Bakken jobs bubble bigger than reported (North Dakota)
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The Wiliston Herald ^
| May 25, 2018 | Renée Jean
State losing millions in state tax revenues with unfilled positions The jobs bubble in North Dakota has grown much larger than has been reported, but no one is certain how much bigger it’s getting to be. Nor
has the state done any particular studies on how much revenue it’s losing from the thousands and thousands of positions that are going unfilled, and the activity that isn’t occurring as a result. Jobs in North Dakota tend to trend up and down with oil prices, of course. They can get quite large — like a price bubble — which means they can...
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Bad News For The Bakken As Obama Administration Blocks Pipeline
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Oilprice.com ^
| 13-09-2016 | Nick
The Obama administration shocked the oil industry last week, pulling the plug on a major oil pipeline from the Bakken that had become a flashpoint between a pipeline company on the one hand, and a growing coalition of Native American tribes and environmentalists on the other. Everyone
was anxiously waiting a Friday ruling from a U.S. federal judge, who was weighing a request from the Standing Rock Sioux Tribe to stop construction on the Dakota Access Pipeline, a $3.8 billion 1,168-mile oil pipeline that would run from North Dakota to Iowa and Illinois. The pipeline would threaten sacred lands and...
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ND regulators approve route for oil pipeline that will be biggest from Bakken
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InForum ^
| Jan 20, 2016 | Mike Nowatzki
orth Dakota regulators granted a route permit Wednesday for what will be the largest crude oil pipeline out of the state's fruitful Bakken oil field, leaving Iowa as the only state left to approve the $3.8 billion Dakota Access Pipeline. Public Service Commission members Julie Fedorchak and Brian Kalk voted to grant
the permit for Dakota Access LLC, a subsidiary of Dallas-based Energy Transfer Partners, which plans initially to ship up to 450,000 barrels of oil per day on the 1,168-mile pipeline from the Bakken and Three Forks regions in western North Dakota. "This is a massive infrastructure construction project,...
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Only 1% of the Bakken Play Breaks Even at Current Oil Prices
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Forbes ^
| NOV 3, 2015 | Art Berman
Only 1% of the Bakken Play area is commercial at current oil prices based on my analysis that follows. Only
4% of horizontal wells drilled since 2000 meet the EUR (estimated ultimate recovery) threshold needed to break even at current oil prices, drilling and completion, and operating costs. The leading producing companies evaluated in this study are losing $11 to $38 on each barrel of oil that they produce, the very definition of waste. Although NYMEX prices are about $46 per barrel, realized wellhead prices in the Bakken are only $30 per barrel according to the North Dakota Department of...
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Occidental reportedly selling Bakken acreage at sharp discount
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Fuel Fix ^
| October 16, 2015 | Jordan Blum
Houston-based Occidental Petroleum Corp. is reportedly selling its Bakken shale assets in North Dakota at a steeply discounted price of $500 million to Lime Rock Resources private equity firm in Houston. Reuters broke the story, but Guy Baber of Simmons & Company International wrote Friday that Occidental was shopping the acreage in
the fall of 2014 for as much as $3 billion. Occidental was still seeking at least $1 billion this summer, according to Simmons. Both Occidental and Houston-based Lime Rock Resources declined comment, and refused to confirm or deny the reported sale of roughly 300,000 acres. The Simmons note...
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Eagle Ford, Bakken, Niobrara shale plays set to lose nearly 115,000 bpd of production next month
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Fuel Fix ^
| October 14, 2015 | Joshua Cain
Drillers in a few of the biggest shale plays in the country are set to scale back their oil production dramatically next month, according to the U.S. Energy Information Administration’s forecast released Tuesday. The EIA said in its Drilling Productivity Report that overall U.S. oil production would fall 93,000 barrels per day
to 5.12 million bpd total in November, the largest decrease recorded in the agency’s data going back to 2007. The drop would also mark the seventh-straight month of production pullbacks. Three of the largest U.S. shale plays — the Eagle Ford, Bakken and Niobrara — together could lose...
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Oil at $30 No Problem for Some Bakken Drillers Cutting Costs
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SA Express News ^
| 8/14/15 | d murtaugh
The lowest crude prices in six years might not be enough to put the brakes on the U.S. energy renaissance. Some
parts of North Dakota’s Bakken shale play are profitable at less than $30 a barrel as companies tap bigger wells and benefit from lower drilling costs, according to a Bloomberg Intelligence analysis. That’s less than half the level of some estimates when the oil rout began last year. The lower bar for profitability is one reason why U.S. oil production has remained near a 40-year high even as crude prices fell more than 50 percent over the past year...
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Wood Mackenzie: Bakken, Eagle Ford Not Past Prime
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Rig Zone ^
| May 19, 2015 | Karen Boman
Bakken production will keep growing, albeit at a slower pace, and the Eagle Ford still has running room within high-return portions of the play, according to a recent analysis by Wood Mackenzie. The Bakken and Eagle Ford together produce just over 2.5 million barrels per day of oil, or nearly two-thirds of
U.S. tight oil production. Higher oil prices in the 2013 to 2014 timeframe spurred operators to drill not only in the core of the Williston Basin, but in the fringe and speculative areas. This included areas along the Montana-North Dakota border, the northern most part of the play...
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Shale oil output at Bakken and Eagle Ford starts a descent
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Market Watch ^
| May 11, 2015 | Myra P. Saefong
Oil production from the Bakken and Eagle Ford shale plays look like they’ve peaked and other shale plays may not be far behind. Oil
production from seven major U.S. shale plays is expected to fall by a total of 86,000 barrels a day in June, according to a monthly report from the Energy Information Administration released Monday. The previous report released a month ago also showed a forecast for a fall of 57,000 barrels a day in May. Oil output at the Eagle Ford shale play in South Texas is forecast to see the biggest decline, down 47,000 barrels a...
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Safety questions, Are standards for conditioning Bakken crude oil for transport adequate?
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Petroleum News Bakken ^
| Week of March 15, 2015 | Maxine Herr
Fiery explosions from North DakotaÂ’s Bakken oil in recent weeks are raising questions about the safety of the light, sweet crude, even with new oil conditioning standards to take effect April 1, at the same time that a major North American railroad is questioning whether it even wants to be in the
crude transport business (see story below). But North DakotaÂ’s top industry regulator says the new standards are only one part of the solution to eliminate rail car explosions, so heÂ’s urging the federal government to hurry with its new rail safety rules. In December, the North Dakota Industrial...
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Volatile Bakken crude expected to keep flowing through Texas
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Fuel Fix ^
| March 5, 2015 | Michael Brick
Despite falling oil prices, production cutbacks and persistent safety concerns, rail officials plan to continue shipping millions of gallons of volatile crude oil from the Bakken region of North Dakota through Texas, according to updated records provided by state officials on Wednesday. Average weekly volumes reflect little change from a first batch
of disclosures released last week. Those disclosures, dated last summer, provided a limited view of forecasted shipments. Volumes in Harris County remain the highest, an average topping out at six million gallons a week. Federal emergency orders — approved last spring after a series of fiery derailments involving...
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Bakken Decline Rates Worrying For Drillers
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Oil Price ^
| 26 February 2015 | Ron Patterson
I have been supplied an Excel spreadsheet of all North Dakota wells back to 2006, thanks to Enno Peters and Dennis Coyne. I only used the data back to 2007 however. This
is a wealth of information if we want to know how many wells came on line in a given month, we simply count them. We are given the monthly production data for each month. And since we have the monthly production data we can very easily figure the decline rate of each well, or any group of wells for any month or year. A note on the data....
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Throwin' Chain: The Bakken Shale Adventures Of The Oilfield Cowboy
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Oil Pro ^
| 2/12/2015 | Wes St.jon
I had been wanting to go to Williston, North Dakota for quite a while. Having
heard so much about the boom going on there, I couldn’t wait to see it for myself – up close and personal! The biggest obstacle in planning the trip however was finding a place to stay. Like so many, I had heard the stories of $2,000 and $3,000 a month rent – if you could find a place to rent at all! So, I turned to Facebook... I posted on Facebook that I was interested in coming to Williston to visit some rigs and sell...
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Oil price drop expected to hurt fringe areas in Bakken the most
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In Forum ^
| Jan 2, 2015 | Katherine Lymn
en Chorn had a good vacation in Minnesota last month, making it to a Vikings game, a hockey game in Duluth and getting engaged. But
while he was gone, the price of oil hit him personally. “While on vacation, I got a call from someone who’s covering for me and said, ‘Hey your rig’s being laid down,’” said Chorn, who does geology work on rigs for Sunburst Consulting. He’s had a slow six weeks since then. The oil price drop will impact fringe regions in the Bakken the most, experts said, because the oil there costs more to extract. “I...
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Bakken-Cushing pipeline project slammed shut
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Yahoo Finance ^
Enterprise Products Partners (EPD) is shelving a proposed pipeline that would have transported crude from North Dakota to Oklahoma, the company announced on Friday. The news came in the midst of a brutal slide in global oil prices that have raised concerns about whether U.S. companies will continue to build on the
expansion of oil production. Middle East oil producers have yet to announce a cut in production to offset the drop in crude, in what some analysts say is a slow-bleed strategy designed to make pumping crude as uneconomic as possible for the world's fastest growing non-OPEC oil producer....
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Bakken's next phase: Natural gas
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Star Tribune ^
| 10-27-14 | ADAM BELZ
Even as it fills the railroads of the Upper Midwest with oil tank cars, the Bakken has allowed its natural gas riches to languish. Less
profitable than oil and more difficult to transport, natural gas has been so secondary in North Dakota that drillers still burn off more than a fourth of what rises from the ground. In satellite pictures, the flames sprawl across the Williston basin, lighting it up like a giant suburb. A quiet transformation is underway, however, as the state bids to turn natural gas into a native business and drive down flaring. A growing network of...
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Natural Gas Flaring In Bakken Reduced Following New Regulations
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Rig Zone ^
| October 24, 2014 | Gene Lockard|
A month after implementing new rules regarding the flaring of natural gas, the state of North Dakota was near compliance with the new limits as oil and gas production companies in the Bakken work to reduce flaring, according to the United States Department of Energy (DOE). In August, 28 percent of North
Dakota’s natural gas was flared, the state reported. That was near North Dakota’s flare-rate goal of 26 percent in 4Q 2014, despite an increase in oil production in the Bakken in August, according to the website Bakken.com. Following criticism from royalty holders regarding extensive flaring that made North...
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Rail congestion 'crisis' related to Bakken oil likely to be long-term problem
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MinnPost ^
| 10/01/14 | Brian Lambert
The rate of North Dakota oil trains crossing Minnesota got another working over yesterday. At
KMSP-TV, Tim Blotz says, “Bakken oil now rolls through Minnesota at a rate of more than 15 trains a day, but on a rail system that has limited space, other critical freight — including grain, Taconite, and propane — is often left off track. Rep. Joe Atkins, of Inver Grove Heights, described the issue as ‘a growing crisis’ at a packed legislative hearing. Even so, it's not a simple blame game. … The troubles for Amtrak aren't just the delays, but the length of them....
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