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IOGsi RED TOP NEWS:
WEEK #14, April 2, 2020
NOTICE - Daily Intention-to-Drill notices will be suspended temporarily due to the closure of KCC offices until April 6, 2020 to mitigate the spread of COVID-19.
IOGsi Week #14, April 2, 2020 Highlights - There were no new Kansas DRILLING PERMITS issued this past week by the Kansas Corporation Commission. All KCC offices are currently closed through April 3rd to mitigate the spread of COVID-19. This brings the year-to-date total of new oil and gas permits issued to 159. Last year at this time there were 225 permits issued, down by 66 (- 29%)--------------- Kansas Common CRUDE PRICE tumbled by $4.25 / bbl to $10.50 / bbl (- 29% week ago). Southcentral Kansas crude price settled at $12.25 / bbl and Eastern Kansas crude at $7.75 / bbl. The total number of active DRILLING RIGS in Kansas (either moving to or on drill sites) dropped to 6 rigs, compared to 10 a week ago (- 40%). A month ago, there were 17 active rigs (- 65%). This same time a year ago, 33 rotary rigs were active in the State (- 82%). --------------- The Western Ranges of the State accounted for 83% of the total drilling activity this past week.
In Kansas news, Arcadian Resources LLC, Concordia (KS), has discovered oil deposits in the Mississippian formation at the #1-27 Green High well in Pratt County. The new unnamed pool discovery was made over one mile north of the Lunt Southeast oil field (Estbl. 3/23/2019 – LKC oil), about 4 miles northwest of the town of Cairo, KS. The well was drilled to a total depth of 4502 ft by logger`s measurements. Promising shows were also recovered in the LKC and Marmaton formations but remain untested behind pipe. --------------- Independent producer Charles N. Griffin, Pratt (KS), has discovered oil in the Viola formation at the #1Paislee – a pool step-out well in Pratt County. The new pay discovery adds to resources in the Springvale Townsite pool, where Mississippian oil has been produced since 2007 and Simpson oil since 2009. Wellsite lies nearly 9 miles southwest of Cullison, KS. The well was drilled to a total depth of 4900 ft.
In other news, the AMERICAN PETROLEUM INSTITUTE (API), Washington, D.C., reports record U.S. PETROLEUM EXPORTS in February 2020. Volume increased by 702,000 b/d to 9.155 million b/d, compared to 8.453 million b/d in February 2019 (+ 8.3%). --------------- Productivity and well completions drove record U.S. CRUDE OIL PRODUCTION in February. A total of 13.014 million b/d was produced as compared to 11.669 million b/d in February a year ago (+ 12%). ALASKA CRUDE oil production in February accounted for nearly 3.7% of the total crude oil produced in the U.S. with 487,000 b/d produced. --------------- U.S. supply of natural GAS LIQUIDS (LNG) in February totaled 4.942 million b/d, compared to 4.706 million b/d in February a year ago (+ 5.0%).--------------- U.S. supply of crude oil, natural gas liquids and other liquids in February totaled 19.161 million b/d, up by 1.570 million b/d from same month in past year (+ 8.9%). --------------- PETROLEUM PRODUCTS delivered to the domestic market in February amounted to 20.308 million b/d, compared to 20.194 million b/d in same month in 2019 (+ 0.6%). --------------- U.S. petroleum TRADE BALANCE fell by 220,000 b/d to - 45,000 b/d, compared to 170,000 b/d in February 2019 – returning to net exporter status.