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Oil Production In Texas Soars
A recent report by East Texas’ KETK-TV highlights just how much oil production in Texas has soared in recent years.
It claims that fracking is partly responsible for the boom in production and points out that there are now a total of nine hundred and twenty-seven active oilrigs on Texan land.
Texas Railroad Commissioner David Porter told KETK-TV that four or five years ago, Texas was only producing a million barrels of oil per day, whereas this summer, it produced two and a half million.
Over fifty percent of U.S. land rigs and approximately twenty-five percent of the world’s rigs are in Texas.
The boom has had a major effect upon the state’s productivity, transforming it from a region that had a historic reputation for oil production to one that is churning it out at a rapid rate of knots.
It has made it the perfect time for oil investments in Texas.
Oil And Gas Industries Comprise Fifteen Percent of Texas’ Gross Income
KETK-TV’s report stated that the oil and gas industry is responsible for fifteen percent of the state’s gross income.
This is not surprising, given the fact that Texas is home to the East Texas Oil Field, which was been responsible for over 5.42 billion barrels of oil.
Lexstar is currently revitalizing abandoned wells in the Woodbine Formation, which is this huge oil reservoir’s primary productive geologic unit.
We are partnered with Krog Partners, LLC, who have a track record of turning around abandoned wells, meaning that the amount of oil that Texas is producing is likely to rise even further due to this venture.
Other Energy Sources
In addition to its impressive rate of oil production, Texas also holds twenty-three percent of the country’s reserves of natural gas, meaning that companies within the state are prime candidates for both oil and gas investments.
According to KETK-TV, it is also the nation’s fifth biggest producer of coal and occupies the number one spot for wind-powered electricity generation.
The report states that if Texas was a country in its own right, it would be likely to fall within the top seven energy producing nations in the world within the space of a few years.
More Rigs On The Horizon
The Texas Railroad Commission recently stamped permits for one thousand six hundred additional rigs in Texas.
This means that the state’s oil production will be liable to witness a further increase within the immediate future.
This is good news for Texans, as it will inject wealth into the region and create more jobs for the local people.
A Bright Future For Oil And Gas In Texas
The future is looking bright for the Texan energy industry.
Those who invest in oil and gas are likely to see large returns throughout the years to come.
The state is leading the way in terms of numerous different forms of energy.
It is continuing its proud tradition of energy production and remaining at the forefront of the oil industry.
Image: Nestor Galina