More on The PN - EOG Article; Recovery Rates in the Bakken

Before reading this post, be sure to read the earlier post on same subject.

That story is full of data points for the Bakken. Consider this:

Pointing to a chart that shows U.S. horizontal oil growth by play from 2005 to 2012 (adjacent to this article), Papa said, “The point we make is, there are only two plays that make a difference on a national scale — the red and the turquoise. The Eagle Ford and the Bakken.

There’s been a lot of sell-side news and specific company news about plays like the Woodford, the Mississippian, the Niobrara, and so on and so forth but they barely make a spec on this chart.”

“Our prediction is that over the next five years they (non-Bakken, non-Eagle Ford plays) will barely make a spec on this chart. And so for all the news that they are generating, they’re not going to be significant players on a national scale,” he said.

Next, he pointed to a chart that showed which companies produced the most crude from horizontal plays in the U.S. EOG topped the list. “As it stands right now, by a 2 to 1 ratio, EOG is the largest producer. … It’s no horse race at this point in time,” Papa said.
And then this:

He did, however, talk about oil recovery rates in the Bakken, putting them at approximately 10 percent versus 6 percent for the Eagle Ford.

In an earlier post (yesterday) I reminded readers that Harold Hamm thinks "the Bakken" has 900,000 bbls OOIP and has 45 billion bbls recoverable oil. That's a 5% recovery rate. I was going to point out that Bakken recovery rates seem to be closer to 8% than 5% but I've been warned about "gilding the lily." And I'm just an amateur at all this.

Of course, that 5% is across the entire Bakken, but it's still interesting to note that EOG suggests the recovery rate is significantly higher in the Bakken than the Eagle Ford.