Utica Rig Count Rises Again, But Permitting Remains Very Slow

By -
WEEK ENDING 05/18/2019



New permits issued last week: 2 (Previous week: 3)  -1
Total horizontal permits issued: 3080 (Previous week: 3079)  +1
Total horizontal wells drilled: 2600 (Previous week: 2600)  +-0
Total horizontal wells producing: 2186 (Previous week: 2185)  +1
Utica rig count: 18 (Previous week: 17)  +1

Popular posts from this blog

Do You Know The History of Fracking?

By -
Image
  In 2018, 59% of total oil production in the U.S came from hydraulic fracking, which means it accounted for more than two-thirds of domestically manufactured gas. By 2024, fracking will reach an astounding $68 billion market value! Of course, fracking is not a new drilling method as you can trace it back hundreds of years. That's why we want to consider the history of hydraulic fracturing (fracking). We will be stating historical facts about it and focusing on the major historical occurrences that have influenced modern-day fracking. Pre-Fracking Days The idea of fracking started back in 1862 when Edward A.L. Roberts (Civil War veteran) witnessed Confederate soldiers exploding artillery rounds into a canal that obstructed a battlefield. At the time, Edward A.L. Roberts called it superincumbent fluid tamping. On April 26th, 1865, Edward A.L. Roberts began experimenting with exploding torpedoes, which consisted of lowering a torpedo containing an amount of powder from fifteen to tw...
Read more

Pennsylvania Operator To Acquire Three Natural Gas Producers

By -
Image
  Last week, American Energy Partners Inc. stated its plans to acquire three oil and natural gas producers. The deal is valued at almost $11 million and includes companies in western Pennsylvania and West Virginia. American Energy Partners said it would obtain all of the stock and units of the three undisclosed companies. CEO Brad Domitrovitsch says: “ This transaction furthers our commitment to acquiring steady cash-flowing businesses while enhancing our ability to develop alternative green energy opportunities with the vast amount of acreage included in the package.”  The sale involves 467 wells currently yielding 1.25 Bcfe/d and midstream assets spread over 695 acres (includes 100% owned surface and mineral rights). Additionally, there are no drilling commitments or obligations for the properties. American Energy controls several subsidiaries, including:  Oilfield Basics LLC Hickman Geological Consulting LLC American Energy Solutions LLC Hydration Company of PA Gilbert...
Read more

Oil Price Is Surging To a New Level

By -
Image
Since the outbreak of the COVID-19, the financial market has taken a lot of unprecedented hits. One of the worst ones was the hit of the  U.S. oil trading, which collapsed. Companies like West Texas crude fell to minus $37.63 a barrel.  Fortunately, oil has risen steadily since late last year as COVID-19 vaccines began to be produced. Something that has also helped is the supply curbs from OPEC and its allies' which spur hopes that global stockpiles will continue to accelerate. These things are great news for the economy as it has pushed oil prices back to a stable spot. West Texas Intermediate futures increased 2.4%, while the global Brent benchmark came back within sight of $60 . Oil rose toward $55 a barrel in New York, reaching its highest level in a year as the virus-recovery rally advanced. The physical market has also shown strength these past weeks. Royal Dutch Shell Plc plundered the North Sea market, buying the most benchmark-grade loads in a day in 10 years in the S...
Read more