Peak Oil? What Peak Oil? Just What We Need -- Another "Major" New Permian Discovery -- August 26, 2020

Link here to Rigzone. 

Barron Petroleum LLC has revealed that the company has made its biggest oil and gas discovery to date.

The business said it drilled a new discovery well in Texas’ Val Verde County and found an estimated 417 billion cubic feet, or 74.2 million barrels, in oil and gas reserves.

Barron Petroleum outlined that the Sahota Carson 20BU #1 discovery well was drilled with a company rig to a total depth of 12,650 feet. Approximately 70 feet of gas-bearing Strawn porosity was encountered at the find, according to Barron Petroleum, which outlined that the discovery is situated approximately six miles southwest of the Massie (Strawn) field.

According to Barron Petroleum, Albert G. McDaniel, a petroleum engineer based in Fort Worth, evaluated geoscientist William J. Purves' 3D seismic analysis of the development and concluded that the project is now “so low-risk that it more resembles that of a development project than an exploration venture”.

Barron Petroleum, which has a 100 percent working interest in the project, is a privately held company engaged in the oil and gas exploration and production business. The company has primarily focused on drilling oil wells, gas wells and working over existing oil and gas wells in the Permian Basin and Fort-Worth Basin in the state of Texas.

OPEC basket, link here:  $45.87.

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Back to the Bakken

Active rigs:

$43.24	8/26/2020	08/26/2019	08/26/2018	08/26/2017	08/26/2016
Active Rigs	10	63	62	55	30

Five wells coming off the confidential list -- Wednesday August 26, 2020: 77 for the month; 148 for the quarter, 594 for the year

• 36349, drl/A, Hess, EN-Thompson Turst-154-94-1930H-4, Alkali Creek, t--; cum 100K 6/20;
  
• 36315, drl/NC, BR, State Dodge 1D MBH, Dimmick Lake, no production data,
  
• 35927, drl/A, CLR, Jamestown Federal 12-17H1, Banks, t--; cum 48K 5/20; off line 6/20;
  
• 33945, loc/NC,  MRO, Walcel USA 42-8H, Reunion Bay, t--; cum --;
  
• 28088, drl/NC, Hess, BW-Spring Creek-149-99-1201H-4, Cherry Creek, t--; cum --;
  

RBN Energy: Hurricane Laura's possible impacts on Mont Belvieu, NGLs, and Maybe Even The Permian. 

Yet again, the Texas-Louisiana coast is bracing for a hurricane that has the potential to be really bad, not just for the people and homes in the storm’s path, but for the region’s all-important energy sector. Hurricane Laura will be crossing a swath of the Gulf of Mexico dotted with oil and gas production platforms, and is headed for an area chockablock with tank farms, refineries, and steam crackers, as well as export terminals of every stripe: crude oil, refined products, ethane, LPG, and LNG. There’s a good chance there’ll be a lot of disruption to many energy-related activities for at least the balance of this week — and maybe longer — but one of the biggest hits could come to Mont Belvieu, TX, the center of NGL storage and fractionation. Today, we discuss how the storm might affect not only storage at the U.S.’s largest NGL hub, but gas-processing activity hundreds of miles inland.

Laura strengthened into a Category 1 hurricane Tuesday morning, and it’s expected to be upgraded to a Category 3, with sustained winds of at least 115 mph, by the time it makes landfall late tonight or early Thursday morning. As of Tuesday evening, the hurricane’s projected landfall is within the area between San Luis Pass, TX (near Galveston), and Morgan City, LA (about 250 miles to the east); it also is expected to batter inland areas like eastern Houston; Beaumont, TX; and Lafayette, LA. As we said in our introduction, that geography includes a lot of significant energy infrastructure, much of which has the potential to be impacted by hurricane-force winds and flooding, and to be affected by interruptions at other facilities they depend on. We’ve been through this before, of course — many times — and we know the drill.