Texas Sees Host of Oil and Gas Records
by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas
Texas has seen a host of oil and gas related records recently, the Texas Oil & Gas Association’s (TXOGA) latest monthly energy economic analysis, which is prepared by the organization’s Chief Economist Dean Foreman, pointed out.
In the analysis, TXOGA estimated that, for the month of September, Texas saw its highest crude oil production rate ever, at 5.9 million barrels per day, and its highest natural gas production gross withdrawal figure ever, at 34.6 billion cubic feet per day.
TXOGA also highlighted a flurry of records in the analysis “based on official data for the month of July (latest), compared with monthly data since 1981 as reported by the U.S. Energy Information Administration”.
These comprised natural gas liquids (NGL) field production of 3.4 million barrels per day, Texas refiner and blender crude oil net inputs of 5.6 million barrels per day, and Texas refiner NGL direct use of 3.1 million barrels per day, all of which TXOGA highlighted were the “highest on record”.
“This data confirms the Texas oil and natural gas industry is a powerhouse of production, pipelines, processing and ports, all while continuing to make solid gains in environmental progress,” TXOGA President Todd Staples said in a statement accompanying the release of the organization’s latest economic analysis.
“Investment in infrastructure by our industry is what enables this high level of performance, which further solidifies the Lone Star State’s position as the world’s energy leader,” he added.
“At a time of global unrest, all Texans and Americans should take comfort in knowing the men and women in the oil and natural gas industry are working every day to achieve a new level of energy security,” Staples went on to note.
In the statement, Foreman said, “with the current geopolitical environment and the domestic crude oil reserves near 40-year lows, it’s imperative that the U.S. have smart energy policies to develop essential U.S. oil and natural gas resources”.
“As the U.S. has reached a new crude oil production record (13.2 million barrels per day), it’s clear that Texas’ record high production has remained the primary driver of U.S. and increasingly global energy security,” Foreman added.
TXOGA’s latest analysis also highlighted that Texas exported nearly $125 billion of energy products in the first seven months of this year.
In its previous economic analysis, which was sent to Rigzone last month, TXOGA outlined a host of Texas oil and gas records for August and June.
In that analysis, TXOGA estimated that, in August, Texas hit crude oil production of 5.668 million barrels per day and that natural gas production gross withdrawals came in at 34.1 billion cubic feet per day. These were both described by TXOGA at the time as the highest figures for any month on record.
That analysis also flagged records “based on EIA data for the month of June”. These were Texas crude oil and condensate exports of 3.487 million barrels per day and Texas refined product exports of 2.340 million barrels per day, both of which were the highest for the month of June on record, TXOGA pointed out in the analysis.
“Texas’ production of oil and natural gas has achieved records despite relatively modest drilling activity,” Foreman said in a TXOGA statement accompanying the organization’s previous economic analysis.
“Productivity gains and leveraging wells that have been drilled but not yet completed have provided a tailwind,” he added.
“Texas’ increased importance to U.S. energy production, processing, transportation and exports has become evident this year – and holds implications for cogent domestic energy policies to support U.S. energy and economic security,” Foreman continued.
In that statement, Staples noted that “oil and natural gas are irreplaceable in powering our modern lives, providing affordable, reliable electricity, fueling transportation, and serving as the building block of 96 percent of the products we use every day”.
“The Lone Star State’s oil and natural gas industry continues to lead the nation, driving U.S. energy production and ensuring energy security that benefits every American as well as our allies abroad,” he added.
TXOGA describes itself as a statewide trade association representing every facet of the Texas oil and gas industry, including small independents and major producers. Collectively, the membership of TXOGA produces approximately 90 percent of Texas’ crude oil and natural gas, operates nearly 90 percent of the state’s refining capacity, and is responsible for the vast majority of the state’s pipelines, according to the organization’s website.
by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas