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

Except for ...

• the Dow plunging 670 points on Friday; 
• a memo vindicating Trump being released;  
• Saudi's foreign exchange reserves rising;  
• US crude oil production hitting ten million bopd;  
• US gasoline demand increasing;  
• Tesla missing delivery goals; 
• a solid employment report; and, 
• several articles suggesting the Bakken is back (here; and, here), 

... it was a very quiet week.

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

Pipelines
EIA posts update on the Elk Creek pipeline project

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

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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:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2017	10	5111	4845	8246	8594	7430	1136
BAKKEN	11-2017	2	21	21	0	0	0	0
BAKKEN	10-2017	0	0	0	0	0	0	0
BAKKEN	9-2017	24	1310	1312	477	3020	2948	0
BAKKEN	8-2017	31	1662	1752	571	3923	3830	0
BAKKEN	7-2017	25	1400	1323	548	3281	3065	144
BAKKEN	6-2017	30	1599	1652	546	4011	3921	0
BAKKEN	5-2017	31	1678	1927	575	4184	4049	42
BAKKEN	4-2017	30	1611	1339	551	4170	4080	0
BAKKEN	3-2017	31	1697	1715	642	4627	4522	12

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

Updates

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:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
SANISH	12-2017	8	8163	8540	0	10702	698	9119
SANISH	11-2017	2	1407	931	0	1111	0	948
SANISH	10-2017	0	0	0	0	0	0	0
SANISH	9-2017	0	0	0	0	0	0	0
SANISH	8-2017	0	0	0	0	0	0	0
SANISH	7-2017	3	120	225	51	194	8	136
SANISH	6-2017	30	2411	2485	536	2778	0	1941
SANISH	5-2017	31	2487	2510	520	2887	15	2014
SANISH	4-2017	30	2578	2565	487	2863	21	1987
SANISH	3-2017	27	2248	2259	452	2508	2	1772
SANISH	2-2017	28	2463	2460	474	2760	33	1941
SANISH	1-2017	31	2449	2512	487	2773	75	1850
SANISH	12-2016	31	2506	2465	462	3167	24	2436
SANISH	11-2016	30	2439	2402	455	3075	0	2384

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)

Later:

• 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)