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Sunday, June 2, 2019

Brooklyn Oil Field -- Update

The Brooklyn oil field is tracked here

The graphic:


Compare this graphic with the graphic of the Brooklyn oil field from October, 2018.

Brooklyn oil field, as of June 2, 2019:
  • 142 permits
    • 141: CLR permits
    • 1: Kraken permit
  • status of wells/permits
    • active wells: 94 wells (all but one CLR wells)
    • on confidential list: 15 wells
    • on drl status: 8 wells
    • dry wells: 2
    • permits only (LOC): 8 
    • DUCs: 12
    • PA: one
    • PNC: 2
Prospects:
  • 36 sections
  • 18 1280-acre drilling units
  • perhaps as many as 9 2560-acre drilling units

  • 18 1280-acre spaced wells
    • two formations (8 MB + 8TF1): 18 x 16 = 288 wells
    • three formations (8MB + 8TF1 + 4TF2):   18 x 20 = 360 wells
    • four formations (8MB + 8TF1 + 4TF2 + 6TF3): 18 x 26 = 468 wells

  • 9 2560-acre spaced wells
  • two formations (2 MB + 2TF1): 2 x 4 = 8 wells 
  • three formations (2MB + 2TF1 + 1TF2):  2 x 5 = 10 wells
  • four formations (2MB + 2TF1 + 1TF2 + 2TF3): 2 x 7 = 14 wells

Bottom line:
  • 36 sections
  • 6 sections with very little activity to date (but that will change quickly)
  • 30 sections averaging no more than 8 wells/section
  • currently about 137 wells (active, conf, drl, permits (LOC), DUCs)
  • projected minimum: 300 wells in the Brooklyn oil field (about twice where we are today)
  • projected possible: nearly 500 wells in the Brooklyn oil field
Production
  • average EUR of 500,000 bbls of oil/well (30 years of primary production)
  • 150 wells x 500,000 bbls = 75,000,000 bbls of oil from the Brooklyn oil field
Disclaimer: I am inappropriately exuberant about the Bakken. The estimated prospects are at the "high" end of what I think is possible or likely.

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