Saturday, February 3, 2018

Week 5: January 28, 2018 -- February 3, 2018

Except for ...
... it was a very quiet week.

WPX reports a huge well in Reunion Bay
Oldest active well in North Dakota now "inactive" 

EIA posts update on the Elk Creek pipeline project

Bakken 2.0
North Dakota on track for new crude oil production record in 2018

The Artist Getting Ready For Mardi Gras


Random Update Of A Whiting Scanlan Well In Truax Oil Field -- February 3, 2018

See this post from November 26, 2014, the Scanlan wells. Time to update them. They will be updated at the linked site.

The graphic from that post (not updated):

Note this Scanlan well; it has not been re-fracked:
  • 18770, 819, KOG, Scanlan 3-5H, Truax, t9/10; cum 285K 12/17.
Note recent production after coming back on-line. The 5,000 bbls over 10 days extrapolates to 15,000/month. Again, not re-fracked. Recent production:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare

Random Look At An MRO TAT USA Well In Antelope Oil Field -- February 3, 2018


March 20, 2018: production data updated; this turned out to be quite a re-frack.

Original Post

The graphic:

See this post.

MRO horizontals along #19144 are in the process of being fracked (some have reported production data after being fracked). I was curious what production data for #19144 looks like. Here is the well and recent production:
  • 19144, 952, MRO, TAT USA 34-22H, Antelope oil field, Sanish pool; t3/11; cum 346K 12/17;
Recent production data:

PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare

After coming back on line, this well produced 8,000 bbls of crude oil over eight days which extrapolates to about 30,000 bbls/month. It turns out #19144 was re-fracked. According to FracFocus this well was re-fracked 11/3-5/17: 1.76 million gallons of water, and 9% sand.

Gasoline Demand: Turns The Corner -- An Anomaly Or Will It Continue? -- February 3, 2018

The "polar vortex" forecast for this next week could impact gasoline demand negatively but right now, ahead of last year. Link here:

Reposting The Bloomberg Article: The Bakken Is "Roaring" Back -- February 3, 2018

I posted the link to this article at Bloomberg earlier this week, but there is a paywall. Today, the article is available over at miningweekly:
The Bakken shale is roaring back to life, and Kevin Black sees the evidence almost every day as he looks out the window of his blue Ford F-150 pickup truck.

The president of Creedence Energy Services, which provides chemicals for oil wells, Black, 29, drives about two hours to Williston, North Dakota, at the heart of the oil-rich formation, most days. After a three-year slump in Bakken shale-oil production, he says the resurgence is unmistakable in the influx of new industrial vehicles on the road.

Bakken output is set to exceed the December 2014 record of 1.23 -million barrels a day in the first half of 2018, Lynn Helms, director of the North Dakota Mineral Resources Department, said January 16. It sank to 942 000 bbl/d in December 2016, before rebounding last year.

“We are optimistic,” Helms said. “Everything points to more rigs, more frack crews, more activity in North Dakota.”

New technology has made the Bakken increasingly competitive, with wells that used to take as long as 80 days to drill now done in as few as 10, said Kathleen Neset, founder of Neset Consulting Services in Tioga, North Dakota, which staffs drilling sites with geologists.

The start of Energy Transfer Partners’s controversial Dakota Access Pipeline in June after months of protests by Native American tribes has made it easier to get oil to refineries. Bakken crude at Guernsey, Wyoming, was at a 70-cent premium to West Texas Intermediate futures Wednesday, up from a $1.85-a-barrel discount in April, data compiled by Bloomberg show. The outright price was $66.74 January 26, the most in data since 2015.
Much more at the link. 

Prince Salman's Shake-Down Worked -- Saudi's Foreign Exchange Reserves Continue To Grow -- February 3, 2017

The change in the price of crude oil over the past month (nil) and the change in Saudi's crude oil export market share (nil) is unlikely to have explained the most recent gain in Saudi's foreign exchange reserves, but rounding up 100 princes with demands for ransom certainly could. Regardless, here's the latest report, posted overnight. Link here:

Maybe later I will do the numbers, but a glance at the chart suggest $2 to $3 billion improvement month-over-month.

Later: from the linked site:
Foreign exchange reserves in Saudi Arabia increased to 1,861,588 SAR million in December from 1,854,104 SAR million in November, 2017.
Foreign exchange reserves in Saudi Arabia averaged 2,213,590 SAR million from 2010 until 2017, reaching an all time high of 2,796,941 SAR million in August, 2014 and a record low of 1,569,145 SAR million in April, 2010.
  • Average from 2010 - 2017: 2,213,589,780,000 (USD 598 billion)
  • All-time high, August, 2014, 2,796,941,000,000 (USD 755 billion)
  • December, 2017 (latest data available): 1,860,000 million SAR ($502,200,000,000)
  • November, 2017: 1,855,000 million SAR ($500,850,000,000)
  • Delta: 5,000 million SAR ($1,350,000,000)
So, it appears, Saudi Arabia foreign exchange reserves increased by about USD 1.4 billion, month-over-month.

Disclaimer: I often make simple arithmetic errors, and working with big numbers makes it even more difficult. For all conversions I used the same exchange rate of USD 0.27 for 1 SAR, about a US quarter for each Saudi rial. 

Flashback! What's All This Talk About Running Out Of Drilling Locations In The Bakken? -- February 3, 2018 -- Update On Oasis Case #25524 -- 90 Wells In Small Area In Northeast McKenzie County

Oasis with plans for 90 wells in one small geographic area in the Bakken.

From a post just one year ago:

NDIC hearing dockets, case #25524, from the January, 2017, hearing dockets.
  • Field: Dimmick Lake, Siverston, and/or Johnson Corner-Bakken
  • County: McKenzie
  • Oasis, i) 3 wells on each of six overlapping 2560-acre units (see graphic): A, B, C, D, E, F; note that (A) has been withdrawn (a request for 3 wells on an overlapping 2560-acre unit)
  • Oasis, ii) 18 wells on each of four 1280-acre units (see graphic (G, H, I, J)
The graphic (the text is placed in the center of the drilling units):
  • A (withdrawn), B, C, D, E, F: overlapping 2560-acre units (4 sections, all units are 2x2)
  • G, H, I, J:  1280-acre units (all stand-up units)