Thursday, March 20, 2025
Harold Hamm: ‘Drill, Baby, Drill’ needs $80 oil- oil and gas 360

Harold Hamm: ‘Drill, Baby, Drill’ needs $80 oil

(Oil Price) – U.S. shale needs much higher oil prices than $50 per barrel, and even higher than the current WTI Crude price in the high $60s, for a “drill, baby, drill” boom, oil tycoon and Trump campaign donor Harold Hamm says. American producers, especially those pumping crude outside the Tier 1 inventory in the best Permian locations, would need an

The RRC is now utilizing the first phase of IIJA Formula Grants to plug wells. However, the formula grants include administrative hurdles that are not specified in the IIJA, such as reviews of Endangered Species Act compliance and compliance with the National Historic Preservation Act, that significantly delay plugging projects. In fact, in the first 12 months of the IIJA Formula Grant, the RRC plugged 45 percent fewer wells using federal funds than were plugged during the first 12 months of the IIJA Initial Grant due to the reviews. “We are proud to remain a leader in well plugging efforts nationwide and look forward to working with the new Secretary of the Interior to expeditiously plug wells in Texas,” said RRC Executive Director Wei Wang. “According to a recent Interstate Oil and Gas Compact Commission study, thanks to RRC’s robust state managed plugging program, Texas has seen one of the lowest increases in orphaned well population. We would urge our federal partners to examine and remove the red tape implemented by the previous program staff. Texas stands ready and we are more than capable of accomplishing this important work efficiently.”- oil and gas 360

Texas Railroad Commission successfully complies with well plugging grants

(World Oil) – The U.S. Department of the Interior Office of the Inspector General has released an audit report showing the Railroad Commission of Texas successfully used federal grant funding for orphaned well plugging and complied with all related laws and regulations. The RRC utilized its 40 years of well plugging expertise to expend a $25 million Initial Grant from

State oil firm PDVSA to take over Chevron operations in Venezuela

State oil firm PDVSA to take over Chevron operations in Venezuela

(Oil Price) – PDVSA, the state oil firm of Venezuela, will continue to produce alone crude from its joint ventures with Chevron after the Trump Administration axed the U.S. supermajor’s license to operate in the South American country, Reuters reports, citing a PDVSA document it has seen. At the end of February, U.S. President Donald Trump canceled a sanction waiver for Chevron that allowed

Kazakhstan removes energy minister amid tensions with OPEC+, oil majors- oil and gas 360

Kazakhstan removes energy minister amid tensions with OPEC+, oil majors

(BOE Report) – Kazakhstan’s energy minister will stand down from his role, the country’s presidential office said on Tuesday, as the government struggles to convince U.S. and European oil companies to lower production that exceeds OPEC+ targets. Almasadam Satkaliyev will become the head of the country’s newly created atomic energy agency, the presidential office said in a decree published on