Wednesday, May 21, 2014

RBC Capital Suggests North Dakota Will Hit Million-BOPD Milestone Early Summer

The tea leaves suggest that North Dakota will have passed the million-bopd milestone as of last month (April, 2014). It was noted at this post. We will know in the next Director's Cut. It was with a small chuckle that I read this note from RBC Capital at SeekingAlpha:
  • Oil and gas producers in the Bakken Shale saw a pickup in production in March and should see an even bigger increase as the weather turns warmer, according to a new report from RBC Capital.
  • Bakken development activity rose to 200 well completions in March vs. 70 in February, and well backlog remains high at ~635 wells, RBC says, expecting operators to work through the backlog since North Dakota has experienced a relatively warm spring.
  • "As completion activity catches up in the early summer and drilling activity remains strong, oil production should top 1M bbl/day around mid-year, the report says.
"... according to a new report from RBC Capital." -- It would be nice if the real source of this information would have been cited: the Director's Cut, North Dakota Industrial Commission. 

Summer: June, July, August, I believe. Early summer: June.

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