In 2013, Texas oil and gas fuel drive to energy independence

The United States took significant steps toward achieving energy independence in 2013 with Texas oil fields and companies leading the way.

Whether the country will ever be able to cut out foreign oil imports completely is a matter of debate. But there’s no questionimports from the Organization of Petroleum Exporting Countries (OPEC) declined significantly this year in large part of increased shale drilling in places such as the Eagle Ford Shale in South Texas, Permian Basin in West Texas and the Bakken Shale in North Dakota.

Oil imports in 2014 are expected to be about 5.4 million barrels a day compared to 12.5 million barrels in 2005.

Plano-based Denbury Resources (NYSE: DNR) started capturing carbon dioxide emissions from a hydrogen plant in Port Arthur. The CO2 will be piped to Denbury's oil fields in South Texas, where the company is doing enhanced oil recovery. The CO2 gets injected into older fields, increasing the pressure in the reservoir, which sends the oil to the surface.

If Texas were a country, it would rank 15th in the world in terms of oil production.

This will be remembered as the year the Peak Oil Theory died, putting to rest decades of doomsday predictions that the world will run out of oil. A website dedicated to warning about that day officially stopped publishing content in August

None of this would be possible without hydraulic fracturing and horizontal drilling, both processes perfected by George Mitchell and his company, Mitchell Energy in the Barnett Shale. The Texas Legislature honored Mitchell as the “Father of Fracking” in May before he passed away at age 94 in July.

View the original article here: http://www.bizjournals.com/dallas/news/2013/12/17/how-the-oil-and-gas-industry-changed.html

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