One New Permit; Nine Permits Renewed; Two DUCs Reported As Completed -- November 8, 2021

It's on! Cross border traffic along the Canadian border is ... surging. After twenty months of being closed. Let's go, Brandon. 

US equity markets: all three major indices set new records again. Again. I think Bitcoin hit a new record, also. 

Christmas, 2021: all-time records expected. 

Mailbox money: those receiving mailbox money for Bakken minerals should send a note of thanks to the Saudi princes. Larger-than-expected Saudi crude oil price hikes to Asia bullish for all markets. Link here. 

Top oil exporter Saudi Arabia has raised the price differential of its flagship crude to Asia by more than double in December versus November, exceeding market expectations and sending a bullish signal to the global oil market. The sharpler-than-expected price hike comes after OPEC and its allies agreed last week to maintain a production hike of 400,000 bopd for December despite consumers' calls for higher output.

Meanwhile, the Brandon administration is studying whether to cut more oil imports from Canada. Don't ask. But that's bullish for WTI. Let's go, Brandon.

Russian natural gas: still not getting to Germany. 

COP: plans $1.5 billion Norway gas and condensate development. Link to Reuters. Data points:

• Norway's North Sea
• Tommeliten A gas and condensate discovery
• 125 million bbls equivalent
• $1.5 billion / 125 million boe = $12 / boe

******************************
Back to the Bakken

Hiland Pipeline, Epping connector, link at The Williston Herald. Proposed:

• a 2.9 crude oil pipeline on the east / south side of Epping, ND
• $5.4 million
• 8-inch diameter
• capacity:
• max: 62,800 bopd
• daily average: 30,000 bopd
• no new above-ground facilities will be needed
• vs 137 trucks daily (30,000 bopd)
• construction during third quarter to avoid disturbing breeding birds
• reason for posting this: note the current cost of a simple pipeline: close to $2 million / mile

Note: it appears NDIC data base information will not open in Firefox. I am using Safari to access NDIC data.

Active rigs:

$81.99	11/8/2021	11/08/2020	11/08/2019	11/08/2018	11/08/2017
Active Rigs	32	15	54	66	53

One new permit, #38643,

• Operator: Ballard
• Field: Wildcat (Bottineau County)
• Comments:
• Ballard, Small 31-8, NWNE 80159-81,
• the Ballard permit is for a Small well to be sited in NWNE 8-159-81, 660 FNL and 1980 FEL,

Nine permits renewed:

• Enerplus (6): six permits on the Hearty Breakfast pad (Waffle, Sausage, Pancake, Omelet, Ham, Bacon), all in section 9-151-94, McKenzie County -- aka, the Waffle House pad.
  
• NP Resources (3); three McDonald permits in Billings County
  

Two producing wells (DUCs) reported as completed:

• 38190, 695, Ovintiv, Olson 152-96-30-31-6H,
• 38193, 860, Ovintiv, Rolfsrud 152-96-29-32-7HLW,