The total number of original drilling permits more than doubled year-on-year in March, though commercial prospects may be lower, a Texas regulator reported. Texas is the No. 1 oil producer in the United States and its Permian shale basin is considered more resilient to lower crude oil prices than other reservoirs. Texas exploration and production activity slumped early last year when crude oil prices dropped below $30 per barrel, but has since recovered with oil holding about $50 per barrel. The Railroad Commission of Texas, the state’s energy regulator, issued 1,310 original drilling permits in March, compared with 511 last year. That could indicate energy companies are willing to spend more on oil and gas opportunities in Texas as the […]