James Thum, Oil and Gas Program Manager

This update was sent to the Commission on Tuesday, February 20, 2024.

February 2024 Secretary Update

Current Items:
February OGCC regular meeting
BLM Updates to Fluid Mineral Leasing Process
Injection Well Status
Field Status
News Article(s) of Interest
Current Prices

February OGCC regular meeting
The first regular meeting of the Commission for 2024 will be held on Tuesday, February 20, 2024 @ 1:30pm (MT). Due to the Legislature being in session, the meeting will be held at Boise City Council Chambers, Boise City Hall, 3rd Floor, 150 N. Capitol Blvd. More information will be posted on the OGCC website on the Commission Meetings page.

BLM Updates to Fluid Mineral Leasing Process
The public comment period for the BLM’s proposed revisions to the Onshore Oil and Gas Leasing Rule closed September 22, 2023. The BLM continues to analyze and review comments submitted before the September deadline and is expected to issue a final rule in the spring of 2024.

Injection Well Update
The Class II injection well permit issued by the EPA took effect December 19, 2022. No construction activities have commenced as of this date. The permit expires December 19, 2024.

Field Status
On January 29, 2024, Snake River Oil & Gas LLC submitted a request to extend the Inactive status and plugging deadline for the Kauffman #1-9 well in Willow Field, Payette County to continue workover operations in an attempt to re-establish production from the LT completion. On January 31, 2024, the Department granted a 90-day extension until May 1, 2024. Copies of the request and the Department reply have been posted on the Kauffman 1-9 well file page.

A request to extend the Inactive status and plugging deadline of the ML Investments #1-11 well in Willow Field, Payette County was submitted by Snake River Oil & Gas LLC to the Department February 8, 2024. The Department is currently evaluating this request, which is posted on the ML Investments 1-11 well file page.

News Article(s) of Interest
Rig count down, majors plan to cut 2024 spending: https://www.reuters.com/business/energy/us-drillers-cut-oil-gas-rigs-first-time-three-weeks-baker-hughes-2024-02-02/

Appeals court considers whether to let stand Alaska’s Willow oil project: https://apnews.com/article/alaska-willow-oil-appeals-f99e8c0d0b565dae3520ff436a5ebd51

New Mexico advances geothermal energy bills:

Current Prices

NW Natural Gas(EIA)	$2.20 MMBtu	2/9/2024	(38% / $1.38 decrease since previous month)
NGL (EIA)	$6.53 MMBtu	2/9/2024	(3% / $0.22 decrease since previous month)
WTI	$76.67 bbl	2/9/2024	(1.8% / $1.38 increase since previous month)