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View more highlights at Hart Energy's Drilling Activity database.
In Wyoming’s Converse County, Oklahoma City-based Devon Energy Corp. completed a Niobrara well in WC Field. The #08-053870-1XNH Steinle Fed is in Section 8-38n-70w, and it initially flowed 1.569 MMcf of gas and 1,434 bbl of oil per day. The Powder River Basin well was drilled to 19,989 ft (true vertical depth 10,030 ft). Additional completion information is not available.
Ganoub El Wadi Petroleum Holding Co. (Ganope) plans to drill 11 exploration wells in the western portion of the Red Sea in Egyptian territorial waters. The exploration program in Blocks 1 through 9 was recently approved by the Egyptian Minister of Petroleum and Mineral Resources. Seismic surveying is underway and Phase 2 of surveying is planned this year. Cairo-based Ganope anticipates an average total production of 27,600 bbl/d of oil.
Masirah Oil is underway at a second development well, #2-Yumna, in offshore Oman’s Yumna Field in Block 50 in the Arabian Sea. A wildcat venture, #3-Yumna, is also planned in the same block. The original block discovery at #1-Yumna initially flowed more than 8,000 bbl/d of oil. Recently, a mobile offshore production unit was installed in the field along with a 75,000-bbl capacity storage tanker. Muscat, Oman-based Masirah Oil is the operator of Block 50 and the Yumna Field with 100% interest, with Rex International holding an effective interest of 86.37%.
E&Ps, some for the first time in years, are returning to what’s always been considered the hinge point for the Powder River Basin: the Niobrara Formation.
The deal would create the largest pure-play northern Midland Basin E&P with a 73,000-net-acre position and 12,000 boe/d of production that is expected to more than double through 2020.
Caught in a cutthroat competition, oilfield service companies are pitted against one another for business, E&Ps are taking advantage of an oversupplied market and a recognized-need for consolidation is crawling along.