Platts: Permian oil producers have a natural gas problem [Seeking Alpha]
Citigroup, Inc. (C)
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Source: Seeking Alpha
Platts: Permian oil producers have a natural gas problemA natural gas bottleneck in the Permian Basin could force oil producers to shut wells or seek waivers to flare large amounts of natural gas if takeaway capacity does not catch up by the end of this year, Texas Railroad Commissioner Ryan Sitton tellsPlatts.Sitton says he may support allowing expanded flaring from natural gas processing plants, which would be able to separate and produce NGLs and condensates after flaring off the dry gas."If I don't have pipeline capacity and I can't flare it, the only option is to shut in the well," Sitton says. "And now I'm going to shut down oil production because I don't have anything to do with my gas. That is a realistic scenario that could happen."Citigroup said in a report earlier this week that a severe nat gas production glut could depress prices "even to zero and curtail oil and gas production."While oil has been the market’s focus, the associated natural gas produced as a byproduct and
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