Tuesday, September 21, 2010

Current Director's Cut (NDIC)

This has been previously posted.

The current NDIC Director's Cut is dated September 14, 2010. You can find it at the NDIC home page.

Jun Oil 9,434,312 barrels = 314,477 barrels/day
Jul Oil 9,952,296 barrels = 321,042 barrels/day -- all time record high -- almost 10 million bbls/month

Jun Producing Wells = 4,977
Jul Producing Wells = 5,051 all time record high

Jun Permitting: 128 drilling permits
Jul Permitting: 145 drilling permits --  all time record high

NDIC Director still voices his concern about EPA regulation.

2 comments:

  1. Do we know if the daily production numbers include confidentials? I certainly can't claim to know what regulation will occur but the specific concerns I've heard expressed involve gas wells - especially shallow gas.

    ReplyDelete
  2. 1. I've had the same question, regarding production. My understanding is that the nearly 10 million barrels of oil is the total amount of oil sold and thus should include oil from completed wells still on the confidential list. The state, for the most part, would mostly be interested in oil sold, since that's what constitutes the basis for taxes. (Having said that, not all oil brought to the ground is sold immediately; it can end up in storage tanks.) But the director is comparing "apples to apples" each month so the precise number is probably not all that important, except for historical accuracy. But I don't know for sure. I could be wrong; if so, someone will correct me. Smile.

    2. You are correct. The EPA is mostly concerned with natural gas wells since they are shallow and nearer the water table. Perhaps it will end there. However, once the EPA gets involved, all bets are off. Even the NDIC/Director has voiced his concerns. My hunch is that from an environmentalist's point of view, "fracking is fracking," no matter how shallow/deep you are fracking. (Don't get me wrong: the environmentalists have done more good for this country than many of us would care to admit; I just wish it was a bit less adversarial; a bit more collegial; a bit more rational. But, then again, it's all in the eye of the beholder.

    ReplyDelete