Premium Oil Development Acreage Continues To Expand In North Dakota -- Tier 3 Becoming Tier 1 -- April 1, 2022

NDIC: premium oil development acreage continues to expand in North Dakota -- March 29, 2022. Source: pdf.

I was hoping to provide some comments, but I just got too far behind.

"Inside" the pdf is a link to the most recent presentation, or go direct here. 

A reader sent me this yesterday but wanted to get it posted before it "got stale."

I will come back to this later.

Clearing The Decks For Next Week -- April 1, 2022

CLR: Jack Stark entered into Consulting Agreement, steps down effective today as President. Source. I have no idea what this is all about, but the comments at the link might provide more detail. Or not. 

AMLO vs Biden:

• one demands faster action;
• the other does everything he can to slow things down;
• source.

Biden's Surge: I do believe "everyone" agrees that the Biden Surge will have unintended circumstances. Source. The Biden Surge is tracked here.

The executive order: the whole enchilada. 

SPR: one giant spread trade. We actually talked about this on the blog earlier. The link is to Reuters. And here, also. Most interesting: we talked about this earlier when we mentioned backwardation vs contango.

Fun fact: there's still Iranian crude oil in the SPR caverns. Source. If you look at the graphic at this post, it makes sense.

Russian oil production: already signs of a decline. Source. 

The myth of spare capacity:

• OPEC March, 2022, oil output rises a paltry 90,000 bopd month/month to 28.54 million bpd
• OPEC states' compliance with OPEC+ output cut pledges rises to 151% in March from 136% in February
• it's almost like OPEC is running out of spare oil apacity;
• OPEC+ spare capacity is insufficient;
• if anyone thinks OPEC is complying by 150+% out of the goodness of their hearts, I have a bridge to sell you.
• source.

Capitalization: source.

OPEC: to use Rystad, WoodMac data instead of IEA. Source. 

Expanding LNG and renewables: Sempra and Total. Source.

Breaking: Olivia's Soccer Team Advances -- April 1, 2022

Texas High School Girls Soccer State Playoffs and Championship

Soccer 5A, Regions 1 & 2

Quarterfinals, left-side bracket

Grapevine, TX defeats Wichita Falls, 2 - 0. 

If Grapevine reaches the championship game, the championship game for region 1 and region 2 will be the sixth and penultimate game in this series of playoff and championship.

This was the third game of six region 1 and region 2 for Olivia's team.

Next game: regional semi-finals.

Then: regional finals for region 1 and region 2.

Sixth game: region 1 vs region 2 to determine the team that will play winner of regions 3 & 4 to go to final game and state championship.

Meanwhile, Soccer 5A, Regions 3 & 4 are competing in the same manner.

The seventh game: the winner of Regions 1 & 2 will play the winner of Regions 3 & 4 for the state championship. However, I don’t think there is actually a seventh game. If not, there are two 5A state champions.

Week 13: March 27, 2022 -- April 2, 2022

Top story of the week:

• Joe Biden is still president.
• Will Smith resigns from Hollywood's Screen Actors Guild.
  

Top international non-energy story:

• Putin's War enters fifth week.
• Biden calls for regime change in Moscow. 
  
• Saudi Arabia's foreign exchange reserves continues to fall.  
• Shanghai locked down for four days; Covid-19; price of oil slumps.
  

Top international energy story:

• Biden's Surge, SPR release, supported by nation's around the world.
• Myth of spare capacity exposed. 
  

Top national non-energy story:

• US markets: 1Q22 -- first "losing" quarter in two years.
• California votes reparations for African-Americans.
  

Top national energy story:

• Biden announces SPR release of one million bbls per day for six months. All SPR release posts will be followed here. 
• ISO NE: trending toward $1,000 / MWh.  
• ConEd will rollback supply charges.
  
• Gasoline demand not growing.
  

Top North Dakota non-energy story:

Top North Dakota energy story:

• Hydrogen hub, introduction.

Geoff Simon's top North Dakota energy stories:

• Quick connects.

Operators:

• Jack Stark steps down, effectively, as president, CLR.

Operations:

• Observations regarding wells coming off confidential list this past week.

Wells:

Fracking:

Natural gas:

Pipelines:

• FERC reverses itself; will start approving pipelines. And, here.
  

Bakken economy:

Commentary:

• Premium oil development acreage continues to expand in North Dakota.
• ESG is dead.
• Energy transition is over.

Three New Permits; Ten Permits Renewed; And One DUC Reported As Completed -- April 1, 2022

Active rigs:

$99.27	4/1/2022	04/01/2021	04/01/2020	04/01/2019	04/01/2018
Active Rigs	34	13	43	65	60

Three new permits, #38864 - #38866, inclusive:

• Operator: Liberty Resources
• Field: Enget Lake (Mountrail)
• Comments: 
• Liberty Resources has permits for three CA S wells in SESE 20-158-93; 
• to be sited between 310 FSL and 380 FSL and 250 FEL;
  

Ten permits renewed:

• Enerplus: Zebra, Warthog, Elephant, Meerkat, Aardwolf, Fossa, Gazelle, Lemur, Sturgeon and Salmon, all in Dunn County, all in SWNE 3-148-94;

One producing well (DUC) reported as completed:

• 36641, 3,675, Hess, BL-S Ramberg -155-95-0601H-6, Beaver Lodge, first production, 2/22; t--; cum 11K after 15 days; there are four BL-S Ramberg wells on that pad; this is the first to report;