Earlier this month EOG held their 2010 Analyst Conference that provided some detail on their Bakken operations. To date they have drilled 242 gross horizontal Bakken/Three Forks wells with a cumulative net production of 20 million barrels of oil (MMbo) and current net production of 28.8 thousand barrels per day (Mbo/d). EOG is currently operating 11 rigs in the play, adding an additional rig in 2Q 2010 and are planning to drill 78 net wells in 2010. They continue to drill on 640 and 320 acre spacing and have used anywhere from 6 to 30 plus frac stage designs with multiple variations.
With 580,000 net acres in the play EOG’s Bakken/Three Forks activity is defined by 3 sub-plays; Bakken Core, Bakken Lite and Three Forks. The Bakken Core currently has 163 drilled wells and uses 640 acre well spacing. An average completed well cost for a Core well is $4.6 MM and has a net EUR of 730 Mboe. They currently hold 100,000 acres of Bakken Core acreage and 100% of that is drillable with 27 net remaining locations. The Bakken Lite currently has 68 drilled wells and the Three Forks has 11 drilled wells. They both use 320 acre spacing and have 724 and 461 net remaining locations respectively. Their completed well costs are slightly higher than the Core wells at $4.8 MM and Lite wells have a net EUR of 290 Mboe while Three Forks wells have 260 Mboe. A production breakdown of a typical Bakken Lite oil well based on gross average reserves is 86% oil, 11% NGLs and 3% gas while a typical Three Forks well is 81% oil, 16% NGLs and 3% gas.
To learn more or to see the entire presentation visit the EOG Operator Folder in the DI Unconventional Updates.
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