Connecting the wells only addresses part of the problem with flaring of natural gas in North Dakota’s Bakken and Three Forks formations; it’s no help if there’s a lack of takeaway and processing capacity.
Articles from Calculations
Western Canada’s oil production should hit 5.7 million b/d by 2025, which is double the current output, boosted by unconventional growth from the oilsands and shale formations, according to ITG Investment Research (IR). Unconventional natural gas production also is seen lifting gas supplies by 3 Bcf/d from current numbers.
Marathon Oil Corp. production targets are being raised sharply for its growing plays in the Eagle Ford and Bakken Shales, while the targeted sale of assets continues, as evidenced by a $170 million sale of a gas processing interest in Louisiana, CEO Clarence Cazalot said during a 4Q2012 conference call with financial analysts.
By 2021, the Eagle Ford Shale could produce nearly $62.1 billion in output, support about 82,600 full-time jobs, add nearly $34 billion in gross regional product and about $888 million to local government revenues and $1.6 billion to state revenues, according to a new studies of 14 South Texas counties comprising the Eagle Ford area.
Cash natural gas prices overall retreated on average about 3 cents, but if the high-flying Northeast delivery points are subtracted from the calculations, the decline comes out closer to a nickel. California and the Midwest were noted soft spots. At the close of futures trading November had fallen 4.9 cents to $3.437 and December was down 0.7 cent to $3.767. November crude oil added 24 cents to $92.09/bbl.
It has been around for more than 30 years, long before the state’s current oil/gas boom, but North Dakota’s six months of confidentiality provided new wells is taking on greater interest in the midst of the competitive exploration and production (E&P) push throughout the industry.
North American margins for Halliburton Co. likely have been impacted “more than anticipated” in the second quarter because of the increased cost of guar gum, an additive used in hydraulic fracturing fluids, the oilfield services company said late Wednesday.
Full-year U.S. crude production, excluding natural gas liquids (NGL), will jump by 20% by the end of this year, a full seven years ahead of Energy Information Administration (EIA) projections, Raymond James & Associates Inc. said Monday.
Despite a lack of evidence showing that there is a correlation between hydraulic fracturing (fracking) and increased seismic activity, British Columbia (BC) provincial authorities want to study the issue, focusing on BC’s Horn River Basin shale play.