James Thum, Oil and Gas Program Manager

This update was sent to the Commission on Tuesday, January 23, 2024.

January 2024 Secretary Update

Current Items:
Mick Thomas heads to Utah
Field Status
News Article(s) of Interest
Current Prices

Mick Thomas heads to Utah
Mick Thomas, IDL’s Division Administrator over Minerals, Navigable Waters, Oil & Gas and Secretary to the Oil and Gas Conservation Commission, accepted a position leading the State of Utah’s Oil, Gas, and Mining Division. Mick will oversee the regulation of mining coal, minerals, oil, and natural gas in Utah. His first day was January 8, 2024.
For any questions on oil and gas related matters, please contact James Thum, IDL Oil and Gas Program Manager.

Field Status
Snake River Oil & Gas LLC re-started workover operations for a modified gas lift January 4, 2024 for the Kauffman #1-9 well prior to the January 31, 2024 plugging deadline. The ML Investments #1-11 well, which was declared inactive by the Department August 15, 2023, has a plugging deadline of February 15, 2024.

As of December 1, 2023 Payette County production averaged 8.65 million cubic feet of gas per day (MMCFGD), 116.5 barrels of condensate per day (BCD), and 27 barrels of water per day (BWD). Natural Gas Liquids (NGLs) from Highway 30 averaged 7084 gallons per day (GPD). These volumes are about average based on historical production figures for western Idaho.

News Article(s) of Interest
Oil’s Mega Acquisition Spree May Not Be Over:
https://oilprice.com/Energy/Energy-General/Oils-Mega-Acquisition-Spree-Might-Not-Be-Over-Yet.html

What Themes Will Dominate Oil Markets in 2024?
https://www.rigzone.com/news/wire/what_themes_will_dominate_global_oil_market_in_2024-11-jan-2024-175350-article/

Industry Claims BLM withholding priority oil & gas tracts in Wyoming:
https://capcity.news/community/energy-community/2024/01/19/industry-blm-is-withholding-priority-oil-and-gas-tracts-in-wyoming/

Current Prices

NW Natural Gas (EIA)	$3.58 MMBtu	1/22/2024	(No change since last month)
NGL (EIA)	$6.85 MMBtu	1/22/2024	(1% / $0.07 decrease since last month))
WTI	$75.29 bbl	1/22/2024	(7.9% / $5.51 increase since last month)