Tuesday, August 22, 2023

Koda Resources With Three New Permits; WPX Cancels Six Skunk Creek Permits -- August 22, 2023

Locator: 45451B.

Is anyone doing the math? This has been going on for quite some time. Link here.

  • global oil production (liquids to include lease condensate and NGLs)
    • 2022: 93.8 billion bpd (just sort of the 2019 record)
    • 2021: 90 million bopd
    • 2019: 94.8 million bod (all-time high)
  • global oil consumption:
    • 2022: 97.3 million bpd
    • 2021: 94.2 million bpd
    • 2019: ~ 99.8 millionn bpd (all-time high)
  • Global producers:
    • oil production: US took the lead in 2014 and has led every year since then but one
    • 2022: US oil production just 3.5% short of all-time record set in 2019; 
    • on pace to set new production record this year [despite E&Ps cutting back on CAPEX and drillng]
    • the US enjoys a lead over both Saudi Arabia and Russia but not be much, only a million bpd
    • but when you include NGLs, then the spread is amazing
      • 2022:
      • US: 17.8 million bpd
      • Saudi Arabia: 12.2 million bpd
      • Russia: 11.2 million bpd
  • Global top ten consumers:
    • Germany dropped out of the top-10 list
    • Mexico joined the list at #10

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Back to the Bakken

WTI: $80.35.

Active rigs: 38.

Three new permits, #40147 - #40149, inclusive:

  • Operator: Koda Resources
  • Field: Fertile Valley (Divide County)
  • Comments:
    • Koda Resources has permits for three Amber wells, SESW 14-160-103, 
      • to be sited 500 FSL and between 2220 FWL and 2280 FWL

Six permits canceled:

  • WPX: six Skunk Creek permits, NWSW 10-148-93 and NWNW 24-149-93.

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