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Hydrocarbon, an organic chemical compound composed of carbon and hydrogen. Hydrocarbons may be gases, liquids, or solids.
Thanks to the rapidly increasing production from the Eagle Ford Shale and the Permian Basin, Texas reached another milestone in September, 2013
The process of bringing a well to completion is generally short-lived, taking only 70 to 100 days for a single well, after which the well can be in production for 20 to 40 years
A new American Petroleum Institute (API) study indicates that US crude oil exports would be good for US consumers, helping them save money at the pump.
Texas is the place to invest if you're looking to capture a reliable stream of energy profits in the year ahead.
The price of oil inched up to around $97 a barrel Monday but gains were tempered by the prospect of a further reduction in U.S. central bank stimulus and stock market headwinds.
Once one of the poorest districts in Texas, Cotulla is today one of the richest because of the state's oil boom. Midway between Laredo and San Antonio, Cotulla.
In 2008 alone, the United States produced an estimated 4.9 million barrels of crude oil per day and imported 9.8 million barrels per day from other countries [source: U.S. Energy Information Administration]. This oil gets refined into gasoline.
Many are surprised at the massive gains in the U.S. production of petroleum, with finished products making the U.S. a net exporter again. The innovation, daring, risk assumption, testing and prices for oil have gotten the door open and the oil bidness has pressed right on through with American ingenuity and character. The new technologies will soon be major U.S. exports – cutting back on the world’s marginal last barrel risk and suppressing prices back to reason.
The US gains were made possible by innovations in horizontal drilling and hydraulic fracturing, or fracking, that have unlocked fuel trapped in underground rock. The technology allows producers to bore horizontally, then use explosives and a high-pressure stream of water, sand and chemicals to blast open fractures that free the oil.
The EIA projects that domestic oil production, buoyed by new shale developments in places like North Dakota and Texas, will keep growing at about 0.8 million barrels a day through 2016. At that point domestic production will approach the historical high of 9.6 MM bbl/d.
Just Wolfcamp alone is projected to contain five billion barrels of oil. Should the price of oil stay near $100 dollars per barrel, one-half a trillion dollars worth of oil is trapped within the shale.
It was estimated Eagle Ford might have an estimated 10 billion barrels, Tunstall explained. That's $1 trillion at $100 per barrel.
Southern U.S. to see nearly $500 billion in oil and gas infrastructure spending by 2025, report says01/10/14 at 09:38 AM
Companies now need more and newer pipelines, storage areas, rail cars and barges in order to transport crude oil and gas as well as refined products.
“When historians write this story 10 or 20 years from now, they are going to look at a very different U.S.,” said Verleger, the former Treasury Department official. “Everything has changed.”
Crude prices were bolstered by the cold wave in the U.S., the world’s top oil consumer, as consumption of heating oil is expected to surge.
Fracking, or hydraulic fracturing, is the process of extracting natural gas from shale rock layers deep within the earth. Fracking makes it possible to produce natural gas extraction in shale plays that were once unreachable with conventional technologies.