California News Pulse March 2021

Posted: March 22, 2021

California | March 2021

Field Overview

California, with both onshore and offshore oil production, has been supplying the U.S. with petroleum products since the 19th century. Operations are primarily focused around Kern County, the LA Basin, and the San Joaquin Valley, with the Midway-Sunset oil field in Kern County being the state’s largest.

State Drilling Statistics (End of March)
Total Rigs in California- 7
Total Rigs in United States- 417
Total U.S. Rigs down 43% YTD

State Highlights

Vote to occur on new measures to fast-track permits in California

A plan to fast-track drilling of thousands of new oil and gas wells over the next 15 years in California’s prime oil patch was being considered. The Board of Supervisors was poised to vote on a revised ordinance supported by the influential petroleum industry that creates a blanket environmental impact report to approve as many as 2,700 new wells a year.

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Kern County Development Halted

The Kern county board of supervisors approved a revised ordinance that would approve a little more than 40,000 new wells over the next 15 years. There was immediate push back from many environmental groups, specifically the Sierra Club, asked a court to bar them from drilling any wells. This comes hot off the heels of last year’s ruling claiming that Kern county failed to adequately identify environmental damage that could occur from new drilling. Kern county maintains that this will provide more jobs for people who need them, and is still environmentally more friendly than importing oil from elsewhere. Their opposition still feels that their drilling activities are an environmental disaster.

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CRC Reaps Gains From Historic Texas Freeze

California Resources Corp., which drills and produces crude exclusively in the Golden State, said its natural gas trading business generated a profit as a result of the storm, though the magnitude of the bonanza won’t be disclosed until the quarter is out. “We did see a opportunity in the market to capture some of that gas-trading revenue,” Interim Chief Executive Officer Mark McFarland told analysts and investors during a conference call Thursday.

Article Link

Rig Count

California Oil Production

California Gas Production

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