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Monday, June 13, 2022

Number Of Active Rigs In North Dakota Drop Significantly; Kraken With Four New Permits -- June 13, 2022

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.

**********************
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

1 comment:

  1. 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.

    ReplyDelete

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