The Railroad Commission of Texas (RRC) has achieved another record year in its processing of drilling permits, the state agency said Jan. 13.
For two years in a row since 2018, RRC staff has taken two days on average to process standard drilling permits, one day below the legislative requirement, according to a news release by the Texas RCC, which oversees oil and gas regulations for the state.
During calendar year 2019, the RRC processed a total of 11,654 new drilling permits. Standard drilling permits are permits that do not require exceptions to commission rules such as spacing or density rules.
The agency believes this efficiency, which RRC Executive Director Wei Wang attributes to technological solutions, helps foster the growth of energy production statewide.
“Texas will continue to be the nation’s leader in energy production,” Wang said in a statement. “The Railroad Commission’s efficient, timely permit review processes are essential to the continued development of the state’s energy resources and ultimately support Texas’ economic prosperity.”
Texas leads the nation in oil and gas production. In the last 12 months, Texas operators reported 1.438 billion barrels of oil produced and almost 10 trillion cubic feet (Tcf) of total gas, the release said.
The Permian Basin—located in West Texas and southeastern New Mexico—ranks as the top energy production region nationwide. The U.S. Geological Survey estimates the basin contains 66 billion barrels of oil, nearly 300 Tcf of natural gas and 21 billion barrels of NGL in the Midland and Delaware sub-basins.
Recommended Reading
Paisie: Crude Prices Rising Faster Than Expected
2024-04-19 - Supply cuts by OPEC+, tensions in Ukraine and Gaza drive the increases.
Report: Freeport LNG Hits Sixth Day of Dwindling Gas Consumption
2024-04-17 - With Freeport LNG operating at a fraction of its full capacity, natural gas futures have fallen following a short rally the week before.
Permian NatGas Hits 15-month Low as Negative Prices Linger
2024-04-16 - Prices at the Waha Hub in West Texas closed at negative $2.99/MMBtu on April 15, its lowest since December 2022.
BP Starts Oil Production at New Offshore Platform in Azerbaijan
2024-04-16 - Azeri Central East offshore platform is the seventh oil platform installed in the Azeri-Chirag-Gunashli field in the Caspian Sea.
US Could Release More SPR Oil to Keep Gas Prices Low, Senior White House Adviser Says
2024-04-16 - White House senior adviser John Podesta stopped short of saying there would be a release from the Strategic Petroleum Reserve any time soon at an industry conference on April 16.