Abilene expert hopes oil exploration will resume
ABILENE, TX (KTAB/KRBC) — Pump pain is becoming more and more common in the Big Country these days. This concept, however, is no stranger to Allan Frizzell, who has been in oil exploration for 50 years.
“It’s no different than the cycles we’ve had in the past, the political situation, the economic situations, all the influences of all those things on oil prices, so we’ve had cycles up and down over years,” Frizzell said.
He says his business and the industry must adapt to these cycles, also explaining how the combined effects of the pandemic and the Russian invasion of Ukraine have caused a disruption in the balance between supply and demand. oil demand.
“If countries don’t buy Russian oil or refuse to, it leaves a gap in the amount of oil to meet global demand,” Frizzell said.
He pointed out that with Russian oil off the market, supply would essentially fall short of demand by around 8 million barrels per day.
“So we had this spike because the traders that are trading oil there, they won’t be able to buy enough oil to meet their market demand,” Frizzell said.
Now, as activity increases after the initial dip at the start of the pandemic, he says it will take some time for production to catch up with demand.
Frizzell knows the drill though and is already making strides towards change here in the Big Country. He uses what he calls seismic charts, models of past and future oil sites he plans to examine. Before heading to Runnels County, he reviewed these charts before evaluating potential drill sites there.
“During this high price environment, we are more encouraged to drill more wells, and we hope to have the resources from investors and our own oil production in place,” Frizzell said. Frizzell is using rising prices to drill more and help the community in need, one oil well at a time.