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Monday, August 22, 2022

Three New Permits: Two DUCs Reported As Completed; Nine Permits Renewed -- August 22, 2022

Under-investment: people keep talking about "under-investment" in oil over the past twenty years -- then reconcile this -- 

A volatile day in the energy markets. Link here.

Focus on fracking: link here --

  • natural gas price: 14-year high
  • US oil exports at a record high
  • US oil supplies (SPR + commercial): at an 18.5 year low
  • DUCs: at a record low

US SPR: falls to 35-year low. It doesn't matter. Shale is the new SPR.

  • in days supply:
    • US SPR: 21 days or thereabouts
    • US commercial reserves of oil in storage: 26 days
    • shale oil in the ground: four weeks if push comes to shove
      • Permian: largest shale basin in the world
      • Bakken: second largest productive shale basin in the world
      • Powder Horn: developing

COP: US court orders Venezuela to pay COP almost $9 billion for asset seizures. 

  • upheld a World Bank tribunal's $8.75 billion award
  • the original award granted in 2019;
  • interest adds at least $1 billion;

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Back to the Bakken

WTI: $90.23. Saudi's alarm over falling oil prices; gave vocal support for maintaining stability in the oil market (euphemism: keep prices high).

Natural gas: $9.680. Only a matter of time.

Active rigs: 47.

Three new permits, #39182 - #39184, inclusive:

  • Operator: Ragnar Explortation
  • Field: Fryburg (Billings County)
  • Comments:
    • Ragnar has permits for a Danneskjold well; a Dagny well; and a Galt well, in NWNW 28-138-100; SESW 35-139-100; and NENE 28-139-100.

Nine oil and gas permits renewed:

  • Bowline (3): three Sanders permits in McKenzie County;
  • Sinclair (2): two Bighorn permits in Dunn County;
  • BR: a Mancord permit in Dunn County;
  • Zavanna: a King Charles permit in Williams County;
  • Enerplus: a Wallaby permit in McKenzie County;
  • Iron Ore: a Bear Butte permit in McKenzie County;

Two producing wells (DUCs) reported as completed:

  • 38453, 2,185, Slawson, Lightning Federal 3-24-13H, Big Bend, no production data;
  • 38534, 798, Hunt, Quill 145-93-10-3H 3, Lake Ilo, no production data,

Change of operator, from RimRock to WPX:

  • 36479 - 36484, inclusive: six Skunk Creek wells in Dunn County

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