Thursday, February 14, 2013

Uinta -- Again, The Comparison Is To The Bakken

Uinta Basin: northeast corner of Utah.
The Green River Formation is found in the Uinta Basin. There are official estimates of 3 trillion bbls of original oil in place (OOIP) in this formation. Seventy-five (75%) of the Green River formation is under federal (BLM) control.

News and Updates

March 31, 2018: will exit the Bakken and Uinta; looks like it becomes a pure Permian play

May 25, 2017: Tesoro and EP Energy announce joint venture in Uinta Basin; 60-well program.

April 3, 2015: tar sands in the Uinta Basin.

March 17, 2015: Newfield suspends drilling in Utah's Uinta basin due to slump in oil prices.

October 22, 2013: Ultra pays $650 million for 49,000 acres in the Uinta that currently has 38 producing wells, 4,000 bopd. $/acres = $13,265/acre. Ultra has been acquiring leasehold interest in  Pinedale since 1997 and is now the largest interest owner in the field.
The oil acquisition fits the company’s strategy of profitable growth with exceptional returns at oil prices well below $75 per barrel.
September 10, 2013: RBN Energy: the challenge of transporting the yellow and black waxy crude oil out of the Uinta Basin.

August 27, 2013: RBN Energy: handling the expanding production from the Uinta.

February 27, 2013: intermediate oil and gas companies are DISAPPEARING from the Uinta Basin; intermediate oil and gas companies in the Uinta Basin are being bought or merging with others.


The Salt Lake Tribune is reporting that transportation ills may disrupt development of the Uinta basin.
Utah’s Uinta Basin could see huge growth in oil and natural gas production — akin to the current boom in North Dakota — except for one problem: the remote area lacks adequate transportation to handle it.
Unless that problem is solved, $30 billion worth of oil and gas may go undeveloped there over the next 30 years. It could cost Utah’s economy $10 billion, and prevent creation of nearly 27,000 jobs.
This story was first published February 9, 2013. 
As you look at the Uinta Basin, we have one primary artery. That’s [U.S.] Highway 40," said Sen. Kevin Van Tassell, R-Vernal. It has only two lanes for much of its length, and super tanker trucks already travel it constantly a few minutes apart bringing crude to refineries near Salt Lake City.
The study looked at how much oil and gas production could be lost over the next 30 years because of transportation bottlenecks.
"We believe conservatively it is $30 billion," said Cory Pope, UDOT program development director. He added that the cost, in turn, to Utah’s economy is about $10 billion in lost taxes and benefits to businesses, and a loss of nearly 27,000 jobs.
Pope said that also means Utah would be losing on average $180 million in taxes a year over that time, equivalent to about 4 percent of the state’s annual tax collection.
Hmmmm.....not insurmountable....whining....

What did the Bakken have? One artery, also, "2 & 85"?

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