Friday, May 12, 2017

Week 19: May 7, 2017 -- May 13, 2017

The tea leaves suggest "over-production" of crude oil in 2018; many, many stories on OPEC's failure to rein in production and raise the price of oil. Four graphs tell the story and should scare the heck out of Saudi Arabia who is cash-strapped to do much about this. This was just one post that pretty much summarizes Saudi Arabia's problem. US CAPEX shall is 10x more than the rest of the world. WTI traded well below $50 all week, and traders got excited when the price of WTI went from $46 to $47 -- that tells me how far things have fallen.

The top "operations" story for me is one that was just posted: an incredible BR well in Sand Creek, produced 102,000 bbls in first seven days of production, posted here and here.

Production data for March, 2017, was posted in four posts: here, here, here, and here.

Despite everything, North Dakota is still producing more than 1 million bbls of crude oil daily.

Production in Sand Creek oil field surged; no change in number of wells
Random update of a Hess BB-Federal well
Random update on a Newfield well in Sand Creek
CLR well with an IP of "754" goes on to produce a half-million bbls of oil and is still going strong
Random update of a Whiting Wisness well
EURs in the Bakken now tracking one-million-bbl-type curves

$6.3 million pipeline being considered in Watford City area
Savage Bakken Connector, Trenton, ND, declares open season 

Random update of a re-fracked Hess BB-Olson well

Bakken 2.0
Five DUCs reported as completed 

Bakken economy
Roosevelt Inn and Suites in Williston has new owner

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