Industry experts say the oil and gas business is booming in Texas. And while production is doing extremely well in the southern, western and northern parts of the state, experts say here in Texoma, production is doing good and could get much better.
The Texas Alliance Expo was packed with the latest in equipment and technology in the oil and gas industry. Charles Herzfeld says when his company started in 1956 it focused on drilling engines for drilling rigs. Now, his business has shifted to natural gas and he says the government is keeping his service going strong.
"Environmental regulations are requiring different types of equipment so we've been busy with the vapor recovery end of our business and as well, we're moving into some natural gas processing, where we strip liquids from gas streams," says Herzfeld.
While natural gas is fueling Herzfeld's business, local experts say oil and gas are still profitable here, especially the combination of horizontal drilling with hydraulic fracturing.
"Those two techniques have revolutionized the oil and gas industry. We've turned around our decline in oil and gas production in Texas and the United States dramatically over the last 10 years," says Alex Mills, president of Texas Alliance of Energy Producers.
"The oil and gas industry has been a superstar in the economy over the last five or six years," says J.C. Watts.
Former U.S. Congressman, J.C. Watts, Junior from Oklahoma was the speaker at the industry luncheon. Although he's no longer in office, he is a strong supporter for the oil and gas industry in Washington.
"I don't see it obviously going away. I think we'll continue to see the industry be on solid footing," Watts says.
And experts say don't expect the boom to go bust any time soon. In fact, a boom could be in its infancy in here Texoma.
"The good thing about the oil industry here is that it's shallow oil. It's high grade oil. It is economical to get. We just haven't got the technology to get it. It's there. We know it's there," Mills say.
Alex Mills says technology is constantly developing and he hopes it will soon develop to the point where crews will be able to get that oil that's here in Texoma.
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