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So what's happening in the Bakkan oil patch #16155577 06/09/21
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Just curious what people in the region see as far as activity. New drilling? Shut ins reopening?

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Re: So what's happening in the Bakkan oil patch [Re: OldHat] #16155588 06/09/21
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Re: So what's happening in the Bakkan oil patch [Re: OldHat] #16155608 06/09/21
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"According to a 2013 article published by the USGS, there are approximately 7.4 billion barrels of undiscovered, technically recoverable oil in the combined Bakken and Three Forks Formations in North Dakota, South Dakota and Montana. This is an incredibly large amount of oil. These assessments of the two formations represent a 100% increase in projected recoverable oil from the 2008 assessment of 3.65 billion barrels of undiscovered oil in the Bakken Formation.
Here is a link to the USGS article for your review. USGS Bakken and Three Forks Assessment."


"The Democrat Party looks like Titanic survivors. Partying and celebrating one moment, and huddled in lifeboats freezing the next". Hatari 2017

"Hokey religions and ancient weapons are no match for a good blaster at your side, kid." Han Solo
Re: So what's happening in the Bakkan oil patch [Re: OldHat] #16155621 06/09/21
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I've been told that many existing wells are shut off and not producing currently.


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Re: So what's happening in the Bakkan oil patch [Re: OldHat] #16155782 06/09/21
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They can start pumping again after Biden lets OPEC and the Russians run the price of oil up high enough.


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Re: So what's happening in the Bakkan oil patch [Re: OldHat] #16155816 06/09/21
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Re: So what's happening in the Bakkan oil patch [Re: Stormin_Norman] #16155839 06/09/21
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Norman, Do you know what the rig count was before Biden? Or when it was booming. I know/knew a lot of guys that worked there and as far as I know the ones I knew the best are still there.

Some of the guys came home and went to work for Sibanye/Stillwater mines.. Good pay there also and not so much traveling .

Re: So what's happening in the Bakkan oil patch [Re: OldHat] #16155909 06/09/21
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There is some historical data at the top of this linked page.

https://www.dmr.nd.gov/oilgas/riglist.asp

There is probably more data somewhere on that site. If I recall correctly, the peak rig count in North Dakota was 218 in May, 2012. I don’t think we have been over 100 since sometime in 2014-2015, and mostly well under that.

Last edited by Slope77; 06/09/21.
Re: So what's happening in the Bakkan oil patch [Re: OldHat] #16155917 06/09/21
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A bit of a broader view.

EIA raises oil price forecast for June, Q3 2021
In its June short-term outlook the EIA raised its Brent price forecast to average $69/bbl in June and $68/bbl in 2021 third quarter, $4/bbl and $5/bbl increases.

OGJ editors
Jun 8th, 2021
Eia
Source: EIA

In its June Short-Term Energy Outlook (STEO), the US Energy Information Administration (EIA) raised its Brent price forecast for the coming months. EIA now expect Brent prices to average $69/bbl in June and $68/bb in third-quarter 2021, $4/bbl and $5/bbl higher, respectively, than last month’s forecast. But larger downward oil price pressures are expected to emerge later in 2021 and into 2022 as forecast global oil supply outpaces slowing oil demand growth.

This price forecast keeps prices near or slightly below current levels through the third quarter and incorporates recent price increases and EIA’s forecast of mostly balanced oil markets in the coming months.

Given announced increases in production from the Organization of the Petroleum Exporting Countries (OPEC), EIA expects production to grow more rapidly in second-half 2021 to keep pace with rising demand. In the forecast, global oil consumption rises by 2.8 million b/d from second-quarter to second-half 2021 while global oil production rises 4.3 million b/d during the same period, balancing the 1.5 million b/d of global oil inventory draws during the second quarter.

EIA noted, however, that the forecast “remains subject to heightened levels of uncertainty related to the ongoing economic recovery from the COVID-19 pandemic.”



Global oil consumption, supply

Despite rising COVID-19 case counts in some countries, particularly India, global oil demand remained higher than supply in May, contributing to continued global withdrawals from inventories of crude oil and petroleum products. However, EIA estimates withdrawals fell to 1.2 million b/d in May, compared with average monthly withdrawals of 2.1 million b/d since June 2020.

EIA estimates that 96.2 million b/d of petroleum and liquid fuels was consumed globally in May, an increase of 11.9 million b/d from May 2020 but 3.7 million b/d less than in May 2019.

Scheduled increases in production targets contributed to OPEC crude oil production reaching 25.5 million b/d in May, its highest level since April 2020. This increase brought global supply to an estimated 95 million b/d compared with consumption of 96.2 million b/d. EIA expects OPEC crude oil production will increase to an average of 28 million b/d in third-quarter 2021.

In this STEO, EIA forecasts that global consumption of petroleum and liquid fuels will average 97.7 million b/d for all of 2021, a 5.4-million b/d increase from 2020. Global consumption of petroleum and liquid fuels will increase by 3.6 million b/d in 2022 to average 101.3 million b/d.

EIA expects that OPEC crude oil production will average 26.9 million b/d in 2021 and 28.7 million b/d in 2022. OPEC crude oil production in the forecast rises from 25 million b/d in April to an average of 28 million b/d in third-quarter 2021.

The expectation of rising OPEC production is primarily based on the assumption that OPEC will raise production by about 1 million b/d in both June and in July in response to rising global oil demand and seasonal increases in oil consumption for power generation for some OPEC members. It also reflects an assumption that Iran’s crude oil production will continue to increase this year. Although sanctions that target Iran’s crude oil exports remain in place, crude oil exports—according to ClipperData LLC—and production from Iran are up from most of 2020.



US oil market

The US economy continues to recover after reaching multiyear lows in second-quarter 2020. The increase in economic activity and easing of the COVID-19 pandemic have contributed to rising energy use. US gross domestic product declined by 3.5% in 2020 from 2019 levels. This STEO assumes US GDP will grow by 6.7% in 2021 and by 4.9% in 2022.

EIA expects US gasoline consumption will average 9.1 million b/d this summer (April–September), which is 1.3 million b/d more than last summer but still more than 400,000 b/d less than summer 2019. Weekly consumption data reflect the Colonial Pipeline outage and subsequent increase in gasoline demand, but consumption both before and after this event indicate more gasoline demand than EIA had previously forecast. EIA expects US gasoline consumption to average 8.7 million b/d in for all of 2021 and 9.0 million b/d in 2022.

According to EIA’s most recent data, US crude oil production averaged 11.2 million b/d in March 2021, an increase of 1.4 million b/d from February. The March rise indicates that the production outages caused by the February winter freeze were temporary and that production came back onlinew quickly. Because prices of West Texas Intermediate crude oil remain above $60/bbl during 2021 in the current forecast, EIA expects that producers will drill and complete enough wells to raise 2022 production from 2021. EIA estimates that 2022 production will average 11.8 million b/d, up from a forecast average of 11.1 million b/d in 2021.

https://www.ogj.com/general-interest/economics-markets/article/14204844/eia-raises-oil-price-forecast-for-june-q3-2021?utm_source=OGJ+Daily&utm_medium=email&utm_campaign=CPS210608079&o_eid=4092C7427178D8Y&rdx.ident%5Bpull%5D=omeda%7C4092C7427178D8Y&oly_enc_id=4092C7427178D8Y


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Re: So what's happening in the Bakkan oil patch [Re: OldHat] #16155933 06/09/21
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https://www.dmr.nd.gov/oilgas/directorscut/directorscut-2021-05-14.pdf

Some good information in the monthly newsletter from Director of the State’s Oil and Gas Division. 16,200 producing wells, 2300 inactive.

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Re: So what's happening in the Bakkan oil patch [Re: OldHat] #16155942 06/09/21
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Out here....the boys swabbed an old stripper well and found good oil.

They are gonna run a new flow line across me and get it producing.


Private minerals are gonna increase in value under Biden.

Re: So what's happening in the Bakkan oil patch [Re: Jim_Conrad] #16155969 06/09/21
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Originally Posted by Jim_Conrad
Out here....the boys swabbed an old stripper well and found good oil.

They are gonna run a new flow line across me and get it producing.


Private minerals are gonna increase in value under Biden.



Jims going to be oil money rich laugh


"Life is tough, even tougher if your stupid"
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Re: So what's happening in the Bakkan oil patch [Re: Stormin_Norman] #16155982 06/09/21
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Originally Posted by Stormin_Norman


Pitiful.

Re: So what's happening in the Bakkan oil patch [Re: OldHat] #16156065 06/09/21
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For those always in the dark on why energy prices do what they do:

[Linked Image from i.imgur.com]


It is irrelevant what you think. What matters is the TRUTH.
Re: So what's happening in the Bakkan oil patch [Re: Theo Gallus] #16156090 06/09/21
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Originally Posted by Theo Gallus
They can start pumping again after Biden lets OPEC and the Russians run the price of oil up high enough.


That's what they do. If a well isn't producing enough to make it worthwhile, they shut it down. Or if there is a huge surplus of oil on the market, that drives prices down, and they shut off some flow to bring it back up.

Both sides of the coin are the same.... Heads they win, tails we lose.

Those multi-million dollar salaries and bonuses don't grow on trees ya know.

Last edited by las; 06/09/21.

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Re: So what's happening in the Bakkan oil patch [Re: Stormin_Norman] #16156093 06/09/21
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Originally Posted by Stormin_Norman
Originally Posted by Jim_Conrad
Out here....the boys swabbed an old stripper well and found good oil.

They are gonna run a new flow line across me and get it producing.


Private minerals are gonna increase in value under Biden.



Jims going to be oil money rich laugh


Soon he'll be heading to California and won't talk to us anymore.


Re: So what's happening in the Bakkan oil patch [Re: OldHat] #16156108 06/09/21
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I would think that the recent announcement on ANWR while bad for Alaska will help the other producing fields. No?

Re: So what's happening in the Bakkan oil patch [Re: Jim_Conrad] #16156119 06/09/21
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Originally Posted by Jim_Conrad
Out here....the boys swabbed an old stripper well and found good oil.

They are gonna run a new flow line across me and get it producing.


Private minerals are gonna increase in value under Biden.


No,, they will increase in price, like everything else. "Value" is a different matter, considering the value of money in diminishing quickly.


Trump Won.
Re: So what's happening in the Bakkan oil patch [Re: JGRaider] #16156125 06/09/21
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Originally Posted by JGRaider
For those always in the dark on why energy prices do what they do:

[Linked Image from i.imgur.com]

This is very interesting. Do the stocks include the Strategic Reserves kept by the government? Or is that all private in storage reserves?

https://www.energy.gov/fe/services/petroleum-reserves/strategic-petroleum-reserve

Last edited by OldHat; 06/09/21.
Re: So what's happening in the Bakkan oil patch [Re: ltppowell] #16156131 06/09/21
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Originally Posted by ltppowell
Originally Posted by Jim_Conrad
Out here....the boys swabbed an old stripper well and found good oil.

They are gonna run a new flow line across me and get it producing.


Private minerals are gonna increase in value under Biden.


No,, they will increase in price, like everything else. "Value" is a different matter, considering the value of money in diminishing quickly.

Wouldn't they increase in value as long as the increase in price stays ahead of inflation?

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