WTI: a dime short of $121.
Spare capacity: it's amazing that this is finally being "accepted" after all these years -- the myth of spare capacity. Another tweet today: the imminent exhaustion of OPEC spare capacity will be a watershed event for the sector, and one that investors must urgently appreciate. From the Financial Post:
Now, owing to too many years of insufficient investment, as the needs of social spending and sovereign revenue dwarfed those of investing in incremental capacity during a multi-year period of low oil prices, OPEC’s spare capacity is set to become exhausted. This imminent reality will be a watershed event and has enormous implications for the oil market that investors must urgently appreciate.
We have for more than a year argued the world was hurtling into an energy crisis of epic proportions that would result in a multi-year bull market for oil. Our bullish thesis had four basic tenets: persistent demand growth for at least the next 10 years, the end of shale hyper-growth in the United States, defined as shale production growth rates that no longer exceed global demand growth, stagnant production growth from the global super-majors resulting from eight years of insufficient investment and, finally, the exhaustion of OPEC’s spare capacity.
If this these is correct, it is not too late to start accumulating shares in fossil fuel energy.
The usual disclaimer holds. This is not an investment site.
Spare capacity, link here:
BP: goes green. Link to Tsvetana Paraskova. BP quits Canada's oil sands. Will concentrate on Canada's eastern play.
BP is divesting its last interest in Canada’s oil sands to Canadian firm Cenovus Energy as part of a portfolio reshaping that will see it buy into an offshore oil project in eastern Canada.
BP has agreed to sell its 50-percent interest in the Sunrise oil sands project in Alberta to Cenovus Energy.
BP’s exit from Canada’s oil sands follows other divestments from one of the most carbon-intensive oil production types, such as the ones that Shell and Equinor have made in recent years, as international oil majors look to lower their emissions profile under intense pressure from investors and campaigners.
As part of its net-zero plan, BP has said its oil and gas production would decline by 40% by 2030 through active portfolio management.
In an earlier note, Cenovus was singled out as one of five top energy plays.
The usual disclaimer applies. This is not an investment site.
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Back to the Bakken
WTI: a dime short of $121.
Active rigs in North Dakota: 35 or thereabouts; NDIC says 37 active rigs; one is drilling a carbon capture well; and one is a SWD well. That makes 35 oil and gas rigs, or thereabouts. Down significantly from 40 active rigs just last week. Most of the change may simply be rigs moving.
Four new permits, #39012 - #39015, inclusive:
- Operator: Kraken
- Field: Lone Tree Lake (Williams)
- Comments:
- Kraken has permits for three new Wilhelm wells and one new Feller,
- to be sited in NENE 16-157-99;
- to be sited 358 FNL and between 1219 FEL and 1318 FEL;
Active rigs: this chart has not been completely updated.
- column 1: date, June 13, 2022 -- current active rigs according to NDIC; is no date, the rig did not show up on the NDIC list
- column 2 and 3: rig, updated per NDIC data
- column 4: operator, updated per NDIC data
- columns 5 and 6: well name and file number not updated
- usual disclaimers apply: typographical and content errors will likely exist
Date |
Rig |
# |
Operator |
Well Name |
File # |
June 13, 2022 |
T&S Drilling |
1 |
Enerplus |
Vixen Federal 7-19-30TFH |
38844 |
|
Noble |
1 |
Kraken |
Raymone 16-21 2H |
38728 |
June 13, 2022 |
Noble |
1 |
IHD Liquids Mgmt |
SWD |
|
|
Nabors B |
1 |
Lime Rock |
Hansen B 18-10-2TFH |
38891 |
|
T&S Drilling |
2 |
CLR |
Bonneville 7-26HSL |
38819 |
June 13, 2022 |
Nabors B |
2 |
BR |
Lone Beaver 1-1-17TFH |
37693 |
June 13, 2022 |
Nabors B |
3 |
Ovintiv |
Kramer..12H |
38241 |
|
Noble |
4 |
CLR |
Brangus FIU 14-11H2 |
37945 |
|
Noble |
4 |
Liberty Resources |
CA S 158-93-21—23-5MBHX |
38864 |
June 13, 2022 |
Nabors B |
5 |
Neset Consulting |
Halite 1 |
38890 |
June 13, 2022 |
Nabors B |
6 |
BR |
Curtis 44-9MBH |
30924 |
June 13, 2022 |
Nabors X |
10 |
Grayson MIll |
Lloyd 34-3 5H |
38816 |
June 13, 2022 |
Nabors B |
13 |
Oasis |
Rey Federal 5201 32-11 3B |
38172 |
June 13, 2022 |
Stoneham |
16 |
Zavanna |
Galloway … 3TFH |
29783 |
|
Stoneham |
17 |
Koda Resources |
Stour 2918-4BH |
38888 |
June 13, 2022 |
Stoneham |
18 |
Liberty Resources |
AZ W 158-93-13-24-2MBH |
38415 |
June 13, 2022 |
Nabors B |
18 |
WPX |
Wounded Face 14-15HB |
38434 |
June 13, 2022 |
Nabors B |
20 |
Iron Oil |
Boxcar 1-4-16H |
37896 |
June 13, 2022 |
Nabors B |
21 |
Crescent Point |
CPEUSC DeFrance .. MBH |
38820 |
June 13, 2022 |
Nabors B |
22 |
Kraken |
Knox LE 16-21 7H |
38872 |
June 13, 2022 |
Nabors X |
24 |
Hess |
EN-Farhart-….1 |
38439 |
June 13, 2022 |
Nabors B |
26 |
Oasis |
Lindvig Beck Federal 5201 12-2 3B |
38528 |
June 13, 2022 |
Nabors B |
27 |
CLR |
Irgens Rexall 9-19HSL 1 |
37291 |
June 13, 2022 |
Nabors X |
27 |
Hess |
GO-Haug-LE-156 … 1 |
38564 |
June 13, 2022 |
Nabors X |
28 |
Hess |
HA-Dahl…1 |
38425 |
June 13, 2022 |
Cyclone |
35 |
Bowline Energy |
Heen 153-104-35-26-4H |
35589 |
June 13, 2022 |
True Drillinig |
37 |
Sinclair |
|
|
June 13, 2022 |
Cyclone |
38 |
CLR |
Bonneville 8-23H |
38783 |
June 13, 2022 |
True Drillinig |
39 |
Enerplus |
Lob 149… |
38693 |
June 13, 2022 |
True. |
40 |
Enerplus |
Embroider 149 … |
38845 |
June 13, 2022 |
H&P |
259 |
EOG |
Rixman 24-8TFH |
38708 |
June 13, 2022 |
H&P |
276 |
Rimrock |
Moccasin Creek 14-11 5TFH |
38183 |
June 13, 2022 |
Patterson |
280 |
Murex |
KC-Dustin David 17-20H MB |
38765 |
June 13, 2022 |
Unit |
414 |
Slawson |
Vixen Federal 6-19-30TFH |
29294 |
June 13, 2022 |
H&P |
429 |
MRO |
Dunford 14-10H |
38790 |
June 13, 2022 |
H&P |
454 |
CLR |
Fuller 3-2H |
38367 |
June 13, 2022 |
H&P |
456 |
CLR |
Medicine Hole 11-27H1 |
38789 |
|
H&P |
492 |
CLR |
LCU Foster FIU 6-28H1 |
38169 |
June 13, 2022 |
H&P |
515 |
Petro-Hunt |
Schultes 159.. SWD |
38933 |
June 13, 2022 |
H&P |
516 |
Ovintiv |
Kramer … 12H |
38245 |
|
H&P |
535 |
Whiting |
Mariah Olson 31-1HR2 |
38879 |
June 13, 2022 |
H&P |
640 |
Hunt |
King 156-90-5-35H 4 |
38803 |
|
Patterson |
806 |
Whitnig |
Littlefield 11-21-2HU |
38856 |
June 13, 2022 |
Patterson |
808 |
Whiting |
Rohde Federal 14-6-3XH |
38739 |
|
Patterson |
811 |
Grayson Mill |
Domaskin 30-31 9H |
36875 |
June 13, 2022 |
Patterson |
901 |
CLR |
Clear Creek …26H2 |
37985 |
The rig count being down is rigs moving as you said. The rig that was drilling carbon capture wells is back to drilling oil wells. It is currently drilling what appears to be a vertical well.
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