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:

$53.97	2/6/2019	02/06/2018	02/06/2017	02/06/2016	02/06/2015
Active Rigs	62	58	40	42	137

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;