Bakken News Pulse July 2021

Posted: August 18, 2021

The Bakken Shale | July 2021

Field Overview

Named after Henry Bakken, the farmer who owned the land where oil was originally discovered, the Bakken Shale is located in North Dakota, Montana, Manitoba, and Saskatchewan. The USGS estimated in 2013 that this basin has an expected ultimate recovery of 7.4 billion barrels. North Dakota Department of Natural Resources put the break-even point at US$46/bbl (2020). The top formations within the region are the Three Forks and the Spanish formations.

State Drilling Statistics (End of 7/9)

Total Rigs in North Dakota- 19
Total Rigs in United States- 479
Total U.S. Rigs up 86% YTD

Bakken Top Producers

Top Producer By BOE – Continental Resources

Basin Highlights

North Dakota Sues Feds

North Dakota is suing the federal government, alleging that the Interior Department and the Bureau of Land Management (BLM) illegally canceled oil and gas lease auctions in the state. The complaint, filed late July 7 in the United States District Court for the District of North Dakota Western Division, claimed that the federal agencies’ cancellation of auctions in March and June cost the state $80 million in lost revenue.

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New Pipeline Construction Begins

The North Bakken Expansion project in northwestern North Dakota began construction this week, according to the CEO of MDU Resources Group Inc., and will help producers reduce flaring in the region. The new natural gas pipeline will be able to transport 250 MMcf/d of natural gas from the Bakken Formation. According to a July 19 release from MDU Resources, WBI Energy Inc., a subsidiary of MDU Resources Group Inc., received a notice to proceed from the Federal Energy Regulatory Commission on July 8, allowing construction to begin.

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Civil Penalty Against Keystone XL

On July 22, the United States Department of Transportation’s pipeline regulator issued a notice to the operator of the Dakota Access Pipeline (DAPL), Energy Transfer LP, for possible violations of safety regulations and proposed a civil penalty against it. The Pipeline and Hazardous Materials Safety Administration (PHMSA) notice listed probable violations ranging from the location of stormwater drainage at six pipeline facilities to failure to follow assessment guidelines relating to potential incidents in sensitive areas where the pipeline operates. In June, a U.S. district court dismissed a long-running case against the DAPL, a 570,000-bbl/d pipeline from North Dakota that runs beneath a Missouri River reservoir but allowed Native American tribes and other opponents of the pipeline to file additional lawsuits.

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Kraken Using PE Funds to Aquire Assets

In the release, Kraken Resources II stated that it had received an equity commitment in excess of $400 million from funds managed by Kayne Anderson Capital Advisors LP, including Kayne Anderson Energy Fund VIII LP and Kayne Private Energy Income Fund II LP, as well as Kraken II’s management team. Kayne Anderson made a larger equity commitment to Kraken I, one of the largest private E&P companies in the Williston Basin, last December.

Article Link

Top Producers By BOE (2021 cum)

1Continental Resources
Hyperlinks to available Q2 2021 Reports

Rig Count

North Dakota Production

North Dakota Natural Gas

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