Marathon Oil plans to spend $1 billion of its $3.6 billion budget in North America in the Bakken in 2014.
As a result, the company's production is expected to grow from a little less than 40,000 boe/d in 2013 to a little less than 50,000 boe/d in 2014.
Marathon will run six rigs in 2014, with one rig dedicated to recompleting Bakken wells that were stimulated with open hole completions.
The company has transitioned from open hole completions to 20-stage completions then to 30-stage completions today. Over the first 1,000 days of a wells life, Marathon's current 30-stage completions are producing 122% more than open hole completions were a short time ago.
Marathon Oil's 2014 Expectations and Highlights
- Targeted spud to total depth of 15 days
- Well costs target of $7.0-7.8 million
- Testing 4 Middle Bakken and 4 Three Forks (1st bench) wells per 1,280-acre unit
- Planning 6 Three Forks (2nd bench) well tests
- Potential to recomplete 100 wells that were stimulated with a open hole completion (increasing reserves 280,000 boe per well)
- Inventory of ~2,300 gross wells over 370,000 net acres in the Bakken and Three Forks
- Probable resources of 630 million barrels
- Expecting production to grow to ~70,000 boe/d by 2017
Read the company's full capital budget press release at marathonoil.com