Statoil is planning to resume some hydraulic fracturing work in the Bakken after its production in North Dakota dipped 10 percent sequentially.
During the company’s first quarter earnings call, Statoil CFO Hans Jakob Hegge confirmed that Statioil had one rig crew in each of the Bakken’s three areas during the first quarter and no completions in the play during the quarter, according to a transcript provided by Seeking Alpha.
Hegge said that Statoil is bringing in a frac crew to the Bakken and added that the company expects its team “to do some completions going forward.”
Hegge added that Statoil’s sequential production decline in the Bakken is not representative of what the company expects going forward.
“But the beauty of the onshore business is the flexibility. So I do not – still I do not think it’s representative what we have seen quarter-on-quarter, the decline that we actually have experienced. So going forward, with increasing prices, you should expect a higher activity level including in the Bakken area,” Hegge said during the call.
The company has not yet disclosed further details about its Bakken plans.
Statoil the fifth largest producer in the Bakken, according to Natural Gas Intel.
The company acquired more than 375,000 net acres in the Williston Basin along with interests in 40,000 net acres in other areas when it acquired Brigham Exploration Company in October 2011.
Statoil also holds shale gas assets gas in the Marcellus region and the Eagle Ford play in Texas and also produces gas in the Gulf of Mexico.