Director's Cut, Part 2, July, 2022 Data

Director's Cuts are tracked here.

July, 2022, data posted. 

Wells offline for operational purposes tracked here. 

North Dakota oil production: still exceeds one million bopd.  A "Goldilocks" oil patch.

Oil:

• July, 2022: 1,069,517 bopd (preliminary)
  
• June, 2022: 1,096,151 (preliminary)  --> 1,096,783 bopd (final)
  
• delta, bopd: -26,634 bopd
  
• delta, percent: down 2.4 percent (NDIC said down 2.5 percent)
  
• revenue forecast: 1.0 million bbls
  

Crude oil price:

• today: $85.50
• July, 2022: $98.12
  
• June, 2022: $111.35
  
• May, 2022: $105.77
  
• April, 2022: $100.16

Gas production:

• July, 2022: 3,102,327 MCF/day (preliminary)
  
• June, 2022: 3,061,082 (preliminary) --> 3,062,778 MCF/day
  
• delta, MCF / day: 41,245 MCF / day
  
• delta, percent: up 1.35%
• gas captured: 94%
• captured: 2,911,420 MCF/day
• 3,145,172 MCF/day all-time high production, November, 2019
• 2,911,420 MCF/day NEW all-time high capture, July, 2022
  

Pet Peeve -- When Writers Don't Put Things Into Perspective -- Thanks To A Reader For Catching This -- September 23, 2022

A reader, thank you, pointed this out.

Link here.

From ZeroHedge:

The Ghasha concession is the world’s largest offshore sour gas development, comprising not just the Ghasha field itself but also the Hail, Hair Dalma, Satah, Bu Haseer, Nasr, SARB, Shuwaihat, and Mubarraz fields as well. 

First production from it had been expected to begin in 2025, with the target being the production of at least 1.5 billion cubic feet per day (bcf/d) of gas by 2030. 

Eni is the holder of the largest foreign share of the ADNOC-led project, with a 25 percent stake, followed by Germany’s Wintershall Dea (10 percent), Austria’s OMV (5 percent), and Russia’s Lukoil (5 percent).

From recent "Director's Cut," the Bakken, North Dakota. Correct me if I'm wrong but isn't 3,061,082 MCF/day = 3.061 Bcf/d or double the production from the UAE field noted above -- the world's largset offshore sour gas development project? And that initiative doesn't hit "at least 1.5 billion cubic feet per day until eight years from now.

And, oh, by the way, the Bakken as a natural gas play must be one of the smallest natural gas plays in the US. 

ZeroHedge would have a whole lot more credibility if its writer(s) would put things in perspective. 

It's too bad we don't have a president who would like to make America great again. Can you imagine a Biden-photo-op in Williston, at the corner of Broadway and Main. By the way, plenty of opportunities to get great ice cream in Williston.

Natural Gas -- September 23, 2022

Uh-oh: link here. But CNBC is only now beginning to figure this out? For many folks, they will be lucky if it's "only" 60 percent more.

************************************
ISO NE

Link here.

Holy mackerel. The wind is cooperating this morning. 

And, yet, rates are still fairly high considering "wind is free."

 

ISO NE -- September 23, 2022

Link here.

Holy mackerel. The wind is cooperating this morning. 

And, yet, rates are still fairly high considering "wind is free."

 

TGIF -- Hard To Believe It's Already Friday -- September 23, 2022

Texas sports: last night I watched a local club baseball team practice. Incredible:

• this was "club" baseball
• players were eleven years old; they all turn eleven this year 
• referred to as the "11's" -- must have birth date in 2011
• some years ago, "club" sports in Texas switched to year of birth, rather than grade in school to determine team level (if that makes sense)
  
• young men begin "club" baseball about the age of eight (?)
• team will stick together through seventeen (?) years of age
• coaches will stay with the team until the team disbands seven years from now, and then the coaches will start with a new team
• coaches might be involved with more than one team, but different age groups
• this team had four coaches; three male, one female
• two of the coaches played professional baseball
• one coach has a son currently playing professional baseball on the west coast
• the female coach is on the coaching staff for the Houston Astros, who by the way, will win the American League West this year
• there are eleven young men on the team
• each player much pitch
• two players are catchers
• everyone of these players aspire to be professional baseball players, no doubt
  

Texas sports:

• "club" baseball as described above is the same format as "club" soccer
• our high school junior plays both high school soccer and "club" soccer

Boston Celtics:

• Ime Udoka
• I'm obviously wrong on this issue, but private, personal relationships bother me not
• we go through life but once; many twists and turns;
• who are we to judge?
• lots of hypocrisy out there
• Robert Sarver "contamination" 
• it might be interesting to get Phil Jackson's take on this, or that of Jeanie Buss?
  

Brett Favre:

• saved by Ime Udoka, Robert Sarver
  

Lynch mobs, 2020s:

• Social media

Golf:

• haven't seen Phil, Bryson on television in months, perhaps almost two years (?);
• PGA has gotten a whole lot better

NFL TNF:

• agree completely;
  

Pet peeves:

• ad campaigns in which advertiser has only one ad which is played over and over
• not enough money to make three or four different ads?
• there's a reason Progressive, Nationwide, Geico are so well-liked (?);
• obnoxious commercials, and there are lots of them;
• there's a reason Progressive, Nationwide, Geico are so well-liked (?);
• Domino's Pizza current ad is particularly obnoxious
• we've already mentioned Lizzo and Instacart; 

Music:

• "best" lists are a dime a dozen
• we all enjoy them
• this list loses all credibility when Fleetwood Mac (coming in at #2) beats out two Beatles albums on the list
• just as bad: only two Beatles albums on the list of 100
• I've always felt -- and so have many others -- Ringo was the key to the Beatles' success
• I always felt that but Sina nailed it, cemented  it.
• I was reminded again, how great Ringo was, by listening to Abbey Road yesterday
• I like to think that I'm not much of a Beatles fan ... until I listen again to their four best albums -- my list of 100 best albums of all time? The Beatles would occupy positions #1 - #4, and perhaps #5.
• if CCR "best" is not on a list of 100 best albums, the list is bogus

*********************************
Back to the Bakken

The Far Side: link here.

One of the best things about the Bakken: surprises. 

ND Legacy Fund: September deposits posted.

WTI: not gonna look

Natural gas: not gonna look

Active rigs: 47.

Monday, September 26, 2022: 42 for the month, 92 for the quarter, 431 for the year
None.

Sunday, September 25, 2022: 42 for the month, 92 for the quarter, 431 for the year
38184, conf, Rimrock, Moccasin Creek 14-11 6H,
38720, conf, Ovintiv, Calhoun 149-98-3-10-5H,
37943, conf, Bowline, Missouri W 152-103-4-9-8H,
37942, conf, Bowline, Missouri W 152-103-4-9-7H,

Saturday, September 24, 2022: 38 for the month, 88 for the quarter, 427 for the year
38721, conf, Ovintiv, Calhoun 149-98-3-10-12H,
38183, conf, Rimrock, Moccasin Creek 14-11 5TFH,

Friday, September 23, 2022: 36 for the month, 86 for the quarter, 425 for the year
38182, conf, Rimrock, Moccasin Creek 14-11 4H, 

RBN Energy: Enbridge makes a major investment in Canada's Woodfibre LNG. Archived.

There finally seems to be some momentum building for additional LNG export projects on Canada’s West Coast. Major pipeline and midstream operator Enbridge announced in late July that it was making an investment in Woodfibre LNG, a smaller-scale export project that has already come a long way in terms of approvals, pipeline connections, locking up gas supplies, and initial financing. With the Enbridge announcement — and the financial and technical clout the company brings to the table — it is now very likely that the project will make a final investment decision (FID) before the end of the year and be exporting LNG by 2027. In today’s blog, we take a detailed look at Woodfibre LNG.

Global LNG markets continue to be roiled by the European energy crisis. The continent looks to be in for what could be a very tough heating season (see Beyond the Sea) as Russia has cut its pipeline gas supplies to a mere trickle and might reduce them to zero in the near future. Gas-use restrictions and other measures are being bandied about daily in Europe as a way to ensure there is enough gas to get through the coming heating season, which is now only weeks away.