Conocophillips currently holds approximately 1 million net acres in the Permian basin, including 75,000 in the resource-rich Delaware Basin and 48,500 in the Midland Basin.
Conocophillips Permian Update
U.S. Permian oil production forecast to hit record in November
U.S. crude oil output in major U.S. shale basins is due to rise by about 104,000 bpd to 9.105 million bpd in November, its highest since March 2020, the EIA projected.
Midland County
Midland County, TX ranks #1 in the state of Texas for BOE produced, ranks #2 in the Mid Continent (TX, OK,NM,LA) for wells drilled in 2022 with 672 and ranks #5 in the Mid Continent (TX, OK,NM,LA) for average drilling rigs operating per month with 33 rigs.
ExxonMobil to capture and store 2 million metric tons of CO2 emissions in Louisiana
ExxonMobil will then transport and permanently store the captured CO2 in secure geologic storage it owns in Vermilion Parish. As part of the project, ExxonMobil has signed an agreement with EnLink Midstream to use EnLink’s transportation network to deliver CO2 to permanent geologic storage.
Alberta selects 19 more CCS proposals
Alberta has selected 19 new proposals to develop carbon storage hubs in the Canadian province.
Permian Crude Leads Growth
Permian crude output has climbed 15% in that time, from about 4.5 MMb/d in 2020 to just over 5.1 MMb/d this year to date, with much of that growth occurring in the past year
SilverBow Resources Announces Bolt-On Acquisition Expanding Premier Liquids Weighted Position in DeWitt and Gonzales Counties
SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) announced today it has entered into a definitive agreement to acquire oil and gas assets in DeWitt and Gonzales counties
Cenovus to help advance sustainable energy opportunities for First Nations
Investing and working with Indigenous communities and businesses near our operations to ensure they share in the benefits of resource development has always been a key part of how we do business,” said Rhona DelFrari, Cenovus’s Chief Sustainability Officer & Senior Vice-President, Stakeholder Engagement.
Technology led to record well productivity in the Permian Basin in 2021
Compared with other U.S. basins, the Permian Basin benefits from lower operational costs, better access to oilfield services, and its proximity to U.S. Gulf Coast refineries and export facilities.
North Dakota – update
37 rigs are drilling horizontal wells (according to Baker Hughes). Assuming that well productivity can be maintained, this should be a sufficiently high level for some growth in output in the coming months.