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IOGsi WEEKLY HIGHLIGHTS: January 20, 2022
- A total of 13 new oil and gas DRILLING PERMITS were issued in Kansas this past week by the KANSAS CORPORATION COMMISSION (KCC). This brings the year-to-date total of new drill locations issued to 55, compared with only 30 locations during this same period a year ago (+45.5%). A total of 1,201 oil and gas permits were issued in 2021, compared with only 482 in 2020 (+149.2%).
- COFFEYVILLE RESOURCES (CVR) reported Kansas Common Crude price rose by $4.25 / bbl from a week ago to $77.25 / bbl as of January 19, 2022 (+5.8%). Oklahoma Sweet Crude rose by $4.50 / bbl to $83.50 / bbl (+5.7%). Other crude postings include Central Kansas $79.00 / bbl (+5.7%) and Eastern Kansas $74.50 / bbl (+6.0%).
- SPOT MARKET crude oil (Nymex) for West Texas Intermediate (WTI) crude was up by $4.61 / bbl from last week to $86.90 / bbl (+5.6%). Spot Market natural gas price dropped by 59¢ / MMbtu to $3.80 / MMbtu (-13.4%). HENRY HUB pricing point for natural gas futures contracts as traded on the New York Mercantile Exchange (NYMEX), and trades on Intercontinental Exchange (ICE), was up by 73¢ / MMBtu for the week to $4.89 / MMBtu (+17.5%).
- The total number of active DRILLING RIGS in Kansas, either scheduled, moving to, or currently on drill sites, dropped by two rigs from a week ago to 41 (-4.7%). A month ago, 43 drilling rigs were active (-4.7%). This same time a year ago only 11 rotary rigs were active in the State (+272.5%). DRILLING ACTIVITY in the Kansas, based on the number of wells spudded, shows that 10 more wells have been drilled in January this year (44 wells), compared with this same time in 2021 (+29.4%).
- TOTAL FOOTAGE DRILLED (TFD) statewide this year is estimated to be 73,753 ft, compared with 115,467 ft in 2021 (-36.1%). Of the TFD, the Western Ranges of the State has recorded an estimated 52,883 ft of borehole drilled, compared with 85,431 ft in same period in 2021 (-38.1%). An estimated 20,870 ft of borehole has been cut in the Eastern Ranges of the State this year, compared with 30,036 ft in 2021 (-30.5%).
- The number of ACTIVE OPERATORS who have drilled a well for oil and gas in Kansas in January totals 24, compared with 23 in 2021 (+4.3%). WILDCAT exploratory well activity has accounted for about 4.5% of the total number of wells (2) that have been drilled this year, the same number as a year ago (+6.7%).
For more news, see “WEEKLY NEWS” and “NEW DISCOVERIES” under the Red Top News banner.