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.