While The Overall Economy Is Looking Dark, Oil And Gas Industry Is Looking Bright

Imagine what the production figures would look like if we had an Administration in Washington that actually supported the oil and gas industry instead of fighting it every step of the way?
Peter



An oil revolution is taking place in the US West and Mid-Continent

 

July 1, 2012

Fred Lawrence and Ron Planting, IPAA, Washington, DC
While the blockbuster plays in states such as Texas and North Dakota make the biggest headlines for increases in US crude oil production, there's no denying that developments in other states together add up to significant gains. Just like the other plays, many of these involved the technological advances of horizontal drilling and multi-stage hydraulic fracturing. The US map shown here indicates how widespread horizontal drilling has become.

Oil states

After North Dakota and Texas, there is a significant tier of states where crude oil production is increasing on a steady basis (See Figure 1). Six states in the western half of the US combined have increased US oil production by about 240,000 barrels per day (b/d) since early 2007. These include:

• Oklahoma – Crude oil production has risen about 70,000 b/d from January 2007 through February 2012 (the latest available from the Energy Information Administration).
• Colorado and New Mexico – Each saw increases of about 50,000 b/d over that period.
• Utah and Kansas – Each had 30,000 b/d increases.
• Wyoming – While Wyoming's net gain over the period was just 10,000 b/d, the state has seen a steady increase of twice that figure since bottoming out in mid-2009.

Since January 2007, these six states have increased crude oil production from a little more than 650,000 b/d to almost 900,000 b/d, an increase of nearly 37% collectively over a five-year span. This is roughly equivalent to the amount of oil produced by Colombia and Indonesia.

To read the remainder of the article click on the following link.

source: http://www.ogfj.com/articles/print/volume-9/issue-07/features/an-oil-revolution-is-taking-place.html

Newfield Exploration Slowing Woodford Shale Completions In Oklahoma

Many companies are reducing their drilling and completion activity because of "low" gas prices. Blame it on the slumped economy, or blame it on the difficulty of available credit, or whatever. It seems to me companies are being cautious and waiting for gas prices to rise a bit before investing to get the gas flowing. Activity may has slowed, but it will pick up again.
Peter

Oklahoma
By OGJ editors
HOUSTON, Apr. 23 --
Newfield Exploration Co., Houston, has been slowing its pace of Woodford shale completions in Oklahoma due to low gas prices.

Gross production is 240 MMcfd of gas, and the company is operating 11 rigs in the field, six of which roll off term contract in 2009.

"The timing of rig contract expirations and the fact that more than 90% of the company's 165,000 net acres now held by production provide Newfield with operational flexibility in the second half of 2009," Newfield said.

Laterals Newfield drills in the play are expected to average more than 5,000 ft in 2009.

Cimarex Energy Co. And Woodford Shale In Oklahoma

These are pretty good numbers from the Woodford Shale Gas Play in Oklahoma. The average flow rates, successful completion percentage, and number of wells drilled are all impressive.
Peter

Oklahoma
By OGJ editors
HOUSTON, Apr. 29 -- (source)
Cimarex Energy Co., Denver, has participated in 49 wells in the Anadarko basin Woodford shale play since late 2007.

Of the 49 wells, 36 are on line and the rest are either awaiting completion or drilling. The 30-day initial average production rate, normalized for a 4,300-ft lateral, is 4.5 MMcfd.

The company's 2009 program is to drill or participate in 50 gross (23 net) wells. Cimarex holds 98,000 net acres in the play.