Page 8 - NorthAmOil Week 34 2021
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NorthAmOil INVESTMENT NorthAmOil
Comstock reportedly selling Bakken assets
NORTH DAKOTA US-BASED Comstock Resources is offering Comstock has an average 15.5% working
properties in North Dakota’s Bakken play for interest, and 12.6% net revenue interest in the
sale, according to Reuters, which reported last wells, Enverus said. The Bakken play accounts
week that it had seen a marketing document for 96% of the wells’ production, with 2% coming
related to the matter. Separately, energy analytics from the Three Forks formation and 2% from the
firm Enverus also said last week that it had seen Sanish. Operators of the wells include Continen-
marketing materials for the assets. tal Resources, Oasis Petroleum, RimRock Oil &
Comstock has not publicly commented on Gas and Whiting Petroleum.
the matter. However, Reuters cited the market- A sale would mark Comstock’s increasing
ing document as saying the properties on offer focus on its core Haynesville shale gas operations
included a non-operated working interest in 436 in Louisiana and East Texas, which account for
wells, valued at about $200mn based on futures the majority of its output. Deal-making activity is
pricing. Among them are 427 actively producing also booming in the Haynesville, which benefits
wells, which most recently had a six-month aver- from close proximity to liquefaction plants and
age net output of 6,400 barrels of oil equivalent other gas customers on the US Gulf Coast.
per day (boepd). “High oil prices and a resurgence in Bakken
Enverus provided further details, saying M&A [merger and acquisition] activity may
Comstock had retained EnergyNet as its adviser have led to the company’s decision to market its
for a potential sale, with bids due on September non-operated interests to help fund participa-
2. The wells are almost all located in North Dako- tion in Haynesville consolidation,” Reuters cited
ta’s Williams, McKenzie, Mountrail and Dunn Enverus’ senior M&A analyst, Andrew Dittmar,
counties, it added. as saying.
PERFORMANCE
US Gulf Coast sees oil supply
disruptions from Mexican outage
US-MEXICO THE US Gulf Coast was facing disruptions to its Canadian Select (WCS) prices were also bol-
crude supplies as a result of an outage in Mexico stered by news of the outage in Mexico.
this week. A fire on an offshore oil platform in the On August 23, Pemex’s CEO, Octavio
Gulf of Mexico led state-owned Pemex to shut Romero Oropeza, said Mexico’s monthly pro-
125 wells and cut its production by around 25%, duction and exports could fall, but added that
or 421,000 barrels per day (bpd) from August 22. the overall impact of the accident had not yet
The platform is part of Pemex’s main been estimated. He said that it could take days
Ku-Maloob-Zaap shallow-water production for production to resume. In a follow-up state-
US Gulf Coast refiners complex, which represented more than 40% of ment on August 25, he said production was in
are major buyers of the company’s 1.77mn bpd total crude output in the process of being restored, with 71,000 bpd
Mexican crude. June. of output recovered by the time he spoke, and a
The US Gulf Coast is the largest buyer of further 110,000 bpd anticipated to return in the
Mexican crude, which accounts for around subsequent hours. Romero said Pemex expected
38% of the foreign oil processed in the region. to fully resume all production that had been
According to Bloomberg, refiners including affected by August 30.
Valero Energy, Phillips 66 and Chevron are Several US refiners had been scheduled to
among the largest US buyers of Mexican oil so receive cargoes of Mexican crude in the days
far this year. Sour crude prices there began to rise following the fire, including Chevron, Phillips
following the incident. 66 and Valero, according to sources cited by
Reuters cited traders familiar with the matter Reuters. Valero was aiming to load a cargo on
as saying that refiners in the region had started August 24, sourcing the barrels from onshore
seeking replacement barrels in anticipation Pemex storage tanks at the Pajaritos terminal,
of supply being disrupted. Indeed, Western the sources said.
P8 www. NEWSBASE .com Week 34 26•August•2021
