Bakken News Pulse October 2021

Posted: November 24, 2021

The Bakken Shale | October 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

Total Rigs in North Dakota- 24 (-)
Total Rigs in United States- 550 (+22)
Total U.S. Rigs 83% YTD

Bakken Top Producer

Top Producer By BOE – Continental Resources


Basin Highlights

Oasis to acquire Williston basin assets from Diamondback for $745 million

Diamondback Energy agreed to sell its Williston basin assets to Houston-based Oasis Petroleum Inc. for $745 million in cash. On a two-stream basis, the assets purchased include 27,000 boe/d of production in the first quarter of 2021 and 95,000 net acres. Diamondback purchased Williston basin assets as part of its December 2020 merger with QEP Resources, which was completed in March 2021. (OGJ Online, Dec. 23, 2020). Diamondback will leave the Williston basin after the deal with Oasis is completed, which is expected in July pending to closing conditions.

Biosurfactant proving to be a game-changer for Bakken operators

Creedence Energy Services in Williston is refining a novel biosurfactant for the Bakken that is drawing out higher end oil, which is piqueing the interest of Williston Basin operators. According to business officials, the product is already being tested in at least 15 new locations by some of the play’s biggest oil producers, in addition to three original tests proving the product for Bakken wells. Based on Creedence’s work, the product has been nominated for a few different prizes, including a World Oil Award nominee for best completion technology. The product is also being certified as carbon-free.

Hess Boosts Activity in Bakken on Commodity Price Strength

Hess Corp., a US independent, has added a third rig in the Bakken Shale and may contemplate a fourth next year if commodity prices remain strong. After being slowed by the coronavirus last year, the New York-based company is stepping up Bakken activity. In the third quarter, net Bakken production was 148,000 boe/d, down from 198,000 boe/d the previous quarter. Hess drilled 18 Bakken wells in the third quarter, finished 22 more, and brought 19 online. The “ultimate objective,” according to executives, is to restore Bakken production to 200,000 boe/d.


Top Producers By BOE

ChangeRankCompanyMMBOE Production (8/21)
1Continental Resources57.6
2Hess38.3
+13ConocoPhillips 28.9
+14 Marathon28.9
-25Whiting Petroleum28.9
Hyperlinks to available Q3 2021 Reports

Rig Count


North Dakota Oil Production


North Dakota Natural Gas


Click above to subscribe to the RARE
PETRO Podcast Network or visit
www.rarepetro.com/podcasts


The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the following sources unless otherwise
noted:

www.eia.gov
www.drillinginfo.com
www.bhge.com
RARE Petro Analytics

Related Tags: Bakken | News Pulse

Send Us a Message

Rare Petro Logo

1224 Washington Ave,
Suite 10
Golden, CO 80401

(720) 772-7371

contactus@rarepetro.com

Rare Petro Logo

Subscribe!

Oil & Gas News Pulse

Newsletter

You have Successfully Subscribed!