In support of efforts to produce low-carbon barrels of oil and enhance the economics of North Dakota’s oil & gas industry, Creedence Energy Services has signed an agreement with Locus Bio-Energy Solutions to become the exclusive distributor of ESG-friendly, revenue-boosting biosurfactant oilfield treatments across the Williston Basin. The decision was made after trials funded by the North Dakota Oil & Gas Research Program demonstrated impressive 70+% increases in oil production four months after using the sustainable treatments on declining Bakken wells.
Earlier this year, the NDIC took action by approving funding for initial biosurfactant treatments across the region. Analysis four months after the first two wells were treated showed the biosurfactants boosted ongoing oil production by over 70% in both wells. Based on today’s oil prices, the oilfield treatments have generated more than $130,000 in additional revenue per well. The successful trials confirmed opportunities to improve oil production in North Dakota’s older, declining wells and also in completions of new wells.
“We believe biosurfactants will play a pivotal role in making the Williston Basin the leader in sustainable oil production,” said Kevin Black, president at Creedence Energy Services. “Declining wells pose a significant challenge to North Dakota’s overall oil production, especially within the tight formations common to Bakken shale. After witnessing the impressive returns supplied by this EOR biosurfactant technology during those trials, we believe they will have an even bigger production impact at the beginning of the good life cycle.”
The U.S. Geological Survey estimates there are 7.4 billion barrels of technologically recoverable oil in the Bakken formation in the Williston Basin, representing a fraction of the total oil in place, with those estimates ranging from 160 to more than 900 billion barrels.
Oil recovery rates in the Bakken average less than 10% and over the past few years, researchers have observed faster decline rates in newer wells drilled towards the center of the Williston Basin. A recent report stated that horizontal wells have decline rates as high as 85% over the first three years of production.
“The Williston Basin holds a vast reserve of trapped oil. Most experts suggest only 10-15% of oil is being recovered with current technology, so a clean, ESG-friendly technology that enables mobilization of an additional portion would result in a meaningful increase to the EUR of Bakken wells,” Black continued. “Maximizing oil recovery from existing wells not only provides economic benefits but also reduces the carbon footprint and environmental impact of North Dakota’s oil and gas industry.”
After observing the economic and environmental benefits, leading operators across the basin have expressed interest in implementing the biosurfactant technology a factor that drove Creedence’s choice to form the exclusive distribution agreement with Locus. The partnership states to allow the service provider to offer domestically-produced and locally sourced, ESG-friendly oilfield chemistries that can reduce cost-per-barrel and be easily scaled to meet demand.
“We couldn’t ask for a more experienced, respected partner in the Williston Basin than Creedence Energy Services to help expand the use of this Biosurfactant technology,” said Jonathan Rogers, CEO of Locus Bio-Energy Solutions. “Creedence’s connections and depth of knowledge of the region are invaluable, and operators now have a reliable local distributor that can provide them a novel tool to sustainably increase oil production.”
