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Whiting Petroleum Corp. has recently recorded two record breaking wells using new completion methodology. Whitings Williams explains frack design evolution, payout focus By: Luke Geiver (The Bakken Magazine) Whiting Petroleum Corp. has more to share than just its new website. The Denver-based exploration and production company heavily focused on the Williston Basin is excited about its completion methodology evolution in the last three years. Using its newly adopted approach to hydraulic fracturing, Whiting recently recorded two record breaking wells, one in the middle Bakken and one in the Three Forks. We have the best wells in the entire play, said Mark Williams, senior vice president of exploration and production during a recent investor presentation. Whiting has recorded initial production rates for a Bakken well of 7,100 barrels of oil equivalent per day (boepd) and 7,800 boepd for a Three Forks well, each of which were drilling and completed in its Tarpon field. According to
Well counts usually lag oil prices by about four months, indicating that May could see returning rigs across the U.S.. Slide in U.S. oil rigs seen halting in May, says Morgan Stanley By: Bill Lehane (Bloomberg News) The decline in drilling rigs in the U.S. could bottom out in May, with operators already reviving operations in parts of Eagle Ford and Permian in Texas, according to Morgan Stanley. The low point in the rig count usually lags prices by about four months, analyst Adam Longson said in a report dated Monday. The number of active rigs fell last week to the lowest since October 2010, Baker Hughes Inc. data show. Oil prices gained this month amid speculation that the slump in active rigs would curb U.S. production, stemming the rise in the nations stockpiles and helping to alleviate a global surplus. To read the rest of this article, visit Power Source.
Oil production is beginning to recover as rig counts remain low, but Schlumberger CEO Kibsgaard says that the recovery will fall short of reaching previous levels. U.S. oil drilling faces slow recovery, no new highs - Schlumberger By: Reuters NEW YORK, April 17 (Reuters) - An eventual recovery in U.S. oil drilling activity after the biggest slump in three decades may never reach last years frenzied pace, according to the worlds largest oilfield services company. The drilling recovery will likely to be slower to emerge due to a growing reserve of wells that have been drilled but not yet hydraulically fractured and increased activity in re-fracking wells that are running dry, Schlumberger Ltd Chief Executive Paal Kibsgaard said in a conference call Friday. Schlumberger expects the rebound in U.S. onshore drilling will be pushed out in time as the inventory of uncompleted wells drilled and the refracturing market expand, Kibsgaard told analysts following the announcement of the companys
As oil prices begin to climb, oil field service companies are charging less for completion costs and giving producers an incentive to ramp up production. As costs fall, companies may start completing wells again By: Rhiannon Meyers (FuelFix) Oil companies keeping thousands of barrels of crude off the market by drilling but not completing wells may soon start flooding the market again. Producers earlier this year began announcing plans to defer well completions, essentially storing their oil underground until the market rebounded and they could fetch a better deal for their products. But oil prices recently have ticked up slightly, and oil field services companies are charging less, giving producers more incentive to start pumping those wells. So prices start to recover and everyone says, Oh great. Now were off to the races, Raoul LeBlanc, senior director of research at consultant group IHS Energy said in an interview with FuelFix. If producers unleash a flood of crude, they heighten
Incomplete wells are giving some producers major advantages over competitors as they leverage lower completion costs and higher returns. IHS: 1,400 wells drilled but not completed in Eagle Ford Shale By: Jennifer Hiller (FuelFix) There are nearly 1,400 wells in the Eagle Ford Shale that have been drilled but not completed, according to new analysis from the firm IHS. Oil prices are hovering around $50 per barrel, down by half since last summer. And some Eagle Ford oil producers have been drilling but not fracking wells. The delay in completing wells avoids sending new barrels of oil into a cheap market. For a small handful of operators, IHS reports that the drilled-but-not-completed wells will give them a big advantage over competitors. Nearly 40 percent of those 1,400 delayed wells have a break-even costs below $30 per barrel, according to IHS. The operators include BHP Billiton, Chesapeake, Anadarko Petroleum, EOG Resources, ConocoPhillips and Pioneer Resources. (The remainder
Tom DiChristopher of CNBC reports on the factors that could contribute to declining U.S. oil production. The looming threat to American oil output By: Tom DiChristopher In recent weeks, the market has shifted its attention from cratering crude prices to the falling number of rigs operating in American oilfields. But in the coming months, the very life cycle of many of those wells may have many market watchers concerned about output and price stability, experts told CNBC. Oil wellswhether conventional or unconventionalreach peak production soon after they yield the first drop of crude. The difference is how quickly they enter decline. Conventional wells go through a long period of steady, flat production between peak and decline. In contrast, production falls rapidly in the first three years of unconventional wellsthose in shale, sandstone and carbonates. They then enter a long phase of very low production. In order to even keep production steady across an unconventional oilfield,
Despite rapidly falling oil prices, spending on rigs and wells were up in the last quarter of 2014. The Oil Collapse Isnt Stopping Americas Investment in Energy By: Vince Golle After an epic collapse in crude prices, U.S. oil companies still arent blinking. Investment in drilling rigs and wells actually improved in the closing months of 2014. Outlays for rigs and wells climbed at an 8.9 percent pace in the fourth quarter after an 8.3 percent increase from July through September, todays Commerce Department report on gross domestic product showed. As you can see from the chart below, those figures are a slight slowdown from numbers in the first half of 2014, but are definitely no halt. That increase is even more impressive when you look at what happened to equipment spending across all businesses in the worlds largest economy. That fell by the most since the recession, taking some of the luster off the consumer-driven economy. Spending on oilfield machinery is more difficult to decipher.
Wood Mackenzie forecasts onshore well counts to fall from 37,000 in 2014 to 26,000 this year. Wood Mac: US Onshore Well Count to Fall by 26% in 2015 By: Karen Boman (Rigzone) The U.S. onshore well count will decline by 26 percent, from more than 37,000 in 2014 to an estimated 27,000 in 2015, as the decline in oil prices prompted many operators to cut their 2015 spending plans, according to a recent estimate by Wood Mackenzie. North American drilling and completion expenditures exceeded $140 billion in 2014, but Wood Mackenzie expects operators to commit less than $90 billion to upstream development over the next 12 months. Such sizeable cuts will have serious implications across the oilfield services sector, said Wood Mackenzie in a statement. Using its North America Supply Chain Analysis Tool, Wood Mackenzie forecasts that rig day rates will decline by 30 percent, while the rig count will drop from an annual average of nearly 1,800 in 2014 to under 1,300 in 2015. This decline will
Baker Hughes latest rig counts show a YTD decrease, and the oilfield service company predicts this downward trend to continue. Baker Hughes Rig Count Outlook 2015 By: Myles Udland (Business Insider) Over the past month, the number of oil rigs in use in the US has tumbled. As of last week, the number of oil rigs in use totaled 1,366, below the 1,408 rigs that were in use at the same time last year. Additionally, last weeks decline in the use of oil and gas rigs was the biggest weekly drop since January 2009. And Baker Hughes, the company that provides this weekly data, says this drop is going to get worse. In its earnings presentation Tuesday, Baker Hughes included the following chart, showing that the number of rigs in use typically declines by 40% to 60% during a down cycle. At the peak of this most recent cycle, the number of oil rigs in use totaled 1,609, and so the current decline in the number of oil rigs in use is less than 20%. In its earnings presentation, Baker Hughes said
A new report has provided operators with a blueprint for saving up to 40-percent on unconventional well costs. Among the highlights in the report, Accenture suggests a more integrated planning process, better management of contractors, and improved logistics and materials management. Luke Geiver reports. Accenture report: above-ground savings for unconventional wells By: Luke Geiver (The Bakken Magazine) Operators looking to reduce well construction, drilling and completion costs associated with unconventional wells now have a blueprint to do so thanks to a new report from Accenture. The global management, consulting and technology company has released a report, Achieving High Performance In Unconventional Operations: Integrated planning, services, logistics and materials management, to explain how operators can save up to 40 percent. A lot has been said and written about the manufacturing approach, but overall, we had a feeling that there are still above ground opportunities to
New technology is allowing U.S. oil and gas producers to revisit old wells and increase production from them once again. Refracking has been developed and implemented in formations across the country withsuccess, but some doubt its safety and effectiveness. Anna Driver and Ernest Scheyder investigate the benefits and the direction refracking could take the oil and gas industry. Refracking brings vitange oil and gas wells to life By: Anna Driver and Ernest Scheyder HOUSTON/WILLISTON, NORTH DAKOTA Aug 20 (Reuters) - A fracking boom isnt enough for U.S. oil and gas producers - theyre now starting the re-fracking boom. Wells sunk as little as three years ago are being fracked again, the latest innovation in the technology-driven shale oil revolution. Hydraulic fracturing, which has upended global energy markets by lifting U.S. crude oil output to a 25-year high, has been troubled by quick declines in oil and gas output. The development highlights how producers must constantly invest