Richest man in the world:
- 1999: Bill Gates, $90 billion
- 2007: Bill Gates, $56 billion
- 2017: Bill Gates, $86 billion
- 2021: Elon Musk, $230 billion
Coal: largest US coal miner sees 17% share price surge. Link to Julianne Geiger.
Begs: Resident Biden reportedly "begging" OPEC to increase production. Link to Charles Kennedy.
Eagle Ford: Clariant opens state-of-the-art Eagle Ford technology center. Link here.
Permian: production near pre-covid record numbers. Link to Rigzone.
Oil output in America’s most prolific shale patch is getting closer to levels seen before the pandemic-driven market crash, as crude prices surge.
While total production in the U.S. is still lagging, the Permian Basin of West Texas and New Mexico is increasing output to an average of 4.826 million barrels a day in October.
That’s close to a revised 4.913 million barrel-a-day record set in March 2020, just before the pandemic unleashed widespread demand destruction globally, triggering production shutdowns and bankruptcies across the country.
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Let's Go, Bakken
Pipeline construction begins: North Bakken Expansion Project, northwestern ND -- see this note for full background --
- construction begins
- 250 million cubic feet of natural gas per day from the Bakken formation
- 63 miles
- $260 million
- peak construction will require upwards of 450 people
Active rigs:
| $82.96 | 10/19/2021 | 10/19/2020 | 10/19/2019 | 10/19/2018 | 10/19/2017 |
|---|---|---|---|---|---|
| Active Rigs | 29 | 15 | 61 | 71 | 56 |
Two new permits:
- Operator: MRO
- Field: Bailey (Dunn)
- Comments:
- MRO has permits for a Wilma well and a Greenshields well, both in SESE 9-146-93, one will be sited 404 FSL and 1166 FEL; the other, 404 FSL and 1126 FEL
Eight permits canceled:
- Oasis (5): five Ramirez permits in McKenzie County
- Bowline (Nine Point Energy): a Lee permit in McKenzie County
- SHD: an Epsilon permit in McLean County, section 18-150-91
- EOG: a Ross permit in Mountrail County, section 9-156-92
It's only .25 BCF/d. Much smaller than a typical 1-2 BCF/d transmission pipe. And it gives ZERO out of basin transmission. It's just an interconnect.
ReplyDeleteHelps some gas not get flared, but just by competing off some more Canadian gas off of the fixed out of basin transmission pipes. What is really needed is more interstate longhaul transmission pipes. But our anti infrastructure president won't let them get built. At this point permitting costs more than construction and with real risks of losing all the money spent when projects abandoned. Enjoy those high prices, consumers.
But in any case, your earlier comment that this project is "huge" is wrong. Don't be fooled by simple tricks like 250 million versus .25 BCF.
As noted many times on the blog, I am inappropriately exuberant.
DeleteYeah, I guess you're correct. A $260-million project that will employ upwards of 450 people during construction and go 63 miles is pretty small potatoes. I will have to reset my "are we having fun yet" meter.
Beats what they are doing on the East Coast where they prefer to ban pipelines as you have noted.
OK.
ReplyDeleteAnd yeah they are banning them. But they are banning several $billion, 1-2 BCF/d pipes that give out of basin transmission. I.e. real, important projects. Not like this small potatoes interconnect.
I don't mean to slag you. Love your spirit and have similar biases (am even more pro shale, more gung ho babykiller). And love the music and photos and the kids. And your positive attitude.
But. But this project is not "huge". Realio trulio. Part of life is learning to evaluate things and put them in a context.