Oil production in North Dakota hit a new record high in July as oil companies brought more wells online once summer rains stopped, the state regulator said.
Output in July jumped by 55,000 barrels per day from the month before, to just below 875,000 bpd, monthly data issued by the North Dakota Industrial Commission's Oil and Gas Division showed on Friday.
Most of the new production came from the Bakken and Three Forks shale formations where drillers are using horizontal drilling and hydraulic fracturing (fracking) technologies to tap the state's massive oil resources.
Companies produced slightly more than 810,000 bpd of oil from the Bakken shale in July."Slightly more"? I guess the writer was a bit confused. Two sentences earlier he/she used the verb "jumped." Whatever.
I suppose it is confusing for some folks. By this time "we" were supposed to be in the industrial phase of drilling/production in which the rate of growth would flatten.
In fact, the increase from 810,000 to 875,000 bopd month-over-month after seven years of drilling in the North Dakota Bakken boom is not only huge in raw numbers, but it is even bigger when one notes that, at 6.43% it is the largest increase in two years in month-over-month production.
I'm as surprised as anyone; I expected a 2% rise at most.
Million dollar way it is time to predict when the million barrel mark will be reached will it be this year or after the spring thaw?
ReplyDeleteI just posted a stand-alone post in reply to this question. I'm not evading the question; I just need more room to post, and thus a stand-alone post.
ReplyDeleteTwo links (the first one is "old"; the second one is new:
http://themilliondollarway.blogspot.com/2013/06/daily-oil-production-north-dakota.html
http://themilliondollarway.blogspot.com/2013/09/does-mdw-have-prediction-when-north.html