05242018Thu
Last updateThu, 24 May 2018 2pm

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Texas Oil & Natural Gas E&Ps Up in January

Texas oil & gas producers are off to a strong start in 2018 with the Texas Petro Index (TPI) increasing for the 14th straight month by continuing to increase production in response to higher wellhead prices. At 192.7 in January, the TPI was 25% higher than in January 2017 when the TPI stood at 153.7 and up more than 30% than in November 2016 when the TPI stood at 148.2.

“The statewide upstream oil and gas economy remains in a state of expansion with generally favorable pricing, a slowly rising rig count, growing industry employment, and record crude oil production,” said TPI creator and author Karr Ingham. 


U.S. Shale Producers to Add 131,000 bpd This Month

The U.S. Department of Energy says that “shale drillers should pump another 131,000 barrels a day from six major plays this month, with the bulk of that coming from Texas' Permian Basin and Eagle Ford Shale,” the Houston Chronicle  reports.

“The Energy Information Administration projected that West Texas oil producers in the Permian will flow an additional 80,000 barrels a day by April, and in the Eagle Ford in South Texas, they'll pump another 23,000 barrels a day.” 

API: Offshore Energy Development to Bolster U.S. Economy

According to new economic studies released by the American Petroleum Institute (API), opening the U.S. Outer Continental Shelf (OCS) to offshore oil and natural gas development would be an economic catalyst – promoting U.S. jobs, investments, and increased tax revenue - for states across the country.

“The oil and natural gas industry is a major contributor to the American economy and helps meet America’s constantly increasing energy needs. We support more than 10.3 million U.S. jobs and contribute $1.3 trillion to the U.S. economy - benefits that are felt across the country,” said API director of upstream and industry operations Erik Milito. 

Global Chemicals Production Stable in January

Data collected and tabulated by the American Chemistry Council (ACC) shows that growth in global chemical production started 2018 on a neutral note. ACC’s Global Chemical Production Regional Index (Global CPRI) shows that global chemicals production was stable in January, following a 0.3% gain in December and a 0.6% gain in November. During January, production gains were mixed with growth in Europe, the Former Soviet Union (FSU) and the Africa-Middle East region offsetting declines elsewhere. The Global CPRI was up 3.4% year-over-year (Y/Y) on a 3MMA basis and stood at 116.4% of its average 2012 levels in November. 

Natural Gas Still Most-Consumed Fuel in Industrial Sector

The U.S. Energy Information Administration (EIA) expects a 40% increase in natural gas consumed in the U.S. industrial sector, from 9.8 quadrillion British thermal units (Btu) in 2017 to 13.7 quadrillion Btu in 2050, according to the Annual Energy Outlook 2018 (AEO2018) Reference case. By 2020, industrial natural gas consumption will surpass the previous record set in the early 1970s, according to the AEO2018 Reference case.

The U.S. industrial sector consumes more natural gas than any other sector, surpassing electric power in 2017 and the combined residential and commercial sectors in 2010. In 2017, about two-thirds of total industrial natural gas consumption was consumed for heat or power applications—either for industrial processes, such as in furnaces, or for onsite electricity generation. 

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