Bakken Shale News http://bakkenshale.com Bakken Shale News, MarketPlace, Jobs Wed, 16 Apr 2014 22:21:00 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.3 Bakken Production Sets Another Record for Producing Wells – February 2014 http://bakkenshale.com/news/bakken-production-sets-another-record-for-producing-wells-february-2014/ http://bakkenshale.com/news/bakken-production-sets-another-record-for-producing-wells-february-2014/#respond Wed, 16 Apr 2014 22:21:00 +0000 http://bakkenshale.com/?p=5486 Bakken Production Chart - Goldman Sachs

Bakken Production Chart – Goldman Sachs | Click to Enlarge

In February 2014, the number of producing wells in North Dakota reached an all-time record high of 10,186. The information was released in the North Dakota Industrial Commission’s (NDIC) Director’s Cut for Aril 2014. The number of producing wells in North Dakota has risen month over month since the beginning of the year.

Approximately 94% of all oil production in February came from the Bakken and Three forks formation – 892,399 b/d. Another 6% came from legacy conventional pools.

Read more: Bakken Production Sets Another Record – More than 10,000 ND Wells Producing

Weather had the most significant impact on production in January and February. In the month of February alone, there were 18 days with temperatures five or more degrees below normal. Four days were recorded where wind gusts were too high for completion work. During this time frame, Hess’s Tioga natural gas plant expansion plans were delayed; and company officials cited poor weather conditions as the cause. As a result, approximately 100 wells in North Dakota had to be shut-in to reduce flaring. In March, Hess began selling gas from its’ Tioga plant.

Read more: Hess to Begin Selling Bakken Natural Gas from Tioga Plant

NDIC Director Lynn Helms commented, “the drilling rig count was pretty much unchanged from January to February, and the number of well completions was up slightly from 60 to 70. Days from spud to initial production decreased 8 days to 114. Investor confidence appears to be growing. There were still over 100 wells shut in for the Tioga gas plant conversion in an attempt to minimize flaring, but the biggest production impact was still the weather.”

Highlights from the NDIC’s Director’s Cut

  • Jan Oil – 935,126 b/d
  • Feb Oil – 951,340 b/d
  • Feb Oil – 892,399 b/d from the Bakken and Three Forks (94%)
  • Jan Gas – 1,013,142 MCF/day
  • Feb Gas – 1,063,756 MCF/day
  • Jan Producing Wells – 10,114
  • Feb Producing Wells – 10,186 (preliminary)(Record)
  • 7,065 Wells or 69% are now unconventional Bakken – Three forks wells
  • 3,121 wells or 31% produce from legacy conventional pools
  • Jan Permitting – 253 drilling and 0 seismic
  • Feb Permitting – 180 drilling and 5 seismic
  • Mar Permitting – 250 drilling and 2 seismic

Read more at dmr.nd.gov

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Bakken Rig Count – 183 – U.S. Senators Ask for Railway Safety Funding http://bakkenshale.com/drilling-rig-count/bakken-rig-count-183-u-s-senators-ask-for-railway-safety-funding/ http://bakkenshale.com/drilling-rig-count/bakken-rig-count-183-u-s-senators-ask-for-railway-safety-funding/#respond Mon, 14 Apr 2014 15:00:37 +0000 http://bakkenshale.com/?p=5434 Crude Oil Train Passing Mountain

Crude Oil Train | Click to Enlarge

The Bakken-Three Forks rig count remained flat at 183 rigs running by the end of last week. The NDIC notes 190 rigs are active in North Dakota, but around 18 of those are in the process of moving in and rigging up.

In recent news, U.S. Senators appealed to the Senate Appropriations Committee last week for railway safety funding. The requests come on the heels of several incidences, including a December 2013 train collision and derailment in Casselton, ND, that spilled ~950 bbls of Bakken crude oil.

Read moreU.S. Senators Appeal to Senate Appropriations Committee for Railway Safety Funding

The U.S. rig count increased by 13 to 1831 rigs running by the end of last week. A total of 310 rigs are targeting natural gas (6 less than last week) and 1,517 are targeting oil in the U.S. (19 more than last week). The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 185 rigs are running in the Williston Basin across MT, ND, and SD.

Not all rigs counted in our census are drilling for the Bakken, but it’s close. The NDIC estimates 95% or more of activity in this region targets the Bakken and Three Forks formations.

Note: The NDIC reports 190 rigs are active in North Dakota. That is 12 more than Baker Hughes reports in the Bakken area. The difference is likely accounted for in the number of rigs actually working, rigs that might not be serviced by Baker Hughes AND rigs in areas outside of the Bakken fairway. On any given week, a certain number of rigs are in route to the next well location or idle waiting to drill the next well. The NDIC notes that around 18 rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs stayed flat last week . WTI oil prices increased to $103.52/bbl on Friday afternoon. Williston Basin Sweet crude traded at $90.44/bbl on April 11th. The WTI-Brent closed up a bit, settling at ~$4 by the end of last week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading$4.62/mmbtu by the end of last week. A little more than 10% of the production stream from the Bakken and Three Forks is attributable to natural gas and roughly half of that is NGLs.

McKenzie County continues to lead development with 62 rigs running. Dunn, Mountrail, and Williams counties are the only other counties with more than 23 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

  • 168 rigs are drilling horizontal wells
  • 15 rigs are drilling directional wells
  • 0 rigs are drilling vertical wells.

Bakken Oil & Gas News

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts - Daily or Weekly Email Alerts

Bakken Drilling by County


County Previous Week Current Week County Previous Week Current Week
MCKENZIE ND 62 62 DANIELS MT 0 0
MOUNTRAIL ND 36 36 DAWSON MT 0 0
WILLIAMS ND 31 32 FALLON MT 0 0
DUNN ND 24 23 SHERIDAN MT 0 0
DIVIDE ND 8 8 VALLEY MT 0 0
RICHLAND MT 4 4 WIBAUX MT 0 0
STARK ND 4 4 GOLDEN VALLEY ND 0 0
ROOSEVELT MT 3 3 MCLEAN ND 0 0
BILLINGS ND 2 3 MERCER ND 0 0
BOTTINEAU ND 3 3 WARD ND 0 0
BURKE ND 4 3 MCHENRY ND 0 0
RENVILLE ND 2 2

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count and/or Smith Service Co’s (Schlumberger) Smith Rig Count.

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U.S. Energy Corp. and Abraxas Petroleum Provide Bakken Operations Update http://bakkenshale.com/news/u-s-energy-corp-and-abraxas-petroleum-provide-bakken-operations-update/ http://bakkenshale.com/news/u-s-energy-corp-and-abraxas-petroleum-provide-bakken-operations-update/#respond Fri, 11 Apr 2014 15:18:21 +0000 http://bakkenshale.com/?p=5420 U.S. Energy Corp. Rig

U.S. Energy Corp. Rig | Click to Enlarge

U.S. Energy Corp. and Abraxas Petroleum released operational updates this week in the Bakken. The two companies interests are not connected.

U.S. Energy Corp. and Abraxas Petroleum are also active in the Eagle Ford Shale play in South Texas.

 

 

Read moreAbraxas Petroleum Operations Update Reveals Strong Initial Production (IP) Rate for McMullen County Well

Read more: U.S. Energy Corp Provides Operations Update for Buda Limestone Wells

Abraxas Petroleum Williston Basin Operations Update

Abraxas is active in McKenzie County, ND. The company’s Jore 1H, 2H and 4H are scheduled for fracking, following the completion of an Eagle Ford well. Abraxas owns a working interest of 76% in these wells.

On Abraxas’ first Middle Bakken downspacing test, Raven Rig #1 successfully drilled and cased the surface and intermediate sections of the Ravin 6H and Ravin 7H. The company is now drilling the intermediate sections of the Ravin 5H, which will be followed by the intermediate section of the Ravin 4H. Abraxas owns a working interest of 51% in its’ Ravin West pads.

Bob Watson, CEO of Abraxas, said in a company statement,”in the Bakken, weather has abated and we plan to be on location in the coming weeks to frac our three well Jore pad. Drilling continues to run quite smoothly on the Ravin pad. Success on this initial downspacing test obviously carries with it significant reserve and inventory implications for the company.”

U.S. Energy Corp. Williston Basin Operations Update

U.S. Energy Corp. has interests across 84,480 gross (3,225 net) acres in Williams, McKenzie and Mountrail Counties, North Dakota. At the end of 2013, the company had participation in 101 gross (10.7 net) Bakken and Three Forks formation producing wells. Due primarily to weather-related issues in North Dakota, the company’s Williston Basin production decreased by ~24% during the first two months of 2014 to an average of ~ 625 boe/d as compared to 817 boe/d in the fourth-quarter of 2013.

Read more at abraxaspetroleum.com

Read more at usnrg.com

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U.S. Senators Appeal to Senate Appropriations Committee for Railway Safety Funding http://bakkenshale.com/news/us-senators-appeal-to-senate-appropriations-committee-for-railway-safety-funding/ http://bakkenshale.com/news/us-senators-appeal-to-senate-appropriations-committee-for-railway-safety-funding/#respond Wed, 09 Apr 2014 15:00:33 +0000 http://bakkenshale.com/?p=5410 Crude Oil Train Passing Mountain

Crude Oil Train | Click to Enlarge

Approximately 70% of the oil produced in North Dakota is transported by rail. Safety concerns mounted after an incident where two BNSF operated trains carrying Bakken crude collided and derailed near Casselton, ND, in late December 2013. The National Transportation Safety Board (NTSB) said about 400,000 gallons or ~950 bbls of oil were spilled. Now, Senators from across the country are appealing to the Senate Appropriations Committee for railway safety funding this month.

In early April of this year, North Dakota Republican Senator John Hoeven, who sits on the Senate Appropriations Committee, called on fellow members to support railway safety measures and a push for more rail inspectors. Specifically, Hoeven would like to see funding go to the Federal Railroad Administration (FRA) and the Pipeline and Hazardous Materials Safety Administration (PHMSA).

Read moreAre More Pipelines and Rail Safety Measures Needed in Bakken – Senator John Hoeven – Video

In January of this year, PHMSA issued a safety alert for Bakken crude due. The alert reinforced the need to test, characterize, classify, and where appropriate de-gassify the crude oil before transportation. PHMSA is also working on new regulations for double hulled tankers.

Read more: Department of Transportation’s PHMSA Issues Bakken Shale Oil Shipping Safety Alert

On a related note, several U.S. Senators appealed to the Senate Appropriations Committee in Washington D.C. for rail safety funding in a joint-letter on April 4th. The letter was signed by 16 U.S. Senators, and highlighted the “Safe Transportation of Energy Products Fund”.  

“A Safe Transportation and Energy Products Fund would provide U.S. Department of Transportation new flexibility to address emerging issues related to the transportation of Bakken crude and other energy products – including, but not limited to: more expeditious rulemakings, technical studies, increased rail and energy product inspections, safety mitigation and response planning, first responder training, and community outreach. Additionally, the Fund would provide needed additional resources to complete Operation Backpressure, a study of the qualities and characteristics of crude oil in the United States. Completion of this study is an important step because its results will inform future regulatory action.”

A Senate Appropriations Subcommittee hearing will take place this week, Wednesday, April 9th, to examine the level of federal resources that should be allotted for railway safety. North Dakota Democratic Senator Heidi Heitkamp will be in attendance at the hearing to ask questions of the scheduled witnesses.

“The derailment in Casselton and other recent rail crashes have rightly kept this issue on the minds of many in Washington and across the country. And I’m continuing to push for the issue of rail safety to remain front and center, said Heitkamp”

Read more at hoeven.senate.gov

Read more at heitkamp.senate.gov

Read more at franken.senate.gov

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Bakken Rig Count – 183 – Wood Mackenzie Forecasts $15 Billion in Bakken Spending – 2014 http://bakkenshale.com/drilling-rig-count/bakken-rig-count-183-wood-mackenzie-forecasts-15-billion-in-bakken-spending-2014/ http://bakkenshale.com/drilling-rig-count/bakken-rig-count-183-wood-mackenzie-forecasts-15-billion-in-bakken-spending-2014/#respond Mon, 07 Apr 2014 19:46:09 +0000 http://bakkenshale.com/?p=5405 Wood Mackenzie Bakken and Three Forks Map

Wood Mackenzie Bakken and Three Forks Map

The Bakken-Three Forks rig count remained flat at 183 rigs running at the end of last week. The NDIC notes 194 rigs are active in North Dakota, but around 15 of those are in the process of moving in and rigging up.

In recent news, the oil and gas research and consulting firm Wood Mackenzie expects $15 billion will be spent on drilling and completions in the Bakken in 2014, second only to the Eagle Ford Shale. This year, oil production is expected to reach the 1 million b/d mark, and grow markedly beyond that figure over the next 5 – 6 years.

Read moreWood Mackenzie Forecasts $15 Billion on Bakken Drilling and Completions – 2014

The U.S. rig count increased by nine to 1818 rigs running last week. A total of 316 rigs are targeting natural gas (2 less than last week) and 1,498 are targeting oil in the U.S. (11 more than last week). The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 185 rigs are running in the Williston Basin across MT, ND, and SD.

Not all rigs counted in our census are drilling for the Bakken, but it’s close. The NDIC estimates 95% or more of activity in this region targets the Bakken and Three Forks formations.

Note: The NDIC reports 194 rigs are active in North Dakota. That is 11 more than Baker Hughes reports in the Bakken area. The difference is likely accounted for in the number of rigs actually working, rigs that might not be serviced by Baker Hughes AND rigs in areas outside of the Bakken fairway. On any given week, a certain number of rigs are in route to the next well location or idle waiting to drill the next well. The NDIC notes that around 15 rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs stayed flat last week . WTI oil prices were also flat at  $100.74/bbl on Friday. Williston Basin Sweet crude traded at $87.94/bbl on April 4th. The WTI-Brent closed up a bit, settling at ~$6 by the end of the week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading$4.50/mmbtu by the end of the week. A little more than 10% of the production stream from the Bakken and Three Forks is attributable to natural gas and roughly half of that is NGLs.

McKenzie County continues to lead development with 62 rigs running. Dunn, Mountrail, and Williams counties are the only other counties with more than 24 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

  • 168 rigs are drilling horizontal wells
  • 15 rigs are drilling directional wells
  • 0 rigs are drilling vertical wells.

Bakken Oil & Gas News

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts - Daily or Weekly Email Alerts

Bakken Drilling by County


County Previous Week Current Week County Previous Week Current Week
MCKENZIE ND 62 62 DANIELS MT 0 0
MOUNTRAIL ND 36 36 DAWSON MT 0 0
WILLIAMS ND 31 31 FALLON MT 0 0
DUNN ND 24 24 SHERIDAN MT 0 0
DIVIDE ND 8 8 VALLEY MT 0 0
RICHLAND MT 4 4 WIBAUX MT 0 0
BURKE ND 4 4 GOLDEN VALLEY ND 0 0
STARK ND 4 4 MCLEAN ND 0 0
ROOSEVELT MT 3 3 MERCER ND 0 0
BOTTINEAU ND 3 3 WARD ND 0 0
BILLINGS ND 2 2 MCHENRY ND 0 0
RENVILLE ND 2 2

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count and/or Smith Service Co’s (Schlumberger) Smith Rig Count.

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Wood Mackenzie Forecasts $15 Billion on Bakken Drilling and Completions – 2014 http://bakkenshale.com/news/wood-mackenzie-forecasts-15-billion-on-bakken-drilling-and-completions-2014/ http://bakkenshale.com/news/wood-mackenzie-forecasts-15-billion-on-bakken-drilling-and-completions-2014/#respond Fri, 04 Apr 2014 14:00:14 +0000 http://bakkenshale.com/?p=5399 Wood Mackenzie Bakken and Three Forks Map

Wood Mackenzie Bakken and Three Forks Map

According to the oil and gas research and consulting firm Wood Mackenzie, $15 billion will be spent on drilling and completion in the Bakken in 2014, second only to the Eagle Ford Shale. This year, oil production is expected to reach the 1 million b/d mark, and grow markedly beyond that figure over the next 5 – 6 years.

Read more: Bakken Production Sets Another Record – More Than 10,000 ND Wells Producing

“We expect Bakken/Three Forks oil production to average 1.1 million barrels a day (b/d) in 2014, growing to 1.7 million b/d in 2020,” says Jonathan Garrett, upstream research analyst for Wood Mackenzie.

The firm’s analysis shows the Bakken and Three Forks plays hold close to $118 billion in value. Despite infrastructure concerns, estimates indicate operators will recover more than 20 billion bbls of oil reserves throughout the life of the play.

Continental Remains Top Bakken Operator

In 2014, Continental Resources remains the top Bakken operator, with more than 1.2 million acres according to Wood Mackenzie. The value of the company’s proved reserves in the Bakken are ~ $14.5 billion.

Read more: Continentals Proved Reserves in the Bakken Valued at $14.5 Billion

In 2013, Continental conducted multiple tests of the Three Forks . Wood Mackenzie indicates the company has the most advanced delineation program in the deeper Three Forks benches.

Wood Mackenzie Analysis of Bakken Three Forks Sub-Plays

Current figures show the highest initial production rates are on the Nesson Anticline sub-play, with 30-day IP rates of 1000 boe/d. Estimated ultimate recovery (EUR) rates are the highest in the Fort Berthold sub-play at nearly 700,000 barrels of oil equivalent (boe).

In the Southern fringe sub-play, wells targeting the Three Forks formation outperformed Bakken wells. Similar results for Three Forks wells were also found in the North Williston and Williams Perimeter sub-plays.

Wood Mackenzie also indicates in their report that infrastructure constraints will not impact the pace of the play’s development. Currently, 73% of crude leaves the Williston Basin by rail.

Read more at woodmac.com

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Worthington Industries Acquires Tank Storage Division of Steffes Corporation in North Dakota http://bakkenshale.com/pipeline-midstream-news/worthington-industries-acquires-tank-storage-division-of-steffes-corporation-in-north-dakota/ http://bakkenshale.com/pipeline-midstream-news/worthington-industries-acquires-tank-storage-division-of-steffes-corporation-in-north-dakota/#respond Wed, 02 Apr 2014 15:00:16 +0000 http://bakkenshale.com/?p=5394 Bakken Oilfield StorageTanks

Bakken Oilfield Storage Tanks | Click to Enlarge

Worthington Industries expands its reach in the Bakken, purchasing the tank storage manufacturing division of Steffes Corporation for an undisclosed amount in late March 2014. Steffes Corporation manufactures oilfield and salt water storage tanks for clients in the Bakken Shale and Williston Basin, and generated $25-million in revenue in 2013. Worthington will acquire Steffes Corporation’s Dickinson, N.D. plant in the deal, which currently employs 35 people.

“This acquisition complements our strategy to grow the energy business by adding to our geographical reach, so we can serve customers in the east, central and now the important northwest region of the U.S.,” said Andrew Billman, President of the Worthington Industries cylinder business. “The Bakken is one of the most oil rich areas in the country with significant drilling taking place. We anticipate adding capacity to the operations and strengthening our energy platform with this acquisition.”

The acquisition of the tank division of Steffes Corporation adds to Worthington’s existing facilities in Ohio that manufacture gas separators, gas production units and related wellhead equipment for oil and gas exploration customers in the Marcellus, Utica, Bakken and Mid-Continent regions. In April 2013, Worthington also acquired Kansas-based Palmer Manufacturing and Tank Inc., a manufacturer of both steel and fiberglass tanks for the Bakken area.

Read more at worthingtonindustries.com

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Bakken Rig Count – 183 – Magnum Hunter’s 2014 Bakken Capital Budget – $52 Million http://bakkenshale.com/drilling-rig-count/bakken-rig-count-183-magnum-hunters-2014-bakken-capital-budget-52-million/ http://bakkenshale.com/drilling-rig-count/bakken-rig-count-183-magnum-hunters-2014-bakken-capital-budget-52-million/#respond Mon, 31 Mar 2014 15:00:42 +0000 http://bakkenshale.com/?p=5387 Magnum Hunter 2014 Cap Ex Budget

Magnum Hunter 2014 Cap Ex Budget | Click to Enlarge

The Bakken-Three Forks rig count decreased by 1 to 183 rigs running over the past week. The NDIC notes around 194 rigs are active in North Dakota, but around 15 of those are in the process of moving in and rigging up.

In recent news, Magnum Hunter sold off its non-core Eagle Ford assets in 2013. In 2014, the company is focusing on its core Appalachia and Williston Basin areas. $52 million of the company’s $400 million capital budget will be spent in the Williston Basin in 2013. 65% of the budget will be spent on the company’s Appalachia assets.

Read moreMagnum Hunter Bakken 2014 Capital Budget – $52 Million

The U.S. rig count increased by six to 1809 rigs running over the past week. A total of 318 rigs are targeting natural gas (8 less than last week) and 1,487 are targeting oil in the U.S. (14 more than last week). The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.).  185 rigs are running in the Williston Basin across MT, ND, and SD, decreasing by 1 rig from last week.

Not all rigs counted in our census are drilling for the Bakken, but it’s close. The NDIC estimates 95% or more of activity in this region targets the Bakken and Three Forks formations.

Note: The NDIC reports 194 rigs are active in North Dakota. That is 9 more than Baker Hughes reports in the Bakken area. The difference is likely accounted for in the number of rigs actually working, rigs that might not be serviced by Baker Hughes AND rigs in areas outside of the Bakken fairway. On any given week, a certain number of rigs are in route to the next well location or idle waiting to drill the next well. The NDIC notes that around 15 rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs decreased by 1 rig running over the past week. WTI oil prices stayed flat at  $101.55/bbl by the end of the week. Williston Basin Sweet crude traded at $88.44/bbl on March 29th. The WTI-Brent stayed the same from last week, settling at ~$7 by the end of the week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading$4.49/mmbtu by the end of the week. A little more than 10% of the production stream from the Bakken and Three Forks is attributable to natural gas and roughly half of that is NGLs.

McKenzie County continues to lead development with 62 rigs running. Dunn, Mountrail, and Williams counties are the only other counties with more than 24 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

  • 168 rigs are drilling horizontal wells
  • 15 rigs are drilling directional wells
  • 0 rigs are drilling vertical wells.

Bakken Oil & Gas News

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts - Daily or Weekly Email Alerts

Bakken Drilling by County


County Previous Week Current Week County Previous Week Current Week
MCKENZIE MT 63 62 DANIELS ND 0 0
MOUNTRAIL MT 35 36 DAWSON ND 0 0
WILLIAMS ND 30 31 FALLON ND 0 0
DUNN MT 25 24 SHERIDAN MT 0 0
DIVIDE ND 8 8 VALLEY ND 0 0
RICHLAND ND 5 4 WIBAUX ND 0 0
BURKE ND 4 4 GOLDEN VALLEY MT 1 0
STARK ND 3 4 MCLEAN MT 0 0
ROOSEVELT ND 2 3 MERCER MT 0 0
BOTTINEAU ND 4 3 WARD ND 0 0
BILLINGS MT 2 2 MCHENRY ND 0 0
RENVILLE ND 2 2

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count and/or Smith Service Co’s (Schlumberger) Smith Rig Count.

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MDU Resources’ Natural Gas “Dakota Pipeline” Update – March 2014 http://bakkenshale.com/pipeline-midstream-news/mdu-resources-natural-gas-dakota-pipeline-update-march-2014/ http://bakkenshale.com/pipeline-midstream-news/mdu-resources-natural-gas-dakota-pipeline-update-march-2014/#respond Fri, 28 Mar 2014 14:49:25 +0000 http://bakkenshale.com/?p=5378 Bakken Natural Gas Pipeline to Minnesota - WBI Energy

Bakken Natural Gas Pipeline to Minnesota – WBI Energy | Click to Enlarge

The open season for MDU Resources’ natural gas “Dakota Pipeline” will end on May 30th, but the project may not have any legs. In a Reuters report, company officials indicated at a New Orleans energy conference in March that they are currently lacking enough binding commitments for the project. The company began it’s open season on January 30th for the $650 – $700 million project, which is intended to transport natural gas through North Dakota to interconnection points in Northwestern Minnesota.

Read more: WBI Energy’s Bakken Natural Gas Pipeline Enters Open Season

Dave Goodin, MDU’s CEO, told Reuters, “we’re encouraged by the reaction of the marketplace, but I’d be getting ahead of myself if I said we’re ready to build. We need some binding commitments.”

WBI Energy, a subsidiary of MDU Resources, revealed in a press release in January that construction on the proposed pipeline could begin in 2016, with a completion date of 2017. Despite the lack of current commitments, Goodin is encouraged about the pipeline, but admits in the Reuter’s report that the challenge is for the marketplace to see that far in advance. The natural gas rig count in the Bakken has held flat at -0- for some time, and the price of natural gas since the beginning of 2014 has hovered between $4 – $6/mmbtu.

The pipeline makes sense for the region from a flaring standpoint according to the North Dakota Industrial Commission (NDIC). Currently, ~30% of all natural gas produced in the state is flared, and without effective infrastructure in-place, no other economically viable choice exists for companies targeting the oil rich Bakken Shale.

Read more at Reuters.com

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Marathon Accelerates Activity in The Bakken and Other US Domestic Plays http://bakkenshale.com/news/marathon-accelerates-activity-in-the-bakken-and-other-us-domestic-plays/ http://bakkenshale.com/news/marathon-accelerates-activity-in-the-bakken-and-other-us-domestic-plays/#respond Wed, 26 Mar 2014 15:28:47 +0000 http://bakkenshale.com/?p=5367 Marathon's Bakken and Three Forks Acreage Map

Marathon’s Bakken and Three Forks Acreage Map

Marathon is continuing to ramp up its presence in US domestic shale plays, with increased activity expected in the Bakken Shale through the end of 2014. In a company statement in late March 2014, officials revealed that Marathon hit its target of a 28-rig program across the Eagle Ford, Bakken and Oklahoma-Woodford Shale plays at the end of January.

 

Read more: Marathon Oil’s Bakken Production Drives North American E&P Segment Income Up 38%

Marathon Oil’s CEO Lee Tillman said, “We continue to have high confidence in our ability to deliver on our North America long-term production growth targets underpinned by strong resource growth through downspacing and well optimization. In addition, we are progressing the evaluation and appraisal of co-development opportunities with the Eagle Ford’s Austin Chalk and the Bakken’s deeper Three Forks benches.”

Marathon Bakken Operations Update

According to Marathon, the company’s Bakken acreage accounts for ~800 mmboe in proven and probable reserves and resource potential. As of March 2014, Marathon had a 6-rig drilling program, and anticipates 75 – 85 net wells across the play in 2014. The company also expects to complete 20 – 24 net wells by the end of the year. The Bakken budget for 2014 remains at approximately $1 billion and 29% of the company’ 2014 capital budget.

Marathon Targeting Deeper Three Forks Benches in Myrmidon Area

The Three Forks First Bench accounts for ~23% of proven and probable reserves. 45 gross operated wells are planned for the Three Forks in 2014. Six wells are planned in the lower benches of the Three Forks between 2014 – 2015. The initial focus will be on the Myrmidon area.

Read more at marathonoil.com

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