Thursday, July 22, 2010

Update in The Dickinson Paper

Great article in today's Dickinson paper on the oil industry in North Dakota.

Some data points:
  • Today: 138 wells; most are on 640- or 1280-acre spacing
  • Record: 148 wells in 1981, but the spacing was generally 160 acres
  • 2010: 100 million barrels to be produced (estimate)
  • 2009: 80 million barrels produced
  • May, 2010: 9.2 million barrels produced; most in any one month since oil discovered in 1951
  • Some wells have been producing since 1951
  • Natural gas, once seen as a by-product of oil, often flared off, is now being produced at record levels and being sold
I remain inappropriately exuberant about the Bakken. And the Three Forks Sanish.

Note: price of oil is surging again today; broke through $77 (again).
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2 comments:

  1. Greg LangJuly 22, 2010 at 12:16 PM

    Another article: Minneapolis Federal Reserve Bank: "North Dakota: The little economic engine that could"

    http://www.minneapolisfed.org/publications_papers/pub_display.cfm?id=4495

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  2. Bruce OksolJuly 22, 2010 at 1:48 PM

    Greg: Thanks. I saw the "little economic engine that could" and I linked it to my blog a couple days ago, July 19, to be exact. Search feature at top of browser will allow folks to find it, or cut and paste the link: http://milliondollarway.blogspot.com/2010/07/minneapolis-federal-gazette-north.html

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