Bakken Shale

Bakken Shale ImageThe Bakken shale is primarily an oil play. It straddles the US border with Canada and runs through two states – North Dakota and Montana – and two Canadian provinces – Saskatchewan and Manitoba. The US Geological Survey estimates there are 3.65 billion barrels of recoverable crude oil in the Bakken, which would make it the largest oil field in the US outside Alaska. The Bakken is located in the Williston Basin, but not all of the basin includes the Bakken.

The Sanish-Three Forks area is located below the Bakken shale zone and is potentially another new oil reservoir. Brigham Exploration Co. has been active in this area. Natural gas is also found in some parts of the Bakken. The USGS estimates there is about 2.0 trillion cubic feet of gas and another 150 million barrels of natural gas liquids. Major players in the Bakken include EOG Resources, Continental Resources, and Enerplus Resources.

Bakken Shale Map

Bakken Shale News

BHI: US oil-directed rig count rises for fifth straight week

Aug 21, 2015

The overall US drilling rig count edged up 1 unit to 885 rigs working during the week ended Aug. 21, according to data from Baker Hughes Inc. The oil-directed count increased for the fifth straight week, rising 2 more units.

PwC: Midstream boosts 2Q M&A activity in oil, gas industry

Aug 17, 2015

The US oil and gas industry experienced an uptick in second-quarter mergers and acquisitions compared with the first quarter, facilitated by heightened interest in midstream deals, according to a quarterly report of announced US transactions with value greater than $50 million.

BHI: US oil rig count continues rise, but overall count unchanged

Aug 14, 2015

The overall US drilling rig count sat unchanged during the week ended Aug. 14, remaining at 884 rigs working, according to data from Baker Hughes Inc. Oil-directed rigs, however, continued their warm streak—albeit modestly—with a 2-unit gain.

Volker: Whiting Petroleum rigged to run and prosper at $50-60/bbl oil

Aug 12, 2015

Whiting Petroleum Corp. has positioned itself to make money at $50-60/bbl oil, said James Volker, Whiting chief executive officer, adding he believes the company can prosper at current oil prices and still boost production.

Hess forms Bakken midstream joint venture with Global Infrastructure Partners, includes gas processing, rail terminals, propane storage

Aug 12, 2015

Global Infrastructure Partners (GIP), a private equity firm, agreed to acquire 50% interest in Bakken midstream assets from Hess Corp. for $2.7 billion and to form a 50-50 midstream joint venture named Hess Infrastructure Partners (HIP).

WPX plans to resume Williston basin completions, boost rig count

Aug 12, 2015

WPX Energy of Tulsa cited lower well costs and a 25% increase in estimated ultimate recovery rates as it vowed to increase its activity in the Williston basin during the second half by resuming completions and increasing its rig count to three from one rig by Dec. 31.

North Dakota tentatively approves higher level of radioactivity in oil waste

Aug 12, 2015

The North Dakota State Health Council voted unanimously Aug. 11 to adopt rules that would permit waste, including oil field waste, containing radioactivity levels of up to 50 picocuries/g of technologically enhanced radioactive material to be disposed at approved landfills.

EIA: US crude output declines to continue through mid-2016

Aug 11, 2015

Total US crude oil production declined 100,000 b/d in July compared with June, and is expected to continue decreasing through mid-2016 before growth resumes late in 2016, according to the US Energy Information Administration’s most recent Short-Term Energy Outlook (STEO).

KMI starts Powder River deliveries on Double H pipeline

Aug 11, 2015

Kinder Morgan Inc. (KMI) has begun receiving Powder River basin crude oil into its Double H pipeline system via a newly constructed connection near Douglas, Wyo., increasing system capacity to about 99,000 b/d. KMI said further expansion is possible as the Bakken shale and Power River basin grow.

EIA: US shale oil output to drop 93,000 b/d in September

Aug 10, 2015

Crude oil production in September from seven major US shale plays is expected to decline 93,000 b/d to 5.27 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR). EIA previously projected 91,000-b/d declines for both July and August.

BHI: Boosted by another gain in oil rigs, total US rig count rises 10 units

Aug 7, 2015

The overall US drilling rig count gained 10 units during the week ended Aug. 7 to reach a total of 884 rigs working, according to data from Baker Hughes Inc. A total of 27 units has now gradually come online since the week ended June 19.

PwC: Midstream boosts 2Q M&A activity in US oil, gas industry

Aug 5, 2015

The US oil and gas industry experienced an uptick in second-quarter mergers and acquisitions compared with the first quarter, facilitated by heightened interest in midstream deals, according to a quarterly report of announced US transactions with value greater than $50 million.

ConocoPhillips plans further capex reduction for deepwater exploration

Jul 16, 2015

ConocoPhillips reported plans to further reduce its capital expenditures for deepwater exploration, with the “most significant reductions” coming from its operated program in the Gulf of Mexico. The company did not specify by how much capex would be decreased, however.

EIA: US shale oil production to fall 91,000 b/d in August

Jul 13, 2015

Crude oil production in August from seven major US shale plays is expected to decline 91,000 b/d to 5.36 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR). EIA last month also projected a 91,000 b/d decline for July.

BHI: US rig count continues upward creep

Jul 10, 2015

Although the overall US drilling rig count only edged up 1 unit to 863 rigs working during the week ended July 10, it represented the third consecutive week of gains and another jump in oil-directed rigs, according to data from Baker Hughes Inc.

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