Drilling Permits Down in TX | Russell T. Rudy Energy LLC
Rigzone” reports that according to Railroad Commission data for August, drilling permits in Texas are dropping along with oil prices and rig counts. Since the same month last year, the number of drilling permits has fallen by 65% to 864. This breaks down to 222 oil wells, 59 gas wells, 518 oil or gas wells, and 65 injection and other wells.
Since August of 2014, well completions in Texas have also dropped from 20,657 to 14,665, along with rig counts. Investment firm Raymond James predicts oil production will not rebound until 2017 when it expects oil prices to recover to $70 per barrel. Until then, it anticipates rig counts continuing to fall.
To read the article in its entirety, please go to http://www.rigzone.com/news/article_pf.asp?a_id=140627 .
