Fairly light news week this week.
Will next week see a pick up in news and maybe some deals announced, since it’ll be the last week of the second quarter and the week before a holiday?
It’s a little difficult to believe that 2020 is only halfway done – sure does feel like quite a bit has happened so far this year, eh?
Here is this week’s oilfield water news and analysis digest…
Oil Forward Curve Is As Flat As A Pancake… [Chart Of The Day]
On a high note, the near-month WTI contracts have doubled from their respective April price levels, and the front-month trading price has tripled from late-April. But of interest, the NYMEX WTI forward curve has COMPLETELY flattened out (contango evaporated and the forward curve is not a curve at all… it’s a straight line!). How does this translate into the oilfield market outlook? We discuss...
UIC Permit Trends [Chart]
Has there been a reduction in UIC Permit applications caused by COVID-19? B3 expert Abigail Michel crunched the numbers and confirms the RRC is full steam ahead with an average 114 applications approved each month since March 2020...
Revised Rule on Navigable Waters Takes Effect in 49 States
The Trump Administration’s new navigable waters rule, which significantly curtails the types of water bodies subject to federal jurisdiction, went into effect in all states but Colorado on June 22 after a federal judge in California rejected an attempt by a group of 17 state attorneys general to temporarily block the rule.
Federal Court Denies Preliminary Relief in Challenge to WOTUS Replacement Rule, Finding Plaintiffs Did Not Show a Likelihood of Success on Merits
In the first major ruling in numerous cases challenging a final rule redefining “waters of the United States” (WOTUS), a California federal court on Friday denied plaintiffs’ request for a preliminary injunction or an order delaying the effective date of the new rule. The rule went into effect yesterday.
Hidden Disruptions Plague A Beleaguered Oilfield And Will Be A Bad Hangover In The Recovery
As the industry narrows its focus to just “core of the core” operations, “nice to have” projects are one of the first things to be cut. In some cases, this includes oilfield water initiatives...
Thermal Solutions for Shale Oil and Gas Water Issues
Shale oil and gas producers should look at the responsible reuse and recycling of water to sustain growth and improve profitability
Need Cost Cutting and Distancing? There’s a Technology for That
A deliberate industry testing program looking for a system that digitally monitors and manages oilfield payments has been accelerated since COVID-19 forced oil companies to find ways to rapidly reduce costs and human contact....
Only 30 More Rigs Left To Idle Until We Hit Rock Bottom?
The boss of the biggest US driller made comments last week that suggest only 30 more rigs will be idled. We hope he’s right, because it’s been a painful ride down with over 500 US land rigs stacked since March....
MOTRAN Minute: Rehabilitating TX 349
A new infrastructure project has started in the Basin for drivers to be aware of. This is 20-miles of road work to rehabilitate the three lanes that exist on TX 349 South of Midland from County Road 140 to the Upton County line. The $20 million dollar project is expected to be completed by the Summer of 2021.
Cryptocurrency mining company eyes flared gas in Permian Basin
Chicago cryptocurrency mining company EZ Blockchain is eyeing the large volumes of wasted natural gas being burned in the Permian Basin of West Texas as a potential source of power for portable servers to create digital currencies and put them into circulation.
IN BRIEF: Texas homeowners file contamination suit over Permian Highway Pipeline project
A group of central Texas homeowners on Monday sued the builders of the Permian Highway Pipeline, alleging they contaminated their drinking water by pumping a carcinogenic fluid into an aquifer as they drilled under a river.
Bakken Restart program jobs could start as soon as July 16
The North Dakota Industrial Commission on Friday, June 19, approved confiscation of 239 wells, all part of a CARES Act funded Bakken Restart program designed to retain at least some of its oilfield service workers....
More than 30,000 gallons of brine spilled in Mountrail County
BNN North Dakota reported the spill about 13 miles north of New Town occurred due to a pipeline leak. By the time the spill was reported, about half of the brine had been recovered.
STACK-Focused Chisholm Seeking Chapter 11 Protection as Covid-19 Claims Another E&P
Tulsa-based Chisholm Oil & Gas Operating LLC, stung by low oil and gas prices and operational issues, is seeking to restructure through a Chapter 11 filing, an avenue more Lower 48 operators are pursuing in the wake of Covid-19...
Extraction Oil Gets Nod To Tap $125M In Ch. 11 Financing
Colorado energy driller Extraction Oil and Gas received permission Tuesday from a Delaware judge to tap into a $125 million Chapter 11 loan as it pursues a restructuring in the aftermath of the COVID-19 outbreak and an ongoing global energy pricing war.
Shale industry will be rocked by $300 billion in losses and a wave of bankruptcies, Deloitte says
The U.S. shale industry is about to enter a period of "great compression" as low oil prices hammer the sector, according to Deloitte.
People, Pricing & Money Weigh Heavy On The Mind As Green Shoots Form [Chart Of The Day]
To be clear, seeing these issues mentioned is no surprise. But seeing just how dominant a handful of responses were to an open-ended question at this point in the cycle is surprising. The oilfield is extremely aligned in its focus....
Oilfield company faces $2 million in fines related to Bakken incident state says was intentional, illegal dumping
A trucking company operating in North Dakota that has been accused of illegal dumping could be facing up to $2 million in fines, according to an administrative complaint filed by the North Dakota Department of Environmental Quality.
Oilfield company fined for produced water spill, first penalty under new New Mexico law
A Lovington trucking company planned to appeal fines it was issued by New Mexico’s Oil Conservation Division (OCD) after allegations that the company dumped produced water from a truck onto State Trust land in a remote area of Lea County.
WATER TALENT POOL: Legal Moves
Earth & Water Law announced today that Joe Dawley will join its growing team of partners. Dawley holds deep expertise in environmental and safety compliance, government relations, permitting, and strategic regulatory analysis.
New report finds increased threat from radioactive oil & gas waste in North Dakota
A new report released by the national environmental nonprofit Earthworks reveals that North Dakota’s massive surge in fracking wastewater production, also known as “produced water,” has potentially increased North Dakotans exposure to carcinogens, heavy metals, and radioactivity.
Oil crosses $40 milestone, but not out of the woods yet
Oil closed above $40 a barrel Monday for the first time in more than three months, providing another sign of optimism as Houston’s energy-dependent economy tries to claw its way back from the coronavirus-driven oil crash.
Oil Markets Have Finally Found Stability
As America reopens, it seems oil prices have finally found some stability despite growing fears of a looming second coronavirus wave.
The turnaround: From negative oil prices to a bull market
Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.