From Rigzone:
- BP moves its "US Lower 48 headquarters" from Houston to Denver
- BP: "two-thirds of its operated oil and natural gas production and proved reserves in the Rocky Mountain region
- could BP investing in the Rockies revive natural gas interest in that area?
- after a surge in activity from 2005 to 2008, the Rockies natural gas story stagnated due to surge in the Marcellus
- BP: a natural gas company?
- BP: natural gas comprises 80% of BP's "Lower 48" portfolio
- BP: globally, natural gas comprises 50% of its portfolio; wants to reach 60% by end of 2019
- BP gas projects coming on-line: Trinidad & Tobago; Oman; Egypt; the Shah Deniz 2 project in Azerbaijan
- BP: five "Lower 48" units
- Green River: BP's first horizontal since 2015; 1.4 billion boe estimated
- San Juan Basin: 2.1 billion boe estimated; targeting wet gas in the Mesaverde horizong; gas and oil in the Mancos marine source rock; and, wet gas in the Dakota marine sands; successfully drilled a tri-lateral well "that accessed 14,600 feet of coal"
- some question decision; BP says looking long-term; not short-term
- "Rockies" -- six oil / natural gas basins
- Denver-Julesberg basin -- oil
- Powder River basin -- oil
- Green River Overthrust -- natural gas
- Piceance basin -- natural gas
- San Juan basin -- natural gas
- Uinta basin -- natural gas
- Rockies:
- Denver-Julesberg (DJ) basin is the only area expected to see robust growth in 2017 -- analyst
- Anadarko and Noble Energy will continue to deploy capital in this basin; highly economic
- Powder River basin: once thought to be "hot" has fallen out of favor
- Uinta: unique properties; requires much higher commodity prices
- Niobrara: should grow in 2017; however, midstream capacity is needed
- Driving all this? US LNG exports
The Bakken: a Rockies basin?
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