News/Updates
Anchorage newspaper also carries story!
PennEnergy.com reports a similar story on January 14, 2011:
According to separate reports from both the North Dakota Pipeline Authority and the US Department of Energy, if the current trends in production continue, North Dakota may overtake Alaska as the No. 1 producer in the US by 2017.
Should the increase in drilling and production in North Dakota continue, the output in North Dakota may rise to between 450,000 and 700,000 barrels of oil a day within the next five to seven years, reported the North Dakota Pipeline Authority.
On the other hand, the production coming out of Alaska is slated to drop to 450,000 barrels a day by 2017, the DOE reported.
Original Posting
Headline, 3:30 p.m., January 2, 2011: APNewsBreak: ND Oil Patch May Double Production
(Of course, in an hour from now, this story will no longer be at the top of the page, but for a few minutes, North Dakota beat out every other financial story -- except the iPhone.)
First two paragraphs (this is truly incredible):
Government and industry officials believe North Dakota's oil patch contains more than twice the amount of oil previously estimated and that the state's already record crude production will double within the decade.
If the forecast is correct, North Dakota could leapfrog in a few years from the fourth-biggest oil producing state to No. 2, trailing only Texas.Remember: this was not a blurb in the Bismarck Tribune or the Williston Herald. When this story first appeared, it was the second story on Yahoo!Financial. The first story had to do with an iPhone glitch regarding the iPhone's alarm feature.
Also, note that the spokesperson said a record 168 rigs were drilling in the state (my database showed 166 as the record). Of course, the number of "potentially" active rigs is generally five to ten higher than the actual number active rigs due to fact that at any given moment, some rigs in North Dakota are being transported to another site or are under repair or routine maintenance.
Note: someone commented below that it was unlikely that North Dakota would pass Alaska in oil production. I countered. Following that exchange, this article appeared: environmentalists have stymied Shell Oil in Alaska once again. January 6, 2011. Yes, it is very possible that North Dakota will surpass Alaska in oil production.
The story was mentioned on the KSTP TV evening news here in the Twin Cities, MN.
ReplyDeleteOne of the reasons I started this blog: after the Bakken was first receiving national attention, there were a lot of naysayers, critics (typical). I agreed that one formation is not going to solve the energy needs of the US, but it will make a huge impact on a state like North Dakota.
ReplyDeleteNow, getting national coverage again.