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Here is this week’s industry news & analysis…
HOUSTON CHRON EDITORIAL: Fracking earthquakes are a devil’s bargain Texas doesn’t need [NO PAYWALL ON OAOA REPRINT]
"Oil and gas producers have made a devil’s bargain with Texas’ geography. They print money by extracting oil and gas from this desolate and yet bountiful region — the Permian generated roughly $182 billion in gross domestic product this year alone. In turn, they drastically alter our underground geology, leading to earthquakes, sinkholes and even permanent saltwater lakes created from briny, contaminated water. Meanwhile, the Texas Railroad Commission, the state agency tasked with oversight of the oil and gas industry, mostly neglects its responsibilities. Will they step up this time?"
HOUSTON CHRON EDITORIAL: Fracking earthquakes are a devil’s bargain Texas doesn’t need [ORIGINAL ARTICLE]
"Temblors in Texas have risen sharply over the past decade, and research has linked the increased seismic activity to fracking. After oil and gas are pumped from production wells, they're separated from the groundwater that comes up with them. That water is toxic, and often radioactive, so it's typically injected back into the porous rock formations. That creates fluid pressure on ancient fault lines. Eventually that pressure builds to the point that the fault lines slip, causing earthquakes."
State Line Continues To See Frequent Quake Activity Over 2.5 M - Including A 4.2 M Event On Thanksgiving Day.
Since our last newsletter a week ago highlighted several seismic events, you can see more reported occurrences on the USGS website. On Thanksgiving, there was a M 4.2. At this link we screened the activity in the state line area over the past 7 days, on >2.5 M criteria, finding 8 events documented by USGS over the past week.
Oil flat ahead of OPEC+ meeting as Black Sea shutdowns support
Oil prices were largely flat on Wednesday as investors turned their attention to an OPEC+ meeting to decide on output policy, while supply disruption caused by a storm in the Black Sea and lower U.S. inventories drove buying.
Marcellus-Utica Driller Profits Bounce Back into the Black for 3Q23
Profits for drillers in the M-U (and other shale plays) recovered and began to climb again in the third quarter of 2023 following a five-quarter slide.
Podcast: Digital Wildcatter’s “Big Digital Energy” Talks Water
At the 38:30 the team talks about the big water problem in the Permian.
Perryman forecasts continued notable growth for region
Continued growth in Midland-Odessa and the Permian Basin remains in the five-year forecast presented by Economist Ray Perryman.
Why Midland, Texas' oil capital, is challenging wastewater drilling permits
Midland isn’t contesting permits to drill for oil. The city is challenging applications by Houston-based Pilot Water Solutions to inject oil and gas wastewater deep underground adjacent to the T-Bar Ranch, where Midland gets about 30% of its drinking water.
Proposed wastewater lagoon surfaces fears for Lake Winnipeg
A proposed wastewater lagoon on a Hutterite colony development in Manitoba's Interlake is raising concerns from some in the area who worry it could impact the health of Lake Winnipeg.
Produced water spills from pipeline in Billings County, ND contaminating pastureland
The pipeline leak occurred on Sunday, Nov. 19, about six miles northwest of Medora.
An effort to prepare West Texas students to work in the oil and gas industry is expanding
In Odessa, hundreds of students are on a waitlist to take classes that teach them the basics of oil and gas.
NOG Expanding Natural Gas, Oil Foothold with Permian, Utica Acquisitions
Northern Oil and Gas Inc. (NOG) has entered two deals to acquire interests in upstream assets in the Permian Basin’s Delaware formation and Utica Shale for a combined $170 million in cash.
Swiss central bank invests US$9bn in fracking, study finds
The Swiss National Bank (SNB) invests roughly US$9bn in 69 oil and gas fracking companies despite many Swiss states banning the environmentally damaging oil extraction method, a new study shows.