Low-Carbon, Low-Cost Barrels of Oil: Exclusive Partnership Expands ESG-Friendly Well
Treatments Across the Williston Basin
Creedence Energy Services and Locus Bio-Energy Solutions ink distributorship agreement for use of biosurfactant technology after Bakken trials show up to 70% higher production in declining wells
MINOT, North Dakota (December 1, 2021)—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.
Locus Bio-Energy Solutions’ novel biosurfactants have gained rapid interest across top U.S. basins for their near-zero carbon footprint, and proven ability to outperform traditional oilfield chemistries in significantly increasing oil recovery. The treatments are produced using renewable agricultural materials native to North Dakota—including canola and sugar beets—which piqued special interest from the North Dakota Industrial Commission (NDIC) and Creedence.
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 well life cycle.”
Vast Reserves Locked in Bakken Shale
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. In fact, 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 allows 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.”
For more information about the biosurfactant oilfield treatments, visit www.locusbioenergy.com. To learn about their use in the Williston Basin, contact Creedence Energy Services at firstname.lastname@example.org.
About Creedence Energy Services
Creedence Energy Services is the premier, local production chemical provider in the Williston Basin, solving complex downhole chemistry challenges to ensure asset protection, flow assurance and production optimization. With advanced analytical capabilities and innovative chemistries, Creedence has emerged as the Basin’s technology leader in the production chemical market by delivering safe, reliable and efficient solutions. For more information, visit www.creedence-energy.com.
###About Locus Bio-Energy Solutions® Locus Bio-Energy Solutions is an oil innovation company committed to offering the best in high-level, science-driven and sustainable solutions to the oil and gas industry. Utilizing the scientific capabilities of our accelerator company, Locus Fermentation Solutions, Locus Bio-Energy turns novel biosurfactants into safe, customized treatments for upstream and midstream oil and gas applications. Our non-living, environmentally friendly biosurfactants address a wide variety of the industry’s most pressing challenges, including improving well reliability and long-term production of cleaner fossil fuels. The biosurfactant treatments are carbon-neutral and made from 100% renewable resources. They have been proven to replace and outperform synthetic chemicals at a fraction of the dosage rates and cost, with a 2-3x ROI. For further information on Locus Bio-Energy Solutions and our ability to help produce low-carbon, low-cost barrels of oil, please visit LocusBioEnergy.com.