Texas Drilling Permits Rising as Industry Recoversby Will Brackett
The state of Texas approved almost 1,000 oil and gas drilling permits in February, as the industry responds to higher oil prices and slowly moves toward a recovery.
The Railroad Commission of Texas, the state’s oil and gas regulator, approved 991 permits last month, most of which for new wells. That’s an improvement compared with February 2015, when the commission approved 573 drilling permits as the price of oil had fallen to $26 a barrel.
But while the number of new drilling permits issued has risen steadily since last February, total well completions for the year to date, at 1,213, are down by nearly 50 percent compared with the same period a year earlier, when there were 2,270, according to Railroad Commission data.