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Tuesday, June 16, 2015

Fracklog -- June 16, 2015

From today's list of wells coming off the confidential list (complete data is here):
  • 26453, drl/NC 
  • 27853, 392
  • 28862, drl
  • 29322, 1,121 
  • 29462, SI/NC 
  • 29851, SI/NC
  • 29876, SI/NC 
  • 30066, SI/NC
  • 30129, SI/NC 
Nine wells came off the confidential list today. Only two reported an IP. The "SI/NC" wells stand out like a  .... red thumb. I'm not quite sure what the difference is between SI/NC and drl/NC. I think it's mostly an administrative thing. 

Bottom line, 7/9 wells coming off confidential list were not completed. Before the slump in oil prices, wells that were not completed were simply put on the DRL list and would be completed as soon as possible. Now, these wells are being "shut in" and won't be completed until ... well, no telling when.

And that's why the "fracklog" on the Director's Cut that will be released this week is the most anticipated data point. [The second most anticipated data point: price folks are getting for Bakken oil vs WTI.] 

Under "normal" circumstances during the boom, the number of wells waiting to be fracked was in the neighborhood of 250. When it went to 450, it caught people off-guard, to some extent.

Sevenhundredfifty wells waiting to be completed ... unheard of. And then last month: 900. It's hard to believe the number won't be higher in the next report when one sees lists like the one above.

By the way, the #27853 well is a "high-IP" producer.  At 54 stages and 14.4 million lbs of sand, I will let you guess the operator. The production profile:

PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-201530105251035819536700865240
BAKKEN3-201524137781397120430656762080
BAKKEN2-20152836266366054440822185217330
BAKKEN1-20152943004424867266419963194990
BAKKEN12-2014136256612224826225120410

2 comments:

  1. Mr. Oksol

    I have been following the Marcellus more closely these past few months. Absolutely fascinating story unfolding there.
    Right now, there are over 2,300 wells that have been drilled - some completed - that are not producing. Although the low pricing plays a major role, the lack of takeaway pipelines is the main culprit.
    There are currently less than 6,500 producing wells in the Pennsylvania Marcellus.

    Peak what?

    ReplyDelete
    Replies
    1. And all those wells that are not producing can be brought on line quite quickly if necessary. I was vaguely aware of the pipeline problem -- RBN Energy talks about the Marcellus and Utica, it seems, more than the Bakken, Permian, and Eagle Ford.

      Delete

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