Bakken Shale
The 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
Activity sees an early-year pause after a frenzied year-end rush
Feb 1, 2013
PLS Inc. notes that late-year 2012 global upstream M&A activity reached a frenzied pace as buyers and sellers rushed to complete deals, announcing $38 billion in deals in 86 transactions during December 2012. |
Hess budgets $2.7 billion for unconventional plays in 2013
Jan 14, 2013
Hess Corp. has announced a 2013 exploration and production budget of $6.7 billion, of which 40% will be dedicated to unconventional oil and gas plays. |
Continental Resources adds to Bakken Shale position with two transactions
Dec 20, 2012
Continental Resources Inc. has added to its Bakken Shale-focused position following two recent acquisitions in the liquids rich unconventional resources play. |
Emerald Oil names Veltri COO
Dec 11, 2012
Denver, CO-based oil exploration and production company Emerald Oil Inc. has appointed David Veltri as COO. |
ONEOK Partners scraps Bakken Crude Express Pipeline project
Nov 27, 2012
Citing a lack of sufficient long-term commitments, ONEOK Partners LP has elected not to proceed with plans to construct the Bakken Crude Express Pipeline. |
Emerald Oil closes senior credit facility with Wells Fargo
Nov 21, 2012
Denver, CO-based independent oil and gas exploration and production company Emerald Oil Inc. has closed on a senior credit facility with Wells Fargo Bank NA. |
From a famine of pipeline to a feast of rail - giving thanks for Bakken delivery
Nov 20, 2012
The latest set of Bakken crude production numbers showed another big increase to reach 728 Mb/d. The challenge for this prolific land locked basin has been one of finding a ready market for growing production. |
Targa Resources expands Bakken Shale footprint with $950M midstream acquisition
Nov 16, 2012
Targa Resources Partners LP has agreed to acquire 100% of Saddle Butte Pipeline LLC's ownership of its Williston Basin crude oil pipeline and terminal system and its natural gas gathering and processing operations for cash consideration of $950 million. |
TAM opens new office to serve Bakken Shale region
Nov 13, 2012
TAM International Inc., an independent oilfield services company providing inflatable and swellable packers, has opened a new office in Dickinson, North Dakota, to better serve the Bakken shale fields. |
Continental Resources sells East Region assets to help fund Bakken purchase
Nov 8, 2012
Building upon its strategic position in the Bakken Shale, Continental Resources Inc. (NYSE: CLR) is buying Bakken producing and undeveloped properties and selling certain eastern region assets to help fund the purchase. |
Natural Resource Partners LP acquires frac sand serving Bakken
Nov 5, 2012
Last week, Natural Resource Partners LP annouced a transaction in which it paid $15 million for an overriding frac sand royalty interest on 561 acres near Wyeville, Wisconsin. |
Industry Briefs
Nov 1, 2012
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Halcón Resources to acquire Williston Basin assets
Oct 22, 2012
Halcón Resources Corp. has entered into a privately negotiated definitive agreement with Petro-Hunt LLC and an affiliated entity, to acquire producing and undeveloped oil and gas assets in the Williston Basin for an aggregate purchase price of approximately $1.45 billion, consisting of $700 million in cash and $750 million in equity. |
A tank car train for hire – Part II – Understanding rail transportation strategies
Oct 8, 2012
Rail transportation has become a very big deal in the business of transporting crude oil, NGLs and petroleum products. Rail is having a market impact like never before because there has been a strategic shift in the way rail transportation is being used by the petroleum industry. Part II of RBN Energy's series dissects the strategies being used and discuss how things are evolving in the world of tank cars. |
Northern Oil and Gas borrowing base increase provides ample capital for Bakken program
Oct 2, 2012
A large non-operating participant in the Bakken Shale, Northern Oil and Gas Inc., in response to its mid-year credit facility redetermination, is increasing its borrowing base from $300 million to $350 million to help fund its capex program. |
The “natural gas revolution” is changing global energy dynamics, including the outlook for energy security in the United States and elsewhere. In his keynote speech to the annual 31st annual CERAWeek Executive Conference in Houston, Peter Voser, CEO of Royal Dutch Shell plc, outlines what the industry and policymakers must do to ensure society fully leverages the many benefits of natural gas. He calls for well-targeted and robustly enforced regulations to ensure tight and shale gas production meets the highest standards. He also urges the industry to do a better job of listening and responding to public concerns about the environmental and operational challenges associated with gas production.
Read the full speech by Peter Voser here.
The total value of US oil and gas mergers and acquisitions increased significantly in 2011 due to continued investment in US shale plays and related infrastructure, sustained interest from foreign buyers, and private equity entrants deploying capital in the energy industry, according to an analysis of energy M&A data by PwC US. A major trend in the energy sector driving the increase in deal value throughout the year was a shift towards more investments in oil and liquid plays as natural gas prices remained depressed amid hitting a 10-year low in 2011.
Read more here.
Can the shale gas r
evolution currently taking place in the US be repeated elsewhere? Although significant volumes of unconventional gas deposits are present in Poland, France, Germany, Hungary, Sweden, Turkey, and the UK, shale gas developments are running many years behind their counterparts in the US. Skeptics have pointed out that differences in geology, taxes, public acceptance, environmental regulations and other factors in Europe vs. the US make for a tougher environment in which to develop unconventional resources.
Read the article by Bart J. A. Willigers of Palantir Solutions Ltd. here.
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