Friday, September 28, 2018

This Would Have Been The Perfect "Oil Story" Except It Didn't Mention: The Bakken; Killed Pipeline Projects; Iowa, Nebraska; Obama; Tom Steyer; Or Ford Pick-Up Trucks -- September 28, 2018

Article at The Hill here.
Brent oil, the world standard, relentlessly climbed from a low of $30 per barrel early in 2016 to above $80 per barrel today. A year ago, when Brent was around $55 barrel, some pundits foresaw a return to the 2016 lows; others saw the price languishing in the $50-$60 per barrel range.
Bearish forecasts reflected a tepid outlook for the world economy and expectations of fracking on an ever-larger scale coupled with new finds from deep-water drilling. Few observers reckoned that Brent might again exceed $100 per barrel, as it did between 2011 and 2014, or even reach $80.
Several factors combined to upset these bearish forecasts. On the demand side, massive tax cuts, taking effect in 2018, sparked the U.S. economy with global spillovers. Meanwhile, easy monetary policy in all advanced countries further promoted global growth.
On the supply side, the fracking rig count dropped dramatically when oil prices plunged in 2015 and has recovered only slowly since then. Fracking makes a much larger contribution to natural gas than to oil supply.
U.S. oil production continues to grow, but at a modest pace. Meanwhile, the major oil producers have been cautious about betting $3 billion or more on deep-water drilling off the coast of Brazil or Africa.
President Trump’s renewed sanctions may reduce Iranian oil exports by as much as 1 million barrels a day as European buyers reluctantly cut their purchases. This shock gives Russia and Saudi Arabia even stronger control of world oil supply.
The writer could have saved a lot of time had he just written, "it's all Trump's fault."
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Production Update For XTO's Huge Sand Creek Well -- September 28, 2018

See original post and graphic here. It just went off line in the middle of 6/18 and is still off line (7/18).

The well:
  • 19889, 1,678, XTO, Sand Creek 21-10SH, Sand Creek, 12 stages; 2.3 million lbs, t5/11; cum 574K 7/18; not re-fracked;
Recent production:
BAKKEN6-201730985010222449326365256630
BAKKEN5-2017311312212998592534545290324764
BAKKEN4-2017301548815278660741392406680
BAKKEN3-201731196671975173234680245673286
BAKKEN2-2017282154321665731745983452200
BAKKEN1-2017282162221911813541702409940
BAKKEN12-201622173481710851473407032848486
BAKKEN11-20163021723217611030942107392882010
BAKKEN10-201631295172936812447549104306011010
BAKKEN9-201627271972711511042476203154515717
BAKKEN8-20163128192280741083453086511581737
BAKKEN7-20162422225222571725235045250109907
BAKKEN6-20160000000
BAKKEN5-2016174440100
BAKKEN4-2016292595227539537602758295
BAKKEN3-2016312821292144536412512282
BAKKEN2-2016182617248097386316531718
BAKKEN1-20160000000
BAKKEN12-20156158463802607521
BAKKEN11-201530992677171793519454
BAKKEN10-2015311094876951659544271

Initial production:
BAKKEN12-201131102259968160719397019397
BAKKEN11-2011301038810463139620170020170
BAKKEN10-2011101180512016412128294628288
BAKKEN9-20113098129782116715754194613808
BAKKEN8-2011311275612812172921484376917715
BAKKEN7-2011311345113051196922463780314660
BAKKEN6-2011301545415441231422342715015192
BAKKEN5-2011291610316173353119006877010236
BAKKEN4-20112214237494996326803268
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Completion Data For MRO Wells In Reunion Bay -- September 28, 2018

Earlier, I posted this note:
  • August 15, 2018: completed DUCs with huge IPs (33550, 5,898; 33549, 5,284; 32012, 7,151; 33562, 4,882). In a couple of months check frack data. 
  • 33549, middle Bakken, 45 stages; 8.6 million lbs;
  • 33550, Three Forks B1, 45 stages; 6.6 million lbs;
  • 32012, Three Forks B1, 45 stages; 6.5 million lbs;
  • 33562, middle Bakken, 45 stages; 6.6 million lbs;
 
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Kind Of Hard To Believe I Haven't Posted This One Before -- Equinor's Vachal Wells In Alger Oil Field -- September 28, 2018

The well:
The graphic:


The other wells in the graphic:
  • 31039, 1,145, Equinor (Statoil), Vachal 3-34F XW 1H, Alger, t1/17; cum 310K 12/20;
  • 22929, 1,898, Equinor (Statoil), Vachal 3-34 2TFH, Alger, t12/12; cum 222K 12/20;
  • 31038, 1,136, Equinor (Statoil), Vachal 3-34 7H, Alger, t1/17; cum 267K 12/20;
  • 31037, 785, Equinor (Statoil), Vachal 3-34 8TFH, Alger, t1/17; cum 234K 12/20;
  • 19764, see above
  • 22380, 2,209, Equinor (Statoil), Vachal 3-34 3H, Alger, t10/12; cum 222K 12/20;
  • 22381, 2,343, Equinor (Statoil), Vachal 3-34 4TFH, Alger, t1/16; cum 272K 12/20;
  • 31033, 1,909, Equinor (Statoil), Vachal 3-34 5TFH, Alger, t1/17; cum 279K 12/20;
  • 31034, 2,703, Equinor (Statoil), Vachal 3-34 6H, Alger, t1/17; cum 329K 12/20;
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Random Look At A Huge Well -- SHD's Golden Well I Deep Water Creek Bay -- #19296

I need to get a life, LOL. I love exploring the Bakken vicariously. Tonight this one, a spectacular well:

The well:
19296, 2,388, SHD Oil & Gas, LLC, Golden 22-31H, Deep Water Creek Bay, Three Forks Bench 1, 62 stages; 15.3 million lbs, TD = 27,141 feet; seam 215 feet thick (top of TF to top of Nisku); target zone = 10 feet thick; gas maxed out gas equipment at 9,998 units; t3/15; cum 660K 7/18;
For newbies: look at that. This was drilled back in 2015, fairly old by Bakken standards -- there wasn't much activity in this area when this well was drilled and there still isn't much activity.

Imagine: drilling down vertically almost two miles to target a seam 10 feet thick, and then drilling through that seam for two more miles horizontally.

And then look at the natural gas over-pressurization: natural gas maxed out the company's monitoring device at 9,998 units -- that must have been an exciting moment -- one wonders if the roughnecks were thinking about their emergency procedures ....

For newbies: also note that this is a Three Forks first bench well -- and it has not been re-fracked or affected by any newer well nearby.

Full production profile at this post. An incredible well including 50,000 bbls of crude oil in one month early on.

Recent:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN7-2018266898707910104560505605
BAKKEN6-2018308904929112917689206892
BAKKEN5-201831109751097015604699406994
BAKKEN4-201810429538985803182501825
BAKKEN3-201823244224606663275002750
BAKKEN2-2018284462461610989630906309
BAKKEN1-2018309477960012671576305763
BAKKEN12-2017318185807011052569005690
BAKKEN11-20173092679473698212054012054
BAKKEN10-201731106551050113754818108181

Initial production, note the dreaded Bakken decline:
BAKKEN1-20163120664203703023310665010665
BAKKEN12-20153120810205233934613444013444
BAKKEN11-20153022221221663620416791016791
BAKKEN10-20153121570214203090116005016005
BAKKEN9-20152913597137312773810789010789
BAKKEN8-20153117615172371247435799035799
BAKKEN7-20153118846184162925013299013299
BAKKEN6-201530214522059729348146377612971
BAKKEN5-2015312754527019403071761015838129
BAKKEN4-20153030953298964622621505167763139
BAKKEN3-20153150914483486872839880218936048
BAKKEN2-20152330105295027034623000023000

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