Disclaimer: I am inappropriately exuberant with regard to the Bakken.
Disclaimer: when it comes to the Bakken, I sometimes think I live in an echo chamber.
Disclaimer: connecting the dots below; there will be factual and typographical errors; personal comments and opinions will be interspersed with data points from other sources.
From the NOG presentation:
- nothing new here, NOG repeats the current EUR from the Bakken: 7.4 billion bbls
- another decade of drilling based on current data
- 7.4 billion bbls recoverable oil
- 1.4 million bopd crude oil (not boe)
- 14.5 years
- tight oil goal: move primary recovery from 10% to 20%
- that's a huge goal -- doubling primary recovery from 10% to 20%
- the original Bakken wells had EURs of 350,000 bbls crude oil; now, the expectation is for new wells to have EURs of 1 million bbls crude oil
- North Dakota legislature, oil industry already beginning to address issues of CO2 storage, injection
- conventional oil: 50% primary recovery
- 500 billion bbls original oil in place (OOIP)
- early on in the Bakken boom: 1 - 3% recovery
- currently: some think we may be nearing 20% from primary recovery in the newer wells in the Bakken
- when we get it, it will include the middle Bakken and the first bench of the Three Forks
- will not include the lower benches of the Three Forks
- will double the recoverable reserves from the previous report
- currently the NDIC map includes one "page" -- the entire state of North Dakota
- the next iteration, the NDIC will have four pages or more: one page for each of the four main counties and a map each for the southwestern counties and the northwestern counties
- small geographic area
- infrastructure in place; already good, getting better
- huge microseismic array; at one time, the world's largest such array
- good relationship among all players
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