Still more amazing news from Bakken
In contrast to the horrible news mentioned yesterday from Venezuela, consider the the amazing news from the open frontier of energy production. The benefits produced by fracking just don’t seem to stop.
9/23 – The Million Dollar Way –Update On The Bakkan – Lynn Helms – A few highlights in the article from a radio interview I found particularly fascinating:
- Production in North Dakota will drop below 1M bopd but Mr. Helms does not expected to go below 900K bopd.
- Initial production rates had been 1100 bopd but are now running 1500 bopd.
- Estimated Ultimate Recovery amounts have increased one-fourth.
- There are somewhere between 8000 and 8500 wells that are good candidates for refracking because they are initially drilled with old technology.
- This is astounding – a drilling rig today drills an average of 25 wells in a year compared to only 8 or 9 wells as recently as 2009. Imagine the improved IRR.
- Drilling efficiencies have come from multi-well pads, new technology for bits, new technology promoters, and new technology for mud. Ponder the impact of technology.
9/23 – The Million Dollar Way – FAQ: How Much Oil Can One Reasonably Expect That A Bakken Well Will Produce Over The Lifetime Of That Well? – Astounding information.
EUR is the abbreviation for Estimated Ultimate Recovery, or the total amount of oil that will be recovered from a well over its lifetime.
Here’s the range of current EURs:
- 900,000 boe – enhanced completion for Whiting
- 700,000 boe – non-enhanced completion for Whiting
- 800,000 boe – 2015 for CLR, normalized to 9800 foot lateral
- 900,000 boe – 2016 for CLR, normalized to 9800 foot lateral
In the comments, Mr. Oksol explains EURs were in the range of 300,000 at the early start of the boom and had risen to around 700,000. They are now running 900,000.
Keep in mind that is from primary production, before there are any secondary recovery efforts. Refracking, use of CO2, or use of any other secondary or tertiary recovery method will increase total production dramatically.
9/23 – The Million Dollar Way – Blog Hits 9 Million Page Views – Very cool. Mr. Oksol’s blog past the 9,000,000 count for page views.