With a flat U.S. horizontal rig count and a lower-priced backlog still to be worked through, the oilfield services sector didn’t have a lot of “classic” catalysts to propel them in 2Q2013, according to a preview by Tudor, Pickering, Holt & Co. (TPH).
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The Marcellus Shale is still powering natural gas production increases, as reported by the Energy Information Administration (EIA), even though the agency continues to lump main Marcellus state Pennsylvania into the “other” category in its monthly production report.
With flaring of wellhead associated natural gas still hovering around 30%, state officials in North Dakota welcome the proposed new natural gas pipeline from the Bakken to Minnesota by a unit of Bismarck-based MDU Resources Inc., and the governor has pledged support for the pipeline’s development.
Warren Resources Inc. plans to drill 25 new coalbed methane (CBM) wells in the Spyglass Hill Unit in Wyoming’s Washakie Basin, a sub-basin of the Greater Green River Basin, the New York City-based exploration and production company said.
Industry experts said they were disappointed by the Utica Shale oil production figures for 2012 released Thursday by the Ohio Department of Natural Resources (ODNR), but they believe a clearer picture is beginning to emerge of where the play’s sweet spots for oil are located.
The U.S. Geologic Survey’s (USGS) assessment of the Williston Basin’s Bakken Shale and Three Forks formation in North Dakota, Montana and South Dakota, which combined was estimated at 7.4 billion bbl of technically recoverable oil, is “very conservative,” according to North Dakota’s chief oil and gas regulator.
Officials with EV Energy Partners LP (EVEP) say the company is still looking to sell thousands of wet gas acres in the Utica Shale and is looking for one or more joint venture (JV) partners in the play to develop the volatile oil window.
Range Resources Corp.’s management team is “convinced” that its best wells are still to come in the Marcellus Shale after some new wells punched into a previously drilled area with five years of production history were “substantially better than previous wells,” according to COO Ray Walker.