In case you missed them, here are the top five stories from Bakken.com for the week of October 18th through the 24th. Enjoy!
5. Bakken water supply: Program allowing irrigation water for fracking ends
Infrastructure in western North Dakota is finally catching up with demand, evident in the state engineer’s office discontinuation of a program which allowed farmers to sell irrigation water for use in the oil and gas industry.
As reported by the Forum News Service (FNS), in 2011, the engineer’s office created the Industrial Water Use in Lieu of Irrigation Policy in an emergency effort to meet the industry’s demand for water. The program allowed farmers who hold water permits to pause agricultural irrigation for a season in favor of using the water for the hydraulic fracturing process. To read the full article, click here.
4. Williston moves toward closing the last of the crew camps
WILLISTON, N.D. — As oil prices remain perilously low and even the biggest of the Bakken companies succumb to layoffs, city commissioners are working toward the elimination of crew camps.
While it’s an issue that has much of the city wondering about the impact on rents, it has left the halls of Target Logistics altogether somber.
Oilfield workers and Target Logistics employees silently go about their day, wondering what the eventual riddance of temporary housing means for their livelihood. To read the full article, click here.
3. Schlumberger to cut more jobs, sees recovery pushed to 2017
Schlumberger Ltd, the world’s No.1 oilfield services provider, said it would cut more jobs and consolidate its manufacturing and distribution network as it did not expect a recovery in demand before 2017.
The company’s shares fell as much as 4.6 percent to $72.63 in late-morning trading. Rivals Halliburton Inc and Baker Hughes Inc were also down about 4 percent.
“The likely timing gap between the oil price recovery and the subsequent increase in oilfield services activity in combination with a more conservative spending outlook from our customers is causing us to now take further action,” said Chief Executive Paal Kibsgaard said on a conference call on Friday. To read the full article, click here.
2. Exclusive: Oxy to exit North Dakota’s oil fields in sale to private equity fund
Occidental Petroleum Corp., the fourth-largest U.S. oil producer, has agreed to sell all of its North Dakota shale oil acreage and assets to private equity fund Lime Rock Resources in a deal worth around $500 million, according to sources familiar with the matter.
The sale, which marks the first exit of this downturn by a major oil company from the Bakken shale formation, includes all of Oxy’s roughly 300,000 acres in the state, including a 21,000 square-foot regional office built just three years ago. To read the full article, click here.
1. Oasis Petroleum works to plug out-of-control North Dakota well
WILLISTON, N.D. – Oasis Petroleum Inc resumed efforts on Tuesday to plug an out-of-control North Dakota well that has leaked oil, saltwater and natural gas since a blowout last weekend, hoping to have it plugged by this afternoon, a spokesman said.
More than 67,000 gallons of oil have leaked from the well so far. Law enforcement and federal regulators have closed several roads around the site due to concerns about the effects of leaking gas. To read the full article, click here.