Oklahoma Petroleum Reserves
An oil-and-gas company focusing on projects in Oklahoma and South Texas, Texas Energy Mutual, LLC, relies on state-of-the-art technologies to search out and capitalize on new energy opportunities. Once a Texas Energy Mutual project begins producing, the company sells the petroleum materials to oil refineries and natural gas pipeline firms.
The latest data from the US Energy Information Administration shows that Oklahoma ranks fifth among all states in crude oil production, and that its refining capacity represents about 2.8 percent of the country’s total oil refining output. In terms of natural gas, Oklahoma is a top producer, yielding roughly 8.5 percent of the United States’ marketed gas resources.
Oklahoma is sitting on a wealth of untapped oil and natural gas reserves. Beneath the state, roughly 1.2 billion barrels of oil sit in reserve, more than 3 percent of the United States’ total. The state’s dry natural gas reserves total about 31 billion cubic feet, or more than 8.5 percent of the country’s reserves.
Oklahoma’s best-producing regions are concentrated in the south central and northern portions of the state.
Texas Energy Mutual
Texas Energy Mutual, LLC, an oil-and-gas exploration firm based in Grapevine, Texas, focuses largely on developing new projects in Oklahoma. In fact, Texas Energy Mutual already oversees several actively producing fields in the state.
According to the Oklahoma Department of Commerce, the energy sector, which includes oil-and-gas exploration and extraction, employs more people than any other industry in the state. Its Oklahoma workforce numbers nearly 200,000, and it’s expected to add about 30,000 jobs to the economy within the next year. Oklahoma is second only to Texas in oil-and-gas workers and revenues, which provide an essential tax base for the state.
Oil-and-gas providers alone generate more than $51 billion a year in Oklahoma. That number will likely increase as technologies come online, making it easier for firms to discover new petroleum resources and capitalize on them The state’s energy infrastructure includes petroleum refineries that together generate half a million barrels daily – 3 percent of the whole country’s production capabilities.
Based in Grapevine, Texas Energy Mutual operates oil and natural gas properties throughout Texas and Oklahoma. At present, Texas Energy Mutual dedicates its time to overseeing five-well drilling activities in Oklahoma.
Among the top five oil-producing states, Oklahoma is home to three of the largest oilfields in the United States. Its natural gas reserves are equally impressive. Barclays Capital Inc. released findings indicating the state’s output between July 2014 and July 2015 exceeded that of Wyoming, New Mexico, and Louisiana combined.
As of September 2015, Oklahoma has continued to improve in shale light oil output. As such, many oil and natural gas companies have claimed properties in the Oklahoma Scoop and Stack and Anadarko Basin over the last several years. These operators have significantly boosted the amount of oil production for the state. From 2011 to 2014, Oklahoma’s oil production increased by 74 percent, according to the U.S. Energy Information Administration. And while rigs have declined in 2015, the state remains competitive in output, surpassing its 2011 production of 73 million barrels as of July 2015.