd a thunk?
Underground waters
In the Permian Basin.
Gotcha. who'd a thunk?
- everittdmickey
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Ouch! certainly not good news for oil countries members of OPEC and more for those who only depend economically on the marketing of oil, as is the case of Venezuela ...
The fracking that is based on the injection under pressure of some material in the ground, usually water, with the aim of expanding the existing fractures in the rocky substratum that encloses the gas or oil, thus favoring its exit towards the exterior; for the United States it has turned out to be a great exploitation technique that has allowed it to reduce the importation of gas or oil, and even to be able to think of total self-sufficiency. And of course, with a cheaper energy cost companies will be more competitive.
Definitely will continue to be a hard blow to OPEC.