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Texas oil industry first growth in 2 years

 

 

HOUSTON
Petroleumworld.com 01 27 2017

The bust is over in the Texas oil patch and slow but steady growth is being seen for the first time in two years, said the Texas Alliance of Energy Producers in Houston on Wednesday.

The number of oil and natural gas drilling rigs active in the state had risen to 342 by Jan. 20 from 310 in December, said Karr Ingham, petroleum economist for the organization.

"It's been a bloodbath, frankly, but better days are ahead in 2017 after two years of sharp contraction, job losses, and downward pressure on the statewide and regional economies of Texas," Ingham said.

While production, pricing and employment numbers are not near the peak days of 2014 when crude oil prices reached $101.68 a barrel, the industry is optimistic after an increase in crude oil production during December saw oil reach $48.69 a barrel, and then $49.75 in January, Ingham said.

About 205,000 Texans are employed in the oil and gas production, Ingham said.

Texas, was the leading producer of crude oil in the United States in 2015, according the U.S. Energy Information Administration.



Story by Ruthy Munoz; Editing by Sandra Maler from Reuters.

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