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Tag Archives: bakken

Uncertain outlook as North Dakota tops 10,000 shale oil wells

North Dakota surpassed a milestone in June — its 10,000th shale oil well — amid a still-gloomy outlook for its petroleum industry. The industry, facing continued low crude oil prices, is finishing off previously drilled wells to get oil and some revenue flowing and to meet regulated completion timetables, state officials said Friday. But the number of rigs drilling new ...

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Whiting reports increased production, Bakken success

For the second quarter of 2015 Whiting Petroleum reported a two percent production increase over the previous quarter, according to The Bakken Magazine. The increase was despite the company’s first quarter sale of non-core acreage, which equaled 8,300 barrels of oil equivalent per day (boed). Currently, the company is producing an average of 170,245 boed. Compared to last year, the ...

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USGS says the Utica uses A LOT of water

New research says Ohio’s Utica Shale in the eastern part of the state is one of the top water consuming areas in the nation. According to the U.S. Geological Survey (USGS), its new study provides the first comprehensive nationwide data on water used during fracking. As reported by the Columbus Business First, “The general consensus: Fracking ‘uses large amounts of ...

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CEO steps up to the plate and claims the Permian Basin is still in early innings

Pioneer Natural Resources CEO Scott Sheffield claims that the Permian Basin is only in the “second or third inning” of its career. The Permian has two important horizons, the eastern side and the western side.  On each side, the Spraberry and Wolfcamp formations exist.  According to Sheffield, the eastern side of the basin has an estimate 75 billion barrels of ...

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Rig drop slows

Permian Basin oil companies released six rigs in the past week, raising the possibility that the rate of cutback is slowing after the tremendous reductions of the previous weeks. The region had 362 rigs running on Friday, per the latest count from Baker Hughes. That is 204 fewer rigs than Nov. 26, the day before the Organization of Petroleum Exporting ...

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