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Tuesday, April 13, 2010
Sanish Runs for February 2010
Sanish Runs for February 2010: 273,000 barrels of oil. $22 million at the wellhead, one month in the North Dakota Sanish.
Global Oil Demand to Hit New Record This Year
Global oil demand will hit new record this year: 86.6 million barrels per day.
The analysts said that world oil demand would reach an average of 86.60 million bpd this year, up from 84.93 million in 2009.
In round numbers: 85 million bopd last year; going to 87 million bopd this year -- yeah, that's about 2 million bopd increase. Even the Bakken can only give us about 300,000 bopd.
The previous record high for world oil demand was 86.5 million bpd in 2007 before the onset of the global financial crisis and economic slowdown.
Despite the current administration doing what it can to kill the domestic oil industry, don't be surprised to hear the media blame speculators when oil reaches $100/barrel or higher later this year. The recent announcement to open some outer continental shelf (OCS) to drilling is much less than meets the eye. The recent announcements by the government to halt planned oil leases on federal land in western states says it all.
The analysts said that world oil demand would reach an average of 86.60 million bpd this year, up from 84.93 million in 2009.
In round numbers: 85 million bopd last year; going to 87 million bopd this year -- yeah, that's about 2 million bopd increase. Even the Bakken can only give us about 300,000 bopd.
The previous record high for world oil demand was 86.5 million bpd in 2007 before the onset of the global financial crisis and economic slowdown.
Despite the current administration doing what it can to kill the domestic oil industry, don't be surprised to hear the media blame speculators when oil reaches $100/barrel or higher later this year. The recent announcement to open some outer continental shelf (OCS) to drilling is much less than meets the eye. The recent announcements by the government to halt planned oil leases on federal land in western states says it all.
Blasting the Bakken
The Oil Patch Hotline is reporting a new technology in addition to the classical method of fracking to stimulate wells.
The article can be found at the Bakken Blog: once there, go to the top, click on "News" and look for Monday, April 12, 2010, story, "Blasting The Bakken Gets High Stake Results." Whiting and CLR are among those companies employing this new technology.
Some producers are reporting a 13% increase in the amount of oil that can be returned using this new technology.
Again, remember that the 2008 USGS survey that estimated 3 to 4 billion of potentially recoverable oil in the Bakken was based on technology in use at that time. This survey did not report on potentially recoverable oil from other formations such as the Red River, Madison, or the Spearfish.
The article can be found at the Bakken Blog: once there, go to the top, click on "News" and look for Monday, April 12, 2010, story, "Blasting The Bakken Gets High Stake Results." Whiting and CLR are among those companies employing this new technology.
Some producers are reporting a 13% increase in the amount of oil that can be returned using this new technology.
Again, remember that the 2008 USGS survey that estimated 3 to 4 billion of potentially recoverable oil in the Bakken was based on technology in use at that time. This survey did not report on potentially recoverable oil from other formations such as the Red River, Madison, or the Spearfish.
Waiting Line for Wells to Be Fracked
Halliburton, Sanjel, others must be very, very busy.
At least one source says "their" well is number 23 in line to be fracked. Due to backlog, some think it may take as long as six (6) months to get a fracking crew to an otherwise completed well.
I'm wondering if fracking might not be the "long pole in the tent" now that they are getting wells drilled in less than 30 days, and there are more than 100 wells in North Dakota.
At least one source says "their" well is number 23 in line to be fracked. Due to backlog, some think it may take as long as six (6) months to get a fracking crew to an otherwise completed well.
I'm wondering if fracking might not be the "long pole in the tent" now that they are getting wells drilled in less than 30 days, and there are more than 100 wells in North Dakota.