Tag: Bakken
Natural gas production in Bakken region increases at faster rate than oil production
New targets set in 2014 to limit flaring to 10% by Oct. 1, 2020 In North Dakota’s Bakken region, the ratio of natural gas production relative to crude oil, known as the gas-oil ratio, has been gradually increasing since 2008 and has increased at a faster rate since 2014, according to the U.S. Energy Information Administration. […]
US news brief July 14: Growing Chinese crude oil demand hurts Asian storage sector
Also in this brief: Earthquake strikes near Cushing oil storage hub, Halcón pivots to Permian with $1.4 billion Bakken deal On Friday, Reuters reported that some Southeast Asia energy traders are cutting their use of storage tanks as short-term demand for oil products increases. Three traders said they have reduced the amount of oil stored in tanks […]
USA oil/gas news brief July 9: US oil exports 1 million b/d, Canada top market
Also in this news brief – 1) McKinsey Insights’ “North American Shale Oil Outlook to 2025” 2) Shale drillers turn to refracturing wells 3) US drillers spend big on “super-spec” rigs Canada imports more than twice as much per day as next leading importer of US oil (China) Reuters – U.S. crude oil exports reached 1.02 […]
Dakota Access Pipeline keeps delivering oil during legal battle
Additional review of environmental impact of Dakota Access Pipeline underway A judge has ordered the Dakota Access Pipeline will continue to transport oil even though authorities are currently conducting an additional environmental impact review. Last week in Washington, US District Court Judge James Boasberg ruled in favour of the Standing Rock Sioux and Cheyenne River […]
US shale oil rebound shakes OPEC
How low can the costs of US shale oil production go? By Ross McCracken, Platt’s Managing editor, Energy Economist Even with oil prices hovering around the $50/b mark, the US rig count has increased rapidly while E&P companies continue to record substantial reductions in well drilling costs. The increase in new well oil production per rig […]
Dakota Access Pipeline to start interstate delivery on May 14
Dakota Access Pipeline carries Bakken crude to Illinois The Dakota Access Pipeline will start shipping Bakken crude on May 14, according to a tariff filed with the US Federal Regulatory Commission. On Thursday, Energy Transfer Partners LP filed the tariff, which details the pipeline and oil to be delivered, with the commission. The $3.8 billion Dakota Access […]
North Dakota’s Bakken production drops with the temperature
Production to rebound once it warms up, especially as oil prices begin picking up While North Dakota gas production was only down to 1.54 bcf/d from the state all-time high of 1.76 bcf/d in Nov., oil production dropped a record 92,000 b/d in Dec. to 942,000 b/d (895,000 b/d of which is from the Bakken), […]
US crude oil production increases following higher drilling activity
Total US crude oil production expected to average 9.0 million b/d in 2017 and 9.5 million b/d in 2018 US crude oil production increased for the second consecutive month in Nov. 2016, the first time this has occurred since early 2015, according to the US Energy Information Administration. Increased drilling activity in the Permian region, […]
Marathon Oil beats estimates, doubles 2017 capital budget
Marathon Oil ramping up Oklahoma, Bakken activity Feb 15 (Reuters) – Marathon Oil Corp, a U.S. shale exploration company, on Wednesday doubled its projected capital spending for the full year, as crude prices stabilize following a two-year rout. The company, which reported a smaller-than-expected wider fourth-quarter loss on Wednesday, expects to spend more as it […]
North Dakota oil output seen below 1 million barrels/day soon
Harsh winter, low prices impact North Dakota oil output By Ernest Scheyder Jan 13 (Reuters) – North Dakota oil output will likely fall below 1 million barrels per day by the end of January due to harsh winter weather and low oil prices, state regulators said on Friday. Crossing that threshold would be a psychological blow to […]
Connect
Connect with us on the following social media platforms.