SCOOP/STACK News Pulse April 2023

Posted: May 23, 2023

The SCOOP/STACK Basin | April 2023

Field Overview

Ranking 6th in oil production and 3rd in natural gas production, the SCOOP/STACK play is one of the largest fields within the continental United States. It is primarily a shale play, with the Anadarko and Ardmore basins providing a bulk of the production. Some of the top formations are the Woodford Shale and Hunton Carbonate.

State Drilling Statistics
Total Rigs in Oklahoma- 53 (-6)
Total Rigs in the United States- 755 (-)
Total U.S. Rigs 8.2% YTD

State Permitting Data
Permits Approved – 149

Basin Highlights

Magnitude 4.0 earthquake recorded in central Oklahoma

The U.S. Geological Survey reports that six tremors, including one with a magnitude of 4.0, shook central Oklahoma at the start of April. The Oklahoma Corporation Commission, which oversees the state’s oil and gas industry, is sending inspectors to look into 15 injection wells. “We’ve identified the wells that might be suspect and will audit them” a spokesperson stated, referring to the volume of wastewater they inject and the pressure used to inject the liquid. The commission has previously directed oil and gas producers to close some injection wells and reduce volumes in others to lessen the chance of earthquakes, but it looks like more action is required.

There are about 16,000 documented orphaned wells in Oklahoma — and a solution

Oklahoma lawmakers are taking charge and looking for unique solutions for resolving the ever growing issue of orphaned wells. Oklahoma can make money from the cleanup process by utilizing the developing voluntary carbon market. In other words, Oklahoma can generate a stream of tax revenue and high-caliber jobs by encouraging businesses to invest in the reclamation of orphan wells. Senate Bill 852 was written by state senators Dave Rader and Brad Boles in recognition of the opportunity this presents for the state. If adopted, Oklahoma will take the lead in the nation in converting inherited wells into profitable ventures. If executed successfully, the bill will allow the cleanup of orphaned wells without dipping into taxpayer funds.

New rules threaten Osage oil and gas production, Oklahoma senators, congressman say

The Osage people are challenging new regulations that they feel will make the development of oil and other mineral resources much more difficult. The estate was created in accordance with a 1906 treaty whereby the Osages consented to the allotment of their reservation, which is now Osage County and was acquired from the Cherokee Nation in 1872 to create the state of Oklahoma. Although each portion of the reservation’s surface was given its own share, all mineral rights were still held collectively. At the time, there were 2,229 recognized tribal members, and each one received one share, or headright. Individual holdings frequently become fractionalized because the number of headrights is fixed while the Osage population has increased (and some headrights are no longer owned by tribal members). Since a large portion of Osage oil and gas production is currently small scale, tribal leadership is worried that some of the new regulations will drive up production costs to the point where marginal wells will have to be shut down.

Most Permits By Operator in OK

1Citation Oil & Gas15
2Citizen Energy11
4Mewbourne Oil6
Hyperlinks to available Q3 2021 Reports

Rig Count

Oklahoma Oil Production

Oklahoma Gas Production

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Related Tags: News Pulse | Oklahoma | Scoop Stack

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