Here are the top five stories from Bakken.com for the week of April 18 through April 24. Enjoy!
5. Study: Deferring well completion to pay off
Crude storage in the U.S. is at a record high. During the week of March 27, 4.8 million barrels added topped off the current high of 471.4 million barrels, according to a recent report from energy data company Genscape, Inc.
The oil and gas market’s state of contango, driven by low oil and service prices, has prompted a spate of deferred well completions—845 total, Genscape tallied. Hoping to fulfill lease requirements while saving capital, companies such as Anadarko, Apache, Cabot, Chesapeake and EOG announced their plans to defer wells near the end of the first fiscal quarter. To read the full article, click here.
4. SPM Exclusive Interview: “Boomtowners” star on life in the Bakken
The Bakken oil boom has been a source of fodder for the media ever since reports came trickling in about the surging population growth, people sleeping in cars, rental prices rivaling New York and San Franciscoand of course, the region’s criminal dark side. The Smithsonian Channel, though, is shedding light on the often skewed perception for those unfamiliar with the area with “Boomtowners,” a six episode documentary series premiering April 26. The first episode, “Wake up the Devil,” just became available online.
The upcoming series explores the modern-day gold rush that recently stormed the formerly serene agricultural communities of western North Dakota. The oil boom has brought a deluge of oil and gas to market, and with it, an influx of people from all walks of life. From criminals to preachers, people from around the nation looking to cash in with hard and honest work, or with nefarious intentions and exploitations, all revolving around one another and the well heads. Some are disillusioned while many are honest, others are greedy, some are lost souls and some are families looking for an adventurous means to secure their children’s futures. To read the full article, click here.
3. Oil company coming to aid of ranchers affected by grass fire
KEENE, N.D. — An energy company operating in the western North Dakota oil patch is offering help to ranchers affected by a grass fire started by gas flares at an oil well.
The blaze earlier this month burned more than 4 ½ square miles in McKenzie County, damaging grazing land and destroying miles of fence line.
Whiting Petroleum has met with the U.S. Forest Service and with ranchers to offer help, and is supplying a crew to repair fences, Acting District Ranger Scot Shuler told The Bismarck Tribune.
“Whiting’s been outstanding, working with ranchers and finding out their priorities,” he said. To read the full article, click here.
2. In wake of oil slump, watchful North Dakotans adjust expectations
WILLISTON, N.D. – Snowflakes and tumbleweeds whip past dismantled stacks of steel that used to be hundreds of oil workers’ livelihoods.
Four massive drilling rigs, idled on the windswept prairie near the North Dakota-Montana line here, wait for oil prices to rise again. Last year, when oil was selling for $100 a barrel, each rig employed almost 200 people, directly or indirectly. Now, with oil prices cut in half, they employ Shay Hunt, the night watchman.
“Over there, that was my rig,” said Hunt, a 35-year-old father of three from Williston, who has worked the oil fields for more than 13 years. To read the full article, click here.
1. EOG has lion’s share of 900 North Dakota wells awaiting fracking
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 aggressively sought the information, hoping to drum up new business. To read the full article, click here.