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Tuesday, June 16, 2015

Random Update Of Production Profiles For Four QEP Moberg Wells -- June 16, 2015

The other day I posted a note on how operators cut back on production during the slump in oil prices. I did not particularly care for that post, but had put too much effort into it to simply delete it. The data was correct; the point I was trying to make was legitimate, but it was not written well and might have confused some folks. The landmen in the Bakken were probably disappointed, or worse, were laughing at the post. Be that as it may, here are some better examples. Look at these wells and their production profiles:
  • 28019, 2,509, QEP, Moberg 4-20-21BH, Grail, t11/14; cum 133K 4/15; being choked back, did not flare two most recent months:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-20152521784217611090333025328440
BAKKEN3-20152114441145411440922215220920
BAKKEN2-2015181921219008937616791152621386
BAKKEN1-201525301483052410937401071558124369
BAKKEN12-201431438994349019670487922635122254
BAKKEN11-201427353734331102473733531344
  • 28020, 2,325, QEP, Moberg 3-20-21TH, Grail, t11/14; cum 135K 4/15; being choked back; no flaring most recent two months:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-2015191206712184608518509184090
BAKKEN3-2015191580315796936026427262920
BAKKEN2-2015181442114298686514404131071190
BAKKEN1-201525292182958113827389511513223667
BAKKEN12-201431424744259421008467482524621321
BAKKEN11-2014272090520289800826722189087580
  • 28021, 2,529, QEP, Moberg 3-20-21BH, Grail, t11/14; cum 134K 4/15; being choked back, no flaring most recent two months:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-2015261528115495664422641225140
BAKKEN3-2015302396223822954340016398120
BAKKEN2-2015181457014442629030811281472555
BAKKEN1-201525287772913611426385361497123415
BAKKEN12-201431419524173019607621633360528380
BAKKEN11-2014279108884072451254788843561
  • 28022, 2,566, QEP, Moberg 2-20-21TH, Grail, t11/14; cum 134K 4/15; being choked back, did not flare most recent two months:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-2015251400214223635520551204350
BAKKEN3-20153023493233011108437759375590
BAKKEN2-20151811223111484969103409402854
BAKKEN1-201525273012769611662374751456022773
BAKKEN12-201431444754434320818625113378828534
BAKKEN11-2014271314312756534318132128385147

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2 comments:

  1. Pete ChiarizioJune 16, 2015 at 5:35 PM

    There are so many variables to track for a proper assessment, but I think your takeaway is on the money. Not flaring and still pumping? Maybe a gas gathering pipeline is finally attached, or processing plant capacity is catching up, or electricity is being generated on-pad and counted as "sold gas". Whatever the case, likely to be unique for each field or multiwell pad, is that there is an organized decrease in the flow of crude oil in response to the decrease in price. There's no arguing the trend but plenty of reasons for changes at individual well locations. If the US continues to use about 20 million barrels of crude a day and produces a bit less than ten, clearly twice as many pipelines are needed to be "self-sufficient" as long as the API grade is right for our refineries. This ought to be an interesting decade.

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    Replies
    1. Bruce OksolJune 16, 2015 at 5:50 PM

      In retrospect, it was relatively easy to track the Bakken. Now, as you noted, it's going to get very, very difficult. I think the big story right now is all that oil being stored underground with wells have been drilled but not completed (it won't take long to complete those wells); and all those wells that are producing but choked back (spigots can be opened quickly and remotely).

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