Despite the IEA's forecasts of weaker oil demand, the WTI soared past the $90 mark for the first time in more than a month on Tuesday. Crude gained $2.02 to settle at $90.21 a barrel on the New York Mercantile Exchange. The intraday range for light, sweet crude was $87.81 to $90.52 a barrel.Yup.
The Paris-based International Energy Agency cut its global oil demand by 200,000 barrels a day for 2011 and by 400,000 barrels a day for 2012.
Tuesday, September 13, 2011
Oil Surges to 5-Week High
Size of the New Baker Huges Building in Williston? -- Bakken, North Dakota, USA
100,000 square feet for the industrial portion.
50,000 square feet for the office building.
Photo here.
50,000 square feet for the office building.
Photo here.
NASCAR To Be "Televised" On the Net -- Obviously Not a Bakken Story
Don alerted me to this: 9 of 10 NASCAR "Sprint to the Finish" races will be available on the internet.
For those who have followed the Bakken but not paid much attention to reality entertainment like NASCAR racing, here's a bit of a primer:
NASCAR Coach Reveals Winning Strategy: 'Drive Fast'
For those who have followed the Bakken but not paid much attention to reality entertainment like NASCAR racing, here's a bit of a primer:
NASCAR Coach Reveals Winning Strategy: 'Drive Fast'
When the Bakken Drilling Quits (Thirty Years From Now), They Can Always Go Back to the Madison -- North Dakota, USA
Elsewhere, "AmericanOilND" asked for past six months production for well #2836. As noted, that Madison well has produced almost 2 million bbls of oil (and easily over 2 million when adding in the natural gas produced)
That got me to wondering. It is the general consensus that the EUR of the average Bakken well will be 603,000 bbls, producing from 25 to 35 years.
I was curious how the other Madison wells did in the Clear Creek oil field, now that most of the wells drilled in 1961 time period are now permanently abandoned. Here are the results (file number, status, cumulative oil as of this month's NDIC report):
The clunkers pull the average way down, but let's say you had a formation that had not clunkers, e.g., the Bakken. One can easily see where this exercise leads. The average Bakken well might have a EUR of 603,000 bbls, but can you imagine how good the good wells are going to be to pull the average up to account for the poorer wells?
That got me to wondering. It is the general consensus that the EUR of the average Bakken well will be 603,000 bbls, producing from 25 to 35 years.
I was curious how the other Madison wells did in the Clear Creek oil field, now that most of the wells drilled in 1961 time period are now permanently abandoned. Here are the results (file number, status, cumulative oil as of this month's NDIC report):
- 2850 pa 71K bbls
- 2882 dry
- 5955 dry
- 2764 a 76K bbls
- 2836 a 1,949,817 bbls
- 2893 pa 37K bbls
- 2903 pa 538,643 bbls
- 2944 pa 461,411 bbls
- 2737 a 965,968 bbls
- 2763 pa 1,040,609 bbls
- 2787 pa 1,242,603 bbls
- 2252 pa 463,594 bbls
- 2365 pa 356,535 bbls
- 2593 pa 399,342 bbls
- 2594 pa dry
- 2982 pa 19K bbls
- 2144 pa 613,246 bbls
- 2797 pa 288,801 bbls
- 2726 pa120,833 bbls
The clunkers pull the average way down, but let's say you had a formation that had not clunkers, e.g., the Bakken. One can easily see where this exercise leads. The average Bakken well might have a EUR of 603,000 bbls, but can you imagine how good the good wells are going to be to pull the average up to account for the poorer wells?
2836: Almost 2 Million Barrels of Oil Since 1961 -- Still Producing; A Madison Well
Elsewhere, "AmericanOilND" asked for past six months production for well #2836. This is the production. See below table for background.
This is another good example of why oil companies are excited about the Bakken, and why I remain inappropriately exuberant about the oil industry in western North Dakota.
File # 2836 is a Madison well:
NDIC File No: 2836 API No: 33-053-00479-00-00 CTB No: 401995
Well Type: OG Well Status: A Status Date: 3/16/1961 Wellbore type: Vertical
Location: SWSE 23-152-96 Footages: 510 FSL 1980 FEL Latitude: 47.964485 Longitude: -102.9274
Current Operator: PETRO-HUNT, L.L.C.
Current Well Name: CCMU 04
Elevation(s): 2421 KB Total Depth: 9306 Field: CLEAR CREEK
Spud Date(s): 2/6/1961
Casing String(s): 9.625" 622' 5.5" 9243'
Completion Data
Pool: MADISON Perfs: 9243-9306 Comp: 3/16/1961 Status: AL Date: 3/16/1961 Spacing: U
Cumulative Production Data
Pool: MADISON Cum Oil: 1949817 Cum MCF Gas: 1845365 Cum Water: 1397987
Production Test Data
IP Test Date: 3/16/1961 Pool: MADISON IP Oil: 463 IP MCF: 751 IP Water: 0
For newbies, how to read the above:
The pool: a Madison well. The Madison is one of the legacy formations in North Dakota. It is one of the formations that has been reliably producing since oil was discovered in 1961.
Spud date: they started drilling 2/6/1961
Oil field: the Williston Basin is made up of hundreds of administratively apportioned oil fields; the Clear Creek field is one of them.
Note the cumulative water: 1.4 million bbls. There is generally not a lot of water associated with a Madison well, so this suggests that they are using water injection: pushing large amounts of water into the well to force the oil out; the water will come back up with the oil and have to be trucked away for disposal.
Natural gas: this well has also produced about 1.8 million thousand cubic feet of gas. The "M" in "MCF" stands for "thousand). A "thousand million" is a billion, so in this case it has produced about 1.8 billion cubic feet of gas. The conversion rate for "barrels of oil equivalent" for natural gas is about 6,000. Dividing 1.8 billion by 6,000, one gets: 300,000 barrels of oil equivalent, a not inconsequential amount if natural gas brought a decent price, which it doesn't.
Status: "AL" means "artificial lift" -- a pump.
Two million bbls of oil and this well is still pumping. It has met the criteria for a stripper well, and if granted that status, is granted a significant tax break. State taxes are essentially cut in half when a well is deemed a "stripper" well.
And on top of all this, Clear Creek is a great Bakken field, also.
| MADISON | 7-2011 | 31 | 372 | 364 | 4841 | 0 | 0 | 0 |
| MADISON | 6-2011 | 30 | 258 | 282 | 5574 | 177 | 177 | 0 |
| MADISON | 5-2011 | 25 | 199 | 154 | 4422 | 643 | 643 | 0 |
| MADISON | 4-2011 | 24 | 271 | 267 | 3591 | 650 | 650 | 0 |
| MADISON | 3-2011 | 23 | 201 | 186 | 3811 | 549 | 549 | 0 |
| MADISON | 2-2011 | 26 | 139 | 149 | 4038 | 471 | 471 | 0 |
| MADISON | 1-2011 | 31 | 186 | 223 | 4229 | 645 | 645 | 0 |
| MADISON | 12-2010 | 31 | 358 | 362 | 4939 | 735 | 735 | 0 |
| MADISON | 11-2010 | 30 | 348 | 330 | 400 | 577 | 577 | 0 |
| MADISON | 10-2010 | 31 | 227 | 212 | 4996 | 595 | 595 | 0 |
This is another good example of why oil companies are excited about the Bakken, and why I remain inappropriately exuberant about the oil industry in western North Dakota.
File # 2836 is a Madison well:
NDIC File No: 2836 API No: 33-053-00479-00-00 CTB No: 401995
Well Type: OG Well Status: A Status Date: 3/16/1961 Wellbore type: Vertical
Location: SWSE 23-152-96 Footages: 510 FSL 1980 FEL Latitude: 47.964485 Longitude: -102.9274
Current Operator: PETRO-HUNT, L.L.C.
Current Well Name: CCMU 04
Elevation(s): 2421 KB Total Depth: 9306 Field: CLEAR CREEK
Spud Date(s): 2/6/1961
Casing String(s): 9.625" 622' 5.5" 9243'
Completion Data
Pool: MADISON Perfs: 9243-9306 Comp: 3/16/1961 Status: AL Date: 3/16/1961 Spacing: U
Cumulative Production Data
Pool: MADISON Cum Oil: 1949817 Cum MCF Gas: 1845365 Cum Water: 1397987
Production Test Data
IP Test Date: 3/16/1961 Pool: MADISON IP Oil: 463 IP MCF: 751 IP Water: 0
For newbies, how to read the above:
The pool: a Madison well. The Madison is one of the legacy formations in North Dakota. It is one of the formations that has been reliably producing since oil was discovered in 1961.
Spud date: they started drilling 2/6/1961
Oil field: the Williston Basin is made up of hundreds of administratively apportioned oil fields; the Clear Creek field is one of them.
Note the cumulative water: 1.4 million bbls. There is generally not a lot of water associated with a Madison well, so this suggests that they are using water injection: pushing large amounts of water into the well to force the oil out; the water will come back up with the oil and have to be trucked away for disposal.
Natural gas: this well has also produced about 1.8 million thousand cubic feet of gas. The "M" in "MCF" stands for "thousand). A "thousand million" is a billion, so in this case it has produced about 1.8 billion cubic feet of gas. The conversion rate for "barrels of oil equivalent" for natural gas is about 6,000. Dividing 1.8 billion by 6,000, one gets: 300,000 barrels of oil equivalent, a not inconsequential amount if natural gas brought a decent price, which it doesn't.
Status: "AL" means "artificial lift" -- a pump.
Two million bbls of oil and this well is still pumping. It has met the criteria for a stripper well, and if granted that status, is granted a significant tax break. State taxes are essentially cut in half when a well is deemed a "stripper" well.
And on top of all this, Clear Creek is a great Bakken field, also.
Subscribe to:
Posts (Atom)