ABSTRACT
The Upper Gulf Coast coincides with Texas Railroad Commission District III.
The total of 1,835 wells drilled in 1954 is a slight increase over 1953. Of these, 1,360, or about three-fourths, were development wells. There were 1,240 development wells drilled in 1953. Exploratory tests numbered 475 compared with 571 in 1953.
Wildcat drilling resulted in 33 new-field discoveries, and exploratory and development drilling accounted for 97 new-pool discoveries and extensions. In 1953, new-field discoveries numbered 37 and new-pool discoveries and extensions totaled 101.
Oil and condensate production for 1954 amounted to 158,229,465 barrels.
Record-breaking bonuses were paid for offshore leases at the first Federal Government sale since settlement of the ownership controversy. The Standard Oil Company of Texas paid $4,565,251,99 for 5,760 acres, thus setting a bonus record for a single tract offshore from Texas. The Magnolia Petroleum Company paid $3,180,960, or $2,209 per acre for a tract containing 1,440 acres, setting a record for the highest per-acre bonus ever paid at a lease sale in the Gulf of Mexico.
Geophysical activity totaled 1,805 crew-weeks, of which 90 per cent is reflection-seismograph time.
Indications are that exploration and development activities in 1955 will maintain or exceed the 1954 level.
