Monte Besler, FRACN8R, joins TownSquare Media’s Talk of the Town with Steve Bakken and guest co-host Jason Spiess with a boots-on-the-ground update from the Bakken oil fields.
“Well, one thing is we're significantly more mature than a lot of the other areas,” Besler said.
When asked to define the term “mature”, Besler added some context.
“Well, all of the competitive acquisition of leases, drilling to hold production, a lot of that stuff has been taken care of,” Besler said. “Now it's gone into more of a steady state development where you're going back into areas that you control the lease on and you're now drilling additional wells to develop that resource. And that allows a little more controlled operation.”
One of the first companies Besler spoke about was Chevron and Hess.
“You mentioned Hess and Chevron, now, I think that's still being worked out, the details, because of the size of the companies and the sort,” Belser said. “Chevron likely went after Hess, not just for North Dakota, but also for their offshore properties in Guyana, which was huge that Hess owned, and I believe would probably make them the operator in that offshore field, which is huge.”
The three discussed the Carbon Management industry in the Bakken as well.
“The premier pilot project for bringing CO2 to the Williston Basin, you know, currently down in the southwest part of the basin in the Cedar Creek Anticline,” Besler said. “They're making plans at least to be able to move it further into the basin. Of course, the Summit (Summit Carbon Solutions) deal is also a CO2-related project, bringing ethanol plant CO2 into the basin for storage, but also potentially for subsequent use for EUR later on. There's a tie-in to the oil and gas industry there with that.”
Belser also gave an update on Chord Energy, which is a combination of Whiting Petroleum Corporation and Oasis Petroleum Inc., creating a scaled unconventional U.S. oil producer with a premier Williston Basin position with top tier assets across approximately 972,000 net acres.
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Boots on the Ground Update from the Bakken