Pages

Wednesday, February 8, 2012

Ooooohhhhh -- This Is Getting Too Exciting ---

Link here to CarpeDiem.com ---
The "Economic Miracle State" of North Dakota pumped another record amount of oil during the month of December at a daily rate of almost 535,000 barrels, which was 55% above its output from a year earlier, and only the second time that the state's daily production exceeded 500,000 barrels (see chart above, data here). Oil production in the Peace Garden State has more than doubled from 246,000 barrels per day two years ago, and North Dakota is now producing enough oil to completely displace the imports of crude oil from Colombia (364,000 bpd) or Iraq (422,000 bpd).

Production will likely pass Alaska and California within months.
Again, the bragging rights could be short-lived, if California bumps up their drilling activity. Governor Brown is do everything he can to get things moving in California's oil patch. Alaska is a somewhat different story but it, too, could come roaring back.

Regardless, it certainly puts into perspective the Bakken for those who in 2008 felt that the Bakken was being over-hyped.  No, the Bakken won't solve all of the energy challenges for the uS, but it certainly made an impact, including a huge WTI-NYMEX-Brent differential.

For investors, through January, 2012, NOG had a better rate of return than AAPL over the past five years. And NOG has no rigs of its own.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.