We have an extremely light edition for you today as the oilfield water newsmakers must have taken the week off
We hope everyone reading enjoyed a great July Fourth!
In the absence of very much produced water news this week, we focus on the macro (wild ride for oil these past 24 hours) and some general interest USA water supply stories (water wars)…
And now the news…
TX Gov Signs SB 601
Greg Abbott signed SB 601, which creates the Texas Produced Water Consortium at Texas Tech Consortium.
What to watch as the oil crisis evolves
OPEC+ infighting has deprived the oil market of extra supply and sent crude surging to a six-year high in New York.
Oil touches six-year high after OPEC fails to get deal, then turns negative
Oil jumped to its highest level in six years after talks between OPEC and its oil-producing allies were postponed indefinitely, with the group failing to reach an agreement on production policy for August and beyond. On Tuesday, U.S. oil benchmark West Texas Intermediate crude futures traded as high as $76.98, a price not seen since November 2014. But those gains quickly faded...
Oil steadies after tumble as market awaits OPEC+ clarity
Oil prices steadied on Wednesday after a steep drop in the previous session, following the cancellation of talks among OPEC+ producers that raised the prospect that the world’s major crude exporters will turn on the taps to gain market share.
Interesting Water Tangent... Geothermal Drilling
WSJ writes, in the US for $15 to $30K, one can hire someone to drill a few hundred feet and install a heat pump that circulates heated water to keep a home cozy....
OPEC discord could unleash a new level of volatility in oil market
OPEC may have opened the door to a more volatile period for oil prices, after longtime allies Saudi Arabia and United Arab Emirates disagreed over aspects of a deal with Russia and other nations.
The same force weighing on energy stocks is flashing a green light for growth: Oppenheimer
The next few months could be tough for energy stocks. With OPEC+ postponing negotiations indefinitely on Monday after failing to strike a deal on oil production, oil prices are already under pressure, falling more than 2% on Tuesday after grazing six-year highs.
Williams Announces Upstream Operator and Joint Venture in the Wamsutter Field
Joint venture with Crowheart Energy transitions the upstream asset to a proven operator, enhances utilization of Williams’ midstream infrastructure, creates operating efficiencies, and positions the Wamsutter Field for growth
WATER WARS: Drought: The end of California’s groundwater free-for-all
The water spigots on California farms will soon be twisted tighter.
WATER WARS: Tribe becomes key water player with drought aid to Arizona
For thousands of years, an Arizona tribe relied on the Colorado River’s natural flooding patterns to farm. Later, it hand-dug ditches and canals to route water to fields.
WATER WARS: Wildlife, Air Quality At Risk As Great Salt Lake Nears Low
The silvery blue waters of the Great Salt Lake sprawl across the Utah desert, having covered an area nearly the size of Delaware for much of history. For years, though, the largest natural lake west of the Mississippi River has been shrinking. And a drought gripping the American West could make this year the worst yet...
An area of Midland was still underwater last week. The worst of it was near Highway 80 and Faudree Road.
EOR IPO? Small, But Nice To See!
Riley Permian priced its previously announced public offering of 1,666,667 shares of its common stock at a price to the public of $30.00 per share (the "Offering") for total gross proceeds (before the underwriting discount and estimated expenses) of approximately $50 million. The Company intends to use approximately $25 million of the net proceeds from the Offering to accelerate its enhanced oil recovery ("EOR") pilot program, including funding capital expenditures related to drilling, completions and infrastructure.
Feds Estimate 27% Drop in DUC Well Inventory
The United States’ estimated inventory of drilled but uncompleted (DUC) wells in key oil and gas basins declined 27% from June 2020 through May 2021, the U.S. Energy Information Administration (EIA) reported Monday.