The Rainbow Oil Field

Permits: Kraken Operating currently has two permits for Rainbow-Bakken oilfield:

• 28457, 489, Kraken Operating, Gladys 1-20H, Rainbow, 40 stages; 8 million lbs, t9/14; cum 177K 8/18;
• 21736, 508, Kraken Operating, Stevenson 1-31H, Rainbow, 30 stages; 2.8 million lbs, t5/12; cum 143K 8/18;

The graphic:

Hearing dockets with Kraken / Rainbow-Bakken, case numbers (not permit numbers):

• 26801, Kraken Operating, Ellisville-Bakken, establish two overlapping 2560-acre units; one well each, Williams County
• 26802, Kraken Operating, Ellisville and/or Rainbow-Bakken, establish an overlapping 2560-acre unit; one well; Williams
• 26803, Kraken Operating, Rainbow-Bakken, establish an overlapping 2560-acre unit; one well, Williams County

Other posts mentioning Kraken / Rainbow-Bakken (not all inclusive):

• Samson Oil & Gas, 2013
• Samson Oil & Gas, 2015
• CLR, 2016
• CLR, 2016

Consolidating Bakken Links From Last Week -- October 14, 2018

A reader noted that I may have missed reporting some new permits last week (if so, it was because I was traveling). I was thrilled the reader notified me. I think this may be the best way to do this; provide links of recent Bakken posts. I did this quickly. If the links are incorrect, I will correct them later.

Because I was traveling, my Bakken updates may have gotten a bit out of order. Here are recent posts regarding the Bakken:

• wells coming off the confidential list this next week;
• results of wells coming off the confidential list this past week (at the linked site, scroll down);
• new permits; daily activity reports for the last two days of this week, Thursday and Friday;
• new permits, daily activity report for Wednesday, last week, down below;
• new permits, daily activity report for Tuesday, last week; 
• new permits, daily activity report for Monday, last week; there were eight new permits for two operators -- I just updated where those two 4-well pads will be placed;
• Director's Cut, August, 2018, data;
• top stories for the past week, week 41;

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Daily activity report for Wednesday, October 10, 2018, did not get posted. Here is that data:

Six new permits, Wednesday, October 10, 2018:

• Operators: Liberty Resources (3); Oasis Petroleum (3)
• Fields: Northwest McGregor (Williams); Squires (Williams)
• Comments: Oasis has permits for a 3-well Bobby pad in lot 1, section 2-155-102; and, Liberty Resources has permits for a 3-well McGinnity E pad in lot 1, section 6-158-95;

Six permits renewed, Wednesday, October 10, 2018:

• EOG (3): three Burke permits in Mountrail County
• Petro-Hunt: three Clark Griswold Federal permits in McKenzie County

One producing well (a DUC) reported as completed:

• 24234, 1,335, Enerplus, Hyena 149-93-30A-31H-TF, Mandaree, t9/18; bcum --

Chevron Quits Norway -- I'll Be Missing You -- October 14, 2018

From Bloomberg via Rigzone:

Chevron Corp. is selling its last remaining oil exploration license in Norway, putting it one step closer to a full retreat from the aging North Sea basin as the U.S. major seeks higher returns elsewhere.

Chevron’s activity off Norway has been limited for years, but the decision to relinquish its last asset there again shows its reluctance to bet on mature regions such as northern Europe. The company is seeking to sell most of its U.K. fields -- it agreed to divest its stake in the Rosebank project to Equinor ASA [Statoil] last week -- and offloaded its only asset in Denmark in September.

Now Chevron has agreed to transfer its 20 percent stake in the PL859 license in the Barents Sea, off Norway’s northern tip, to DNO ASA. The deal, first reported by Upstream, “implies that Chevron Norge AS shuts down its operations in Norway and leaves the Norwegian shelf permanently,” the ministry said in the letter.

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I'll Be Missing You

From the official Norwegian chart list: reached number one in Norway on July 14, 1997, and stayed there for ten weeks.

I'll Be Missing You, Puff Daddy featuring Faith Evans and 112

Russia Natural Gas Discovery -- 11 TCF -- Arctic LNG -- October 14, 2018

This is a huge story, on several levels. It was reported under the Obama administration that the US would relinquish oil and gas reserves in the Arctic to Russia and five other countries. The US would not participate in Arctic exploration under President Obama.

It is now being reported that Russia has made an important Arctic discovery. 

See this post from August 5, 2018: US remains the "natural gas king."

October 8, 2019: new USGS assessment sets new records. 

Highlights from that post:

Reserves:

• Middle East: 2.8 quadrillion cubic feet = 2,080 trillion cubic feet (quadrillion is 10^15; trillion is 10^12)
• US: 309 trillion cubic feet (but see below)

I've long lost the bubble on global natural gas reserves (and I'm sure the reserves are currently way under-estimated) but back in 2016, this post:

Disclaimer: I often make simple arithmetic errors. Numbers rounded. Natural gas reserves according to BP/wiki, 2013 - 2014 (US estimate as of December 2013). Top five countries:

Russia: 6,000 trillion cubic feet

add another 11 TCF from the Arctic discovery announcement, 2018

Iran: 1,000 trillion cubic feet

Qatar: 900 trillion cubic feet

Turkmenistan: 600 trillion cubic feet

US: 350 trillion cubic feet

see first comment: add another 11 TCF from Pennsylvania alone in 2019

#11: Australia: 152 trillion cubic feet (as of January, 2014). (See this post.) 

Pakistan: 10,000 trillion cubic feet (highly unlikely, something tells me we are mixing apples and oranges, reserves vs technically recoverable

Now, today, this from the Rigzone staff: Russia makes 11 TCF natural gas discovery. Link here.

PJSC Novatek has announced the discovery of a new gas field in the Ob Bay area, which is estimated to hold natural gas reserves of more than 11 trillion cubic feet. The discovery was made via an exploration well in the North-Obsk license area.

“The discovery of a new field is an important starting point for the start of one of our future Arctic LNG projects,” Leonid Mikhelson, chairman of the board of Novatek, said in a company statement posted on Novatek’s website, which was translated into English.

Now, let's go back and re-run the numbers that were posted earlier:

• that recent huge Mediterranean natural gas find: 30 trillion cubic feet
• Barnett, revised USGS figures: 53 trillion cubic feet
• Utica, newly revised figures: 782 trillion cubic feet; USGS official figure: 117 TCF, September, 2019
• Marcellus, EIA revised estimates: 65 trillion cubic feet, "proved" reserves; revised to 84 - 97 in 2019;
• Bakken/Three Forks, USGS estimate: 7 trillion cubic feet (2013 estimate)
• Qatar: 800 trillion cubic feet, wiki, conversion
• Mozambique, from the story above (see link above): 85 trillion cubic feet

Idle Rambling On A Sunday Afternoon -- Nothing About The Bakken -- October 14, 2018

Fun with photos.

At this site, scroll down to "Tower Arch 360."

At that photograph, in the lower left-hand corner, you can move the "marker" to zoom in / zoom out of the photograph. But even more fun, to the far left in the lower left-hand corner is a spherical icon with an arrow on the equator: click on that arrow and watch the panoramic view of the tower arch.

Lots of fun.

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Not So Much Fun

Tesla bonds. If there was a question the other day whether Tesla bonds were at an all-time low, it is no longer a question now. Clearly, Tesla bonds at an all-time low:

Portland. "Law and order march": no law, no order, no march. A bloody brawl.

Saudi Arabia: threatens "sanctions" if anyone takes action against the Saudi family for the alleged murder of journalist Jamal Khashoggi. It will be interesting if Scott Adams offers any advice to the Saudis regarding "persuasion." I think the Saudis would have been better off by offering to help with the investigation; round up the usual suspects; clear the royal family of any wrong-doing; and, then set up a multi-billion-dollar fund for journalists around the world, for health care and retirement.

Saudi Arabia: Vision 2030 -- Saudi Aramco IPO -- petrochemical behemoth -- down the tubes?

Honduran march: if this all works out, hundreds of Hondurans will hit the US southern border during the week leading up to the US mid-term elections. I think the Roberto (pro "open borders") and Ted Cruz (pro "law and order") -- Texas US Senate race -- debate -- their last debate -- is scheduled this week. I'm hoping the network that covers the debate has a split screen with Beto's call for "open borders" on the left, and the Honduran march on the right.

Iran sanctions: I thought sanctions had already gone into effect, but Oilprice.com is reporting that "in less than a month, US energy sanctions will come into effect, and Tehran is desperately looking for a solution to move its oil." Wow, things move slowly in the world of diplomacy.

Wishes she could take that back: Hillary defends Weinstein; doesn't understand definition of abuse of power. DOD does not accept this, either. From Fox News reporting on Hillary's interview with CBS today:

Hillary Clinton, who went on to be elected to the Senate and served as President Obama’s secretary of state, said the relationship [between President Clinton and the intern] was not an abuse of power because Lewinsky “was an adult.” At the time of the affair, Lewinsky was 22.