Wednesday, February 6, 2019

Four New Permits -- February 6, 2019

Saudi: at $54, Saudi Arabia is not going to "make it." Some years ago, they needed $100-oil, settled for $80-oil. Most recently they have set their budget based on $80-oil and will be lucky to maintain $60-oil.

OPEC: production has dropped to lowest level since March, 2015 -- Platts survey. Data points:
  • total OPEC production dropped nearly one million bopd from December to January
    • lowest since March, 2015
    • December: 30.86 million bopd
    • January: 29.89 million bopd
  • Saudi Arabia:
    • January, 2019: 10.21 million bopd
    • pledged ceiling: 10.311 million bopd
    • lowest since May, 2018
    • crude oil exports: 7.2 million bopd; down 500,000 bopd


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Back to the Bakken

Change of operator: approximately 203 wells were transferred from Enduro Operating to Cobra Oil & Gas ... more on this later. 

Active rigs:

$53.972/6/201902/06/201802/06/201702/06/201602/06/2015
Active Rigs62584042137

Four new permits:
  • Operator: Oasis
  • Field: Baker (McKenzie)
  • Comment: Oasis has permits for a 4-well Foley Federal permit in Baker oil field, in section 13-153-101;
It looks like the NDIC is now "breaking out / separating permits for disposal wells from oil and gas wells.

Two permits renewed:
  • EOG: a Clarks Creek permit in McKenzie County
  • XTO: a Rough Federal permit in McKenzie County
Six producing wells (DUCs) reported as completed:
  • 30726, 2,552, Bruin, Berg Trust Federal 149-98-26A-35-6H, Pembroke, t1/19; cum 20K after 14 days;
  • 30727, 4,115, Bruin, Berg Trust Federal 149-98-26A-35-7H, Pembroke, t1/19; cum 19K after 14 days;
  • 30728, 1,987, Bruin, Berg Trust Federal 149-98-26A-35-9H, Pembroke, t1/19; cum 6K after 7 days;
  • 30729, 4,200, Bruin, Berg Trust Federal 149-98-26A-35-10H, Pembroke, t12/18; cum 18K after 16 days;
  • 34087, 5,872, Equinor, Sjol 5-8F XE 1TFH, Williston, t12/18; cum 4K over 4 days;
  • 34532, 1,240, Bruin, Berg Trust Federal 149-98-26A-35-8H,  Pembroke, t1/19; cum 23K over 21 days;

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