Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
There will be an increase in U.S. drilling activity in the coming months, according to a recent report from Salomon Smith Barney. The financial-service firm tracks drilling permits issued in each of the 29 states where drilling occurs. The latest data on drilling permits issued indicate that sequential (quarter-to-quarter) and year-over-year changes will be positive, Salomon Smith Barney says. In October, the latest month for which the firm had data, the number of drilling permits issued rose 17.6% from the prior month, on the heels of an 8.6% increase in September. The total number of permits issued in October was 3,215, a healthy 67.5% increase from the prior year, indicating that oil and gas companies are finally seeing enough relief from higher oil prices to increase their spending. From 1994 through the first half of 1998, state authorities issued between 2,000 and 2,800 permits per month. During the price collapse, that number plunged to 1,400 to 1,800 per month. Since July 1999, the number of permits issued has risen steadily, finally breaking through the lower range into more normal numbers. Texas led the nation in October with 1,005 permits issued. Wyoming followed with 809 and Oklahoma ranked third with 280. The number of permits in California has jumped significantly, from 150 in June and 147 in August, to 240 in October. -Leslie Haines
Recommended Reading
E&P Highlights: Jan. 12, 2024
2024-01-15 - Here’s a roundup of the latest E&P headlines, including an SLB-Nabors collaboration and new contract awards.
Tech Trends: Halliburton’s Carbon Capturing Cement Solution
2024-02-20 - Halliburton’s new CorrosaLock cement solution provides chemical resistance to CO2 and minimizes the impact of cyclic loading on the cement barrier.
Tech Trends: SLB's Autonomous Tech Used for Drilling Operations
2024-02-06 - SLB says autonomous drilling operations increased ROP at a deepwater field offshore Brazil by 60% over the course of a five-well program.
E&P Highlights: Jan. 8, 2024
2024-01-08 - Here’s a roundup of the latest E&P headlines including the second biggest deepwater gas find of 2023 and new contract awards.
Activity Offshore Norway Expected to Remain Steady in 2024
2024-01-11 - The Norwegian Offshore Directorate provided updates on 2023 activity, including 14 wildcat discoveries and eight projects going online and urging exploration in frontier areas.