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• Basic Energy Services Rig Drills 3.4-Mile Lateral In Permian Basin
  Basic Energy Services Inc. said July 18 that one of its high-spec, 24-hour rig and equipment packages...
  Basic Energy Services Inc. said July 18 that one of its high-spec, 24-hour rig and equipment packages recently completed a record-setting Wolfcamp A well for Surge Energy US Holdings Co. in the Permian Basin.
  
  Rig #1826, based in Big Spring, Texas, along with a bundled Basic high-spec ancillary equipment package successfully drilled out frac plugs over a total horizontal displacement of 17,935 ft (3.4 miles). To date, this well marks the longest known lateral completed in the Permian Basin.
  
  The rig, a high-spec, 600-horsepower Taylor well servicing unit, coupled with Basic’s twin 2,250 horsepower pumps and high-performance ancillary equipment, completed the drill-out of the Medusa Unit C 28-09 3AH safely and efficiently in six days.
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• Oilfield Services Giant Schlumberger Names Olivier Le Peuch As CEO
  From Hart Energy - Schlumberger Ltd. on July 18 named Olivier Le Peuch as the successor...
  From Hart Energy - Schlumberger Ltd. on July 18 named Olivier Le Peuch as the successor of the company’s longtime CEO with industry veteran Mark G. Papa set to become non-executive chairman of the Schlumberger board.
  
  The appointment comes less than a year after Le Peuch was promoted to COO—a move that analysts believed marked the formal beginning of CEO succession as current CEO Paal Kibsgaard had held the position before being named to lead the company.
  
  Le Peuch, who has had a 32-year career at Schlumberger, is set to take the reins as the oilfield services giant reported better-than-expected revenue driven by growing international demand. For the second quarter, the company earned 35 cents per share, in line with estimates from Tudor, Pickering, Holt & Co. (TPH) analysts.
  
  
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• 77.8M acres in Gulf of Mexico for August oil, gas lease sale
  NEW ORLEANS (AP) — The federal government will offer 77.8 million acres (31.5 million hectares) in...
  NEW ORLEANS (AP) — The federal government will offer 77.8 million acres (31.5 million hectares) in the Gulf of Mexico for oil and gas exploration and development on Aug. 21.
  
  An Interior Department statement says the lease sale will include 14,585 tracts. They’re in water 3 to 231 miles (5 to 370 kilometers) offshore and in water from 9 feet to more than 2 miles (3 to 3,400 meters) deep.
  
  Until August 2017, the Interior Department held separate lease sales for the Gulf’s most active area and tracts off Texas. They were consolidated under an Obama administration plan created because bidder numbers were dwindling.
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• U.S. Gulf of Mexico crude oil production down by 19% on storm shutdowns
  HOUSTON (Reuters) - U.S. Gulf of Mexico offshore crude oil production and natural gas output both remained...
  HOUSTON (Reuters) - U.S. Gulf of Mexico offshore crude oil production and natural gas output both remained cut by 19% on Thursday because of shutdowns forced by Tropical Storm Barry, the U.S. government said.
  
  That equals 335,000 barrels per day of crude oil and 519 million cubic feet per day that are still shut in the U.S.-regulated areas of the northern Gulf of Mexico five days after Barry made landfall on the Louisiana coast, the U.S. Bureau of Safety and Environmental Enforcement said.
  
  A total of 60 offshore production platforms, or 9%, remain unstaffed after the storm’s passage, the agency said.
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• How the energy sector benefits Texas' economy
  The booming oil and gas industry in Texas now supports about 17 percent of jobs in the state, either...
  The booming oil and gas industry in Texas now supports about 17 percent of jobs in the state, either directly or indirectly, according to a new economic analysis.
  
  The research published this week by the Waco-based Perryman Group indicates that oil and gas production in the state has increased fivefold since 2010 as shale-extraction techniques have improved, lowering costs and increasing recovery rates.
  
  Total yearly economic benefits generated by the state’s oil and gas industry, along with related businesses, include $557.4 billion in total outlays, the study found. In terms of personal income, the benefits amount to $120.6 billion, according to the report, and the number of jobs the sector supports approaches 2 million, or one out of every six jobs in Texas.
  
  By Michael Carroll | The Center Square - Read Full Article
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