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Judge reopens fracking ban case without objections in Colorado

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The Longmont Times-Call reported Friday that the ruling reopens a case examining the legality of Longmont’s voter-approved fracking ban without hearing the plaintiff’s objections.

Officials say the Colorado Supreme Court ruled the ban conflicted with the state Colorado Oil and Gas Conservation Act in 2016.

Anti-fracking groups say they plan to argue the legality of the ban after a recently approved Senate Bill is believed to supersede the former ruling.

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Oilfield News

BLM finds minimal fracking risks in California

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A long-running legal battle over federal oil-and-gas leasing in California may be nearing resolution after new findings by the U.S. Bureau of Land Management that the oilfield technique known as fracking does not pose undue environmental harm to 1.2 million acres in Kern County and other parts of California. – https://www.bakersfield.com

The BLM held three public meetings and received approximately 16,000 comments, of which 118 comments were unique and substantive, during the Draft Supplemental EIS 45-day public comment period from April to June 2019.

Oil and gas development on BLM-managed public lands within the Bakersfield Field Office planning area generate approximately 3,500 jobs and more than $200 million in economic benefit annually. The BLM collects a 12.5% royalty on every barrel of oil and gas produced on Federal minerals, which ranges between $65-90 million per year. The BLM shares with California roughly 50% of oil and gas royalties collected with the remaining 50% in oil and gas royalties being paid to the Treasury. Public lands in California contribute to less than 10% of the total oil and gas activity in the state. – https://www.blm.gov

 

shout out to the those drilling in Cali. –  http://www.gsdrilling.com/team.html

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Brent Crude

Have We Reached Peak Production?

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In less than eight years, U.S. oil production climbed from under 6 million barrels per day (BPD) to more than 12 million BPD. This surge is arguably the only reason oil prices today aren’t above $100/barrel (bbl).

But Has Oil Production Peaked?

Production Has Peaked. Not enough new wells are heading for completion to offset the accelerating decline rate of existing wells. And so the Crude Oil cycle continues, could one expect in the future we could see a spike in oil prices because of this?

A peak in global oil demand is within sight and could be reached by the mid-2030s, if not sooner. said GLEN HODGSON

This is the outcome OPEC is hoping for. It is clear that their strategy is to keep oil prices propped up until U.S. oil production begins its decline, at which point they can reassert control over the global oil markets. – Robert Rapier

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