Sunday, December 1, 2024

Gulf Oil Production Hit Record Levels in 2017, More to Come

1.9 MMBOPD expected in 2019 The Permian is setting new records for basin production, but it is far from the only location achieving all-time high oil output. The EIA reports the Gulf of Mexico produced an average of 1.65 MMBOPD, the highest yearly level on record. This was achieved despite the disruptions caused by hurricanes in the fall and pipeline

Texas Oil and Gas Employment at Highest Level Since 2015

The oil and gas sector in Texas remained strong through March according to the Dallas Fed’s new report. Prices for WTI crude oil rose slightly in March, staying close to $63 per barrel and oil production in the Permian Basin and Eagle Ford rose again. Employment spiked up in February and is at its highest level since late 2015, while