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Keyword: bakken

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  • The Single Most Important Chart In O&G Is On The Move

    06/09/2015 9:54:34 AM PDT · by thackney · 12 replies
    Oil Pro ^ | 6/9/2015 | Joseph Triepke
    Yesterday's Drilling Productivity Report from the EIA better defines the inflection point many in the industry have been waiting for since late-last year. US tight oil production is rolling over, and EIA sees the decline accelerating. We believe the relationship between the US rig count and US oil production is the most critical in O&G today, for it is the cornerstone of most global trough/recovery scenarios. By next month, all of the 2015 production gains will be given up per the EIA, and, at this pace, all of 2014's gains (some 1.1mmbpd) could be wiped away by mid-2016. Of course,...
  • U.S. shale production set to fall again in July, EIA says

    06/09/2015 5:25:46 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | June 8, 2015 | Collin Eaton
    The federal forecast of U.S. shale production is sinking again for the third month in a row, but the decline is still just a thin layer off the top. Daily oil production at the nation’s six biggest shale plays is set to slip by 91,000 barrels from June to July, the Energy Information Administration says. That’s roughly 2 percent of the 5.48 million U.S. barrels anticipated next month, hardly the kind of decline oil-industry stakeholders had expected for after drillers sidelined nearly 1,000 oil-drilling rigs in the last six and a half months. “It’s a pretty resilient industry,” said Bill...
  • Wood Mackenzie: Bakken, Eagle Ford Not Past Prime

    05/20/2015 4:41:46 AM PDT · by thackney · 4 replies
    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...
  • EIA: U.S. shale production set to fall again in June

    05/12/2015 10:04:36 AM PDT · by thackney · 6 replies
    Fuel Fix ^ | May 12, 2015 | Collin Eaton
    U.S. shale production growth will fall 86,000 barrels per day next month, the U.S. Energy Information Administration estimated in its monthly report, more evidence the nation’s oil boom is in decline. The EIA’s monthly forecast is the second in a row to project an overall decline in domestic production growth, as diminishing output from older shale wells outpaces new gushers in the oil fields. Producers have sidelined about 941 oil-drilling rigs since October, and oil traders are starting to see signs the U.S. shale boom is weakening, which could signal the global glut in crude supplies will ease. Crude prices...
  • Shale oil output at Bakken and Eagle Ford starts a descent

    05/12/2015 4:37:48 AM PDT · by thackney · 31 replies
    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...
  • EOG has lion’s share of 900 North Dakota wells awaiting fracking

    04/20/2015 5:21:24 AM PDT · by thackney · 10 replies
    Bakken.com ^ | April 16, 2015 | Ernest Scheyder
    Oil producer EOG Resources Inc has the lion’s share of an estimated 900 North Dakota wells waiting to be fracked, according to state data, showing that even major oil titans are mothballing operations while they hope for a rebound in oil prices. For months the conventional wisdom in North Dakota’s Bakken shale formation had been that smaller producers with weak cash flow comprised the bulk of that estimate. While the estimate had been published monthly, it was not clear until a Tuesday update from the state’s Department of Mineral Resources (DMR) who was dominating the list. Oilfield service companies have...
  • Shale boom to start busting as U.S. output set to fall

    04/14/2015 5:33:27 AM PDT · by thackney · 37 replies
    Fuel Fix ^ | April 13, 2015 | Collin Eaton
    The shale oil bonanza that made millionaires from Texas to North Dakota is slowing down for the first time in years, a sign that painful industry cutbacks are starting to have an impact. The nation’s oil production is set to slip this month by 57,000 barrels a day as natural declines in older shale wells outpace gains from newly drilled wells, the U.S. Energy Information Administration said in its monthly drilling report on Monday. More than 70,000 barrels of oil a day are expected to be lost from April to May in North Dakota’s Bakken Shale, South Texas’ Eagle Ford...
  • Five companies face restrictions after flaring too much gas

    04/03/2015 4:58:22 AM PDT · by thackney · 52 replies
    Bismarck Tribune ^ | 4/2/2015 | Lauren Donovan
    he State Oil and Gas Division has taken action against five oil companies that are flaring more gas than is allowed under the state’s new gas flaring order and policies. Starting this month, the companies were ordered to choke down production to 100 barrels per day on certain wells or face potential daily penalties. Division spokeswoman Alison Ritter said this is the highest number of companies and the most wells to be placed under restriction since a flaring order went into effect, calling for companies to capture 77 percent of produced gas by start of January this year. The companies...
  • New Regs Ignore Fact Fracking Doesn't Taint Well Water

    04/02/2015 9:03:55 AM PDT · by raptor22 · 7 replies
    Investor's Business Daily ^ | April 2, 2015 | IBD EDITORIALS
    Energy: New federal regulations on fracking on public land ignore a study documenting that methane found in well water is unrelated to the location of hydraulically fractured oil and gas wells. When the Obama administration recently released its new regulations on fracking — regulations that it said were needed to keep up with the advance and success of the decades-old technology to meet public safety needs — the Independent Petroleum Association of America and Western Energy Alliance immediately filed suit, saying that the new regs were based on "unsubstantiated concerns" that lacked any scientific basis. "Hydraulic fracturing has been conducted...
  • New rules for N.D. oil shipments

    04/02/2015 6:30:14 AM PDT · by TurboZamboni · 35 replies
    Pioneer Press ^ | 3-31-15 | James MacPherson
    Following a spate of explosive accidents involving North Dakota crude, the state on Wednesday began requiring companies to remove certain liquids and gases from oil before it's loaded onto rail cars -- a move industry and state regulators believe will make for safer shipments. The rules, developed over the past year, require all crude from the oil patch to be treated by heat or by pressure to reduce its volatility before being loaded onto train cars. "North Dakota's crude oil conditioning order is based on sound science and represents an important step in the ongoing work to ensure that oil-by-rail...
  • HOW MANY SHALE OIL PLAYS MAKE MONEY AT $37 PER BARREL?

    03/24/2015 5:56:02 PM PDT · by Lorianne · 35 replies
    Burning Platform ^ | 18 March 2015
    I’m tossing you a softball. Now think carefully. The choices are: A. Zero B. Zero C. Zero D. Zero I know Americans are math challenged and need a calculator to subtract 10 from 20, but I think even a CNBC bimbo or Princeton economic professor could get this one right. Last year there was much banter from the Wall Street shysters and Bakkan shale oil experts about the true breakeven price for shale oil not being $80 (which is the truth) but actually being as low as $58 a barrel. They were spreading this lie in order to keep idiot...
  • Falling rig counts drive projected near-term oil production decline in 3 key U.S. regions

    03/17/2015 9:56:07 AM PDT · by thackney · 5 replies
    Energy Information Administration ^ | MARCH 17, 2015 | Energy Information Administration
    EIA's most recent Drilling Productivity Report (DPR) indicates a change in the crude oil production growth patterns in three key oil producing regions: the Eagle Ford, Niobrara, and Bakken. The DPR estimates, which were issued on March 9 and cover the months of March and April, include the first projected declines in crude oil production in these regions since publication of the DPR began in October 2013. However, with production gains continuing in other regions, particularly the Permian, overall crude oil production in regions tracked by the DPR rose slightly in March to 5.6 million barrels per day. Total production...
  • Cramer: The gigantic oil crash that hasn't occurred

    03/13/2015 6:43:03 AM PDT · by thackney · 11 replies
    msn ^ | Jim Cramer
    We keep waiting for the bust, the gigantic rollover of oil companies that just plain collapse under their own weight and the $50 price that you get for West Texas Intermediate. It hasn't happened. We keep waiting for the junk bond market that is riddled with $200 billion in oil and gas paper to be crushed by defaults and restructurings. It hasn't been. In fact, the iShares iBoxx $ High Yield Corporate Bd, the high-yield exchange-traded fund that includes a lot of this suspect paper, is pretty much unchanged for the last three years and has enjoyed a sustained rally...
  • Safety questions, Are standards for conditioning Bakken crude oil for transport adequate?

    03/13/2015 12:01:59 PM PDT · by thackney · 12 replies
    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...
  • EIA: Eagle Ford production will slow in April

    03/10/2015 1:56:44 PM PDT · by thackney · 7 replies
    Fuel Fix ^ | March 10, 2015 | Joshua Cain
    The U.S. shale boom may finally be slowing down, according to projections from the U.S. Energy Information Administration. Oil production from the six largest shale plays in the U.S. will hit 5.6 million barrels per day in April, an increase of less than 300 barrels per day over March, the EIA said in its monthly drilling productivity report on Monday. The increase would be the smallest since February 2011. If the EIA’s projection holds, April’s production would be a drastic decrease from a record-breaking surge in 2014; in 10 of the last 16 months, U.S. oil production gained at least...
  • Volatile Bakken crude expected to keep flowing through Texas

    03/05/2015 5:21:27 AM PST · by thackney · 15 replies
    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...
  • Bakken Decline Rates Worrying For Drillers

    02/27/2015 5:35:17 AM PST · by thackney · 9 replies
    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....
  • After West Virginia Oil Train Derailment, Sign Keystone Bill

    02/19/2015 11:08:19 AM PST · by raptor22 · 22 replies
    Investor's Business Daily ^ | February 19, 2015 | IBD EDITORIALS
    Energy: Three million gallons of Bakken crude burning in rural West Virginia after an oil train derails in a snowstorm ought to underscore the environmental safety of replacing rail cars with the Keystone XL pipeline. One of the reasons President Obama says he'll veto the Keystone pipeline bill that, as a result of last November's GOP electoral gusher, has found its way to his desk is that it will only carry Canadian crude to foreign markets and is not worth jeopardizing the environment. Two things are wrong with that argument. The first is that Keystone XL will also bring Bakken...
  • Obama's Irresponsible Keystone XL Veto Threat

    02/02/2015 10:41:12 AM PST · by raptor22 · 26 replies
    Investor's Business Daily ^ | February 2, 2015 | IBD EDITORIALS
    Stimulus: Obama says jobs from the Keystone project aren't permanent and it's just one pipeline that will move foreign oil to foreign markets. But fixing the bridge he once used as a prop didn't create permanent jobs either. 'Let's set our sights above a single pipeline," the leader of the party of infrastructure told Congress in the State of the Union. But this Congress has 80 more Republicans than when he took office, and on Thursday the Senate rejected his admonition by a 62-36 vote. Eight Democrats crossed the aisle after a series of amendment votes, a process that had...
  • War On Shale: EPA Targets Fracking Boom With New Regs

    01/15/2015 10:09:56 AM PST · by raptor22 · 38 replies
    Investor's Business Daily ^ | January 15. 2015 | IBD EDITORIALS
    Energy Policy: In spite of dramatically lower methane emissions from fracking, according to the EPA's own data, the agency wants to impose draconian regulations on the oil and gas industry similar to those on coal. The new rules that the White House announced on Wednesday aim to cut oil emissions of methane, a target of environmental groups, by 45% below 2012 levels, despite the fact that the emissions already show a sharp decline even as shale oil and gas production has skyrocketed. This war-on-shale action mirrors the administration's war on coal, with EPA rules impossible to meet economically and sometimes...
  • Oil price drop expected to hurt fringe areas in Bakken the most

    01/04/2015 6:09:26 AM PST · by thackney · 14 replies
    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...
  • North Dakota to require every barrel of crude oil be filtered

    12/09/2014 1:33:41 PM PST · by thackney · 41 replies
    Reuters ^ | Dec 9, 2014 | ERNEST SCHEYDER
    North Dakota is poised to impose the strictest oil standards in its history on Tuesday, requiring every barrel of crude to be filtered for dangerous types of natural gas in an effort to make crude-by-rail transport safer. The new requirements come as federal, state and local officials grapple with how best to ensure the safe transport of North Dakota's crude oil, which has been linked to a string of fiery crude-by-rail explosions, including one last year in Quebec that killed 47 people. Governor Jack Dalrymple and the two other members of the North Dakota Industrial Commission (NDIC) are taking the...
  • EIA: US production to increase 115K barrels in January

    12/09/2014 10:46:31 AM PST · by thackney · 12 replies
    Fuel Fix ^ | December 9, 2014 | Joshua Cain
    U.S. crude oil production will rise 115,000 barrels of oil per day in January, according to Energy Information Administration data released Monday. Next month’s total will be nearly 2,000 bpd more than December’s rise. Drilling efficiencies in the Bakken, Eagle Ford and Permian Basin shale plays account for most of the production increase. EIA data showed that rigs in these plays will get about 50 bpd more than they did last month, good for a total increase of 103,000 bpd. The Permian Basin is still the largest U.S. shale play, increasing to 1.87 million bpd. The Eagle Fored is second...
  • North Dakota taxpayers' income doubles since oil boom began

    12/08/2014 7:18:51 AM PST · by TurboZamboni · 17 replies
    Pioneer Press ^ | 12-7-14 | James Macpherson
    BISMARCK, N.D. -- Reported income by all North Dakotans has more than doubled to a record $30.4 billion since the infancy of the state's oil boom in 2006, tax return filings show. Tax Department figures released to the Associated Press show the number of taxpayers in the state has jumped 37 percent since the state's oil bonanza began, from 339,000 in 2006 to 466,000 in 2013. Slightly more than 440,000 tax returns were filed in 2012. Tax Commissioner Ryan Rauschenberger said the increase in income and the number of taxpayers contributes heavily to the state's robust economy. "More people are...
  • Oil pipeline delayed for more environmental review

    03/15/2011 9:20:33 PM PDT · by Rabin · 9 replies · 1+ views
    victoriaadvocate ^ | updated March 15, 2011 at 9:02 p.m. | staff
    Environmental groups, including Friends of the Earth, have raised concerns that the pipeline could foul underground and surface water supplies, increase air pollution around refineries and harm wildlife. They also have speculated about what they consider inadequate pipeline safety and emergency spill responses….. Supporters say the project could be a boon for U.S. jobs and energy production while strengthening a friendly source of oil.
  • Rising Rail Oil Shipments Beg For Safer Keystone XL

    11/17/2014 9:54:31 AM PST · by raptor22 · 15 replies
    Investor's Business Daily ^ | November 17, 2014 | IBD EDITORIALS
    Energy Transport: New data show fast-rising rail shipments from North Dakota's Bakken shale formation and the need for a safer alternative to rail — like the Keystone XL pipeline. In his post-election press conference, the president noted in justifying his continual kicking of the Keystone XL oil drum down the road that "while this debate about Canadian oil has been raging ... we've seen some of the biggest increases in American oil production and natural gas production in our history." That increase is due in large part to oil recovered from the Bakken shale formation centered on North Dakota. So...
  • Bakken's next phase: Natural gas

    11/07/2014 8:12:13 AM PST · by TurboZamboni · 8 replies
    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...
  • Oil prices are dropping but the fracking revolution rolls on

    11/02/2014 1:03:00 PM PST · by Jack Hydrazine · 19 replies
    Yahoo! Finance ^ | 31OCT2014 | Shawna Ohm
    $75 dollars a barrel – that’s the price crude oil would have to hit for frackers in North Dakota’s Bakken fields to feel pressure to slow new production, according to Greg Zuckerman, author of “The Frackers” and a special reporter at the Wall Street Journal. “All these guys have hedged. They’ve got production [and] they’ve already got the acreage. They’re not gonna stop but maybe they’ll kind of slow new stuff.” Fracking in other parts of the country, though, is likely to be much more resilient. In Texas’s Eagle Ford and Permian basin, Zuckerman says oil prices would have to...
  • Natural Gas Flaring In Bakken Reduced Following New Regulations

    10/28/2014 5:19:29 AM PDT · by thackney · 24 replies
    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...
  • BNSF to add surcharge to older tank cars

    10/26/2014 6:53:44 AM PDT · by thackney · 8 replies
    , JournalStar.com ^ | October 24, 2014 | JournalStar.com
    BNSF Railway Co. plans to apply a $1,000 surcharge for each older tank car that hauls oil, as the railroad owned by Warren Buffett’s Berkshire Hathaway Inc. encourages shippers to scrap the puncture-prone cars. The charge, which will take effect Jan. 1, will add about $1.50 per barrel to the cost of shipping oil across the country. It’s the first surcharge announced by a major U.S. railroad for older cars known as DOT-111s, and won’t apply to cars called CPC-1232s that are built to higher standards adopted in October 2011, according to a BNSF notice. The Obama administration in July...
  • Rail congestion 'crisis' related to Bakken oil likely to be long-term problem

    10/02/2014 7:03:29 AM PDT · by thackney · 14 replies
    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....
  • Burning issues, ND operators ramping up as a new era of flaring governance draws near

    09/22/2014 7:36:14 AM PDT · by thackney · 8 replies
    Petroleum News Bakken ^ | Week of September 21, 2014 | Maxine Herr
    North Dakota’s natural gas production rose nearly 40 million cubic feet per day in July, a 3 percent increase, and the state’s gas capture also rose, increasing from 72 percent in June to 74 percent in July indicating that the industry’s efforts to capture more gas are working. However, those are cumulative statistics with some operators capturing more than 74 percent and others capturing less as drilling activity continuing to rise. The state’s Department of Mineral Resources Director Lynn Helms said the industry “will have to work very hard” in order to meet the upcoming requirements set by the North...
  • N.D. oil boom ignites cash-spending splurge

    09/21/2014 2:37:53 PM PDT · by thackney · 24 replies
    Star Tribune ^ | September 21, 2014 | PAM LOUWAGIE
    The workers sometimes come in with stacks of $100 bills, their jeans and boots still covered in oil field mud as they scour the glass jewelry counter looking for clean sparkle. One oil field worker plopped down $25,000 for a diamond for his girlfriend back home. Many others settle on $1,000 necklace pendants in the shape of a tiny oil derrick, a diamond anchoring the bottom where the oil would be. “These guys spend lots of money on their women, and there’s plenty of money to be spent,” said Gina Abfalter, a clerk at Ritter Brothers Diamond Cutters downtown. “A...
  • N. Dakota needs $800 million for housing, schools in wake of oil boom, state GOP says

    09/19/2014 5:39:15 AM PDT · by thackney · 55 replies
    Fuel Fix ^ | September 18, 2014 | Associated Press
    North Dakota Republicans on Wednesday unveiled an $800 million one-time spending plan to address immediate problems tied to the oil boom in the western part of the state.... The proposal includes $475 million to oil-producing counties and cities; $140 million to oil patch hub cities of Williston, Dickinson and Minot; $35 million to county schools affected by oil development; and $150 million for road projects outside of the oil patch.... Ron Ness, president of the North Dakota Petroleum Council, said infrastructure needs and a shortage of workers are the biggest challenges facing North Dakota’s energy sector. The state has more...
  • Proposed Pipeline Would Cut Across Iowa

    08/13/2014 2:16:13 PM PDT · by Theoria · 22 replies
    Iowa Public Radio ^ | 13 Aug 2014 | Clay Masters
    Business is booming in North Dakota’s Bakken Shale oilfields. With that boom comes a need for infrastructure. More than half of the oil out of the Bakken leaves by train or truck. But companies are working on pipelines. One proposed pipeline would cut clear through the state of Iowa. A Texas company wants to build an 1,100 mile crude oil pipeline, from the northwest corner of the state to the southeast. In two years, the pipeline could be carrying up to 320,000 barrels a day, from the Bakken Shale Oil Fields, to Patoka Illinois, and from there, the oil would...
  • Oil Production in the Bakken Reaches New Record

    07/15/2014 6:55:57 AM PDT · by SeekAndFind · 10 replies
    American Thinker ^ | 07/15/2014 | Sierra Rayne
    With the release of the latest oil production data for the Bakken in North Dakota, this tight oil play reached a new record of 975,000 barrels per day in May.  This represents an increase of almost 37,000 barrels per day from the previous month, and is the largest April-May increase on record.  Daily oil per well remains stable at 127 barrels, down only slightly from the May 2013 value of 130. Overall production for North Dakota was also up in May to a new record of 1.04 million barrels per day, with daily oil per well steady at 99 barrels....
  • Why the Amazing Bakken Growth Story Isn't Over Yet

    07/04/2014 8:47:07 AM PDT · by ckilmer · 15 replies
    fool.com ^ | July 4, 2014 | By Callum Turcan
    Why the Amazing Bakken Growth Story Isn't Over Yet By Callum Turcan | More Articles July 4, 2014 | Comments (0) As many energy investors know, North Dakota's oil production recently surpassed 1 million barrels a day. Does this mean that the growth story is now over and all the best locations have been drilled, or, as downspacing allows oil and gas companies to target the Three-Forks benches just below the Middle Bakken interval, is the growth story still underway? Only time will tell, but Oasis Petroleum (NYSE: OAS  ) is one E&P player trying to shake things up by targeting the deeper...
  • New ND Flaring Regs Make Statoil's Nat Gas Container System Timely

    07/03/2014 5:45:05 AM PDT · by thackney · 18 replies
    Fuel Fix ^ | July 02, 2014 | Gene Lockard
    Statoil ASA recently announced a container system to reduce flaring in the Bakken. The company’s timing could not have been better, considering that North Dakota just approved new flaring regulations. More restrictive regulations covering flaring on existing wells were passed by the North Dakota Industrial Commission – the state’s regulating entity for oil and gas – July 1. The goal of the commission is to reduce flaring to 26 percent by the fourth quarter of 2014, 23 percent by the first quarter of 2016, and 10 percent – with the potential of 5 percent – by the fourth quarter of...
  • Pipeline progress, Midstream companies make ‘remarkable’ strides in North Dakota

    07/01/2014 6:02:02 AM PDT · by thackney · 17 replies
    Petroleum News Bakken ^ | Week of June 29, 201 | MAXINE HERR
    North Dakota Gov. Jack Dalrymple is full of gratitude for pipeline infrastructure investments after tasking midstream companies two years ago to build pipelines, and build them quickly. Dalrymple hosted his second Governor’s Pipeline Summit in Bismarck on June 24, bringing together about 150 pipeline industry leaders, energy industry representatives and federal, state and local officials to share their response to the rapid construction of thousands of miles of pipelines to meet oil and gas industry demands. “There was a time a few years ago when we said we’re never going to have enough pipelines to deal with this boom,” Dalrymple...
  • North Dakota and Texas now provide nearly half of U.S. crude oil production

    07/01/2014 5:17:50 AM PDT · by thackney · 8 replies
    Energy Information Administration ^ | 7/1/2014 | Energy Information Administration
    U.S. crude production in April 2014 was 8.4 million barrels per day (bbl/d), with two states, Texas and North Dakota, accounting for nearly half of this total. Texas production topped 3.0 million bbl/d for the first time since the late 1970s, more than doubling production in the past three years, and North Dakota production broke 1.0 million bbl/d for the first time in history, nearly tripling its production over the same period, according to data from the U.S. Energy Information Administration's Petroleum Supply Monthly report. Combined crude oil production volumes from Texas and North Dakota reached 4.0 million bbl/d. From...
  • North Dakota aims to double pipeline capacity; Enterprise helps

    06/30/2014 6:06:57 AM PDT · by thackney · 5 replies
    Reuters ^ | Jun 24, 2014 | ERNEST SCHEYDER
    North Dakota intends to nearly double its oil and gas pipeline capacity within two years as part of a plan to curb the wasteful flaring of natural gas in the bustling Bakken oil field, the state's governor said on Tuesday. Oil production in North Dakota has more than tripled in the past decade to 1 million barrels of oil equivalent (boepd) per day, making for the fastest-growing U.S. state economy. But state pipeline capacity has lagged. Governor Jack Dalrymple said the state wants to boost capacity to 1.4 million boepd by 2016 from about 780,000 boepd now. "We will reduce...
  • N.D. oil production tops 1 million-barrels-a-day milestone

    06/21/2014 5:31:59 PM PDT · by ckilmer · 3 replies
    startribune ^ | Updated: June 17, 2014 - 11:08 PM | DAVID SHAFFER ,
    North Dakota has joined the big leagues of crude oil production, surpassing 1 million barrels per day — an output second only to Texas in the U.S. State officials said Tuesday that North Dakota yielded 1,001,149 barrels daily in April from a record 10,658 wells. Jubilant oil industry officials hailed the benchmark as another sign that the United States is freeing itself from the grip of foreign oil.
  • The Bakken gets bigger - likely a LOT bigger

    06/19/2014 12:56:00 PM PDT · by george76 · 49 replies
    Oil Voice ^ | June 13, 2014 | Keith Schaefer
    Crescent Point’s Torquay Discovery Reignites Southeast Saskatchewan. Just when you thought The Bakken couldn’t get any better—it does. Oil producers are now “cracking the code” on the Torquay, or Three Forks formation below the Bakken, and coming up with incredible economics—these wells are paying back in only seven months. This news has completely re-invigorated the Canadian side of the Bakken. And on the US side, the Three Forks is causing industry to leap-frog estimates of the amount of recoverable oil available–by about 57%! It’s hard to imagine that the #1 oil play in all of North America could have such...
  • North Dakota oil production surpasses 1 million barrels per day

    06/18/2014 5:28:43 AM PDT · by thackney · 7 replies
    Fuel Fix ^ | June 17, 2014 | Associated Press
    North Dakota has joined the ranks of the few places in the world that produce more than a million barrels of oil per day, due in large part to the rich Bakken shale formation in the western part of the state. The April figures released Tuesday by the state’s Department of Mineral Resources showed the record tally. North Dakota had flirted with the million-barrel-per-day mark for months, but the harsh winter slowed the pace. In March, production had hit 977,000 barrels per day. North Dakota’s oil fields now represent more than 12 percent of all U.S. oil production, and more...
  • Bakken Shale oil production to hit 1.7 million Bpd in 2020

    06/10/2014 8:06:37 AM PDT · by ckilmer · 4 replies
    processingmagazine.com ^ | April 09, 2014
    Bakken Shale oil production to hit 1.7 million Bpd in 2020 April 09, 2014       mellypage/iStockphoto/Thinkstock   Oil reserves worth approximately $118 billion are still lying under the Bakken/Three Forks Shale play system in Montana and North Dakota, according to a new estimate by research and consultancy group Wood Mackenzie. What's more, the play is extremely profitable, as the analysis claims that each one of the sub-plays yields positive returns.Jonathan Garrett, Americas upstream research analyst for Wood Mackenzie, explained that production from the Bakken/Three Forks Shale is predicted to come in at about 1.1 million barrels per day...
  • High Oil Prices Are Here To Stay

    06/09/2014 5:29:20 PM PDT · by ckilmer · 34 replies
    nasdaq ^ | June 09, 2014, 09:30:00 AM EDT | By StreetAuthority
    American oil production is surging. Yet oil prices remain near $100 a barrel. You may be wondering: When will all of this additional production finally overtake demand and push the price of oil down? You can find one answer in the price of oil futures -- which say we can expect oil to fall to closer to $80 in the coming few years and stay there.
  • Increases in U.S. crude oil production come from light, sweet crude from tight formations

    06/09/2014 5:01:34 AM PDT · by thackney
    Energy Information Administration ^ | JUNE 6, 2014 | Energy Information Administration
    U.S. crude oil production has grown rapidly in recent years, primarily from light, sweet crude (a characteristic of crude quality, as measured by API gravity and sulfur content) from tight resource formations. Roughly 96% of the 1.8-million-barrel per day (bbl/d) growth in production from 2011 to 2013 consisted of light sweet grades with API gravity of 40 or above and sulfur content of 0.3% or less. EIA's new forecast of U.S. crude production by quality indicates that the U.S. supply of light, sweet crude will continue to outpace that of medium and heavy crude through 2015. More than 60% of...
  • New projections show oil production soaring as rigs boost efficiency

    05/29/2014 10:02:54 AM PDT · by ckilmer · 3 replies
    fuelfix ^ | May 12, 2014
    New projections show oil production soaring as rigs boost efficiency Posted on May 12, 2014 at 6:48 pm by Simone Sebastian in featured, Production, Shale EmailPrint1263 inShare184 An Enervest rig works in the Barnett Shale. (Enervest) HOUSTON — Oil production will continue to soar in the six major U.S. shale plays, with more barrels pumped per rig, according to federal projections released Monday.Total oil production in the six regions is expected to grow to 4.43 million barrels per day in June, an increase of 75,000 barrels per day compared to May, according to the U.S. Energy Information Administration. The federal...
  • Tornado Hits North Dakota Oil Workers Camp [Video]

    05/27/2014 10:59:11 AM PDT · by thackney · 3 replies
    Oil Pro ^ | 5/25/14 | Jeff Reed
    North Dakota officials said early Tuesday that nine people were injured, one critically, when a tornado hit an oil worker camp just south of Watford City, located in the western region of the state about 30 miles southwest of Williston. McKenzie County Emergency Management Director Jerry Samuelson said the tornado destroyed eight trailers where the workers resided. He stated that the critically injured person was transported to a hospital in Minot, N.D. for treatment. The other eight workers were treated and released. Samuelson said that rescue crews are currently searching through a large quantity of debris, although he is confident...
  • Bakken Shale happiness, oodles of oil and help wanted, please

    05/27/2014 5:20:30 AM PDT · by thackney · 23 replies
    Platts ^ | May 27, 2014 | Starr Spencer
    If there was one trait that characterized this year’s Williston Basin Petroleum Conference, it was unabashed pride. Mostly the pride stemmed from North Dakota’s achievement in the last decade after moving from a relatively low amount of oil production (79,000 b/d in early 2004) to approaching 1 million b/d currently, making it the second-largest producing state behind Texas. The oil–Lynn Helms, director of North Dakota’s Oil and Gas Division, claimed the resource could be as much as 300 billion barrels–has brought an unimaginable bounty to the state: low unemployment (averaging 3% state-wide), hordes of job openings (Governor Jack Dalrymple claimed...