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Wednesday, October 15, 2014

The October, 2014, Director's Cut Is Out -- North Dakota Bakken Has Now Produced One (1) Billion Barrels Of Crude Oil

I often make typographical and factual errors; if this information is important to you, go to the source, generally the NDIC.

Link here.

Only 6% of North Dakota oil is coming from legacy conventional pools.

A 1.6% increase month-over-month (the daily bopd).

Disclaimer: this update is always done in haste; typographical errors are likely. This is for my use only. Others should go to the source

Oil:
  • August, 2014: 1,132,331 bopd (preliminary; new all-time high)
  • July, 2014: revised, 1,114,421 bopd
  • July, 2014: 1,110,642 bopd (initial report)
  • delta: 17,910 (daily bopd)
  • 17,910 / 1,114,421 = 1.6%
Producing wells: 
  • August, 2014: 11,563 (new all-time high)
  • July, 2014: 11,293
  • June, 2014: 11,079  
  • May, 2014: 10,902
Permitting:
  • September, 2014: 261
  • August, 2014: 273
  • July, 2014: 265
  • June, 2014: 247
  • All-time high was 370 in 10/2012
Pricing:
  • Today, 2014: $66.25
  • Sept, 2014: $74.50
  • August, 2014: $78.46
  • July, 2014: $86.20
Rig count:
  • Today: 190 (all time high was 218 on 5/29/2012)
  • Sept, 2014: 195
  • August, 2014: 193
  • July, 2014:  192
  • June, 2014: 190
Director's comments:
  • well completions increased from 197 in July to 270 in August with summer weather
  • drillers DID NOT outpace the completion crews: number of wells waiting completion (end of July) : 600 (a decrease of 30)
  • rig count in the Williston Basin is no longer increasing
  • US natural gas storage:  11% below five-year average
  • percentage of natural gas flared in North Dakota:  27% (up 1% from last month)
  • NDIC now breaks down location of captured gas: statewide (72%); statewide Bakken (72.5%); non-FBIR Bakken (74.4%); FBIR Bakken (64.5%)
EPA now looking to expand control/regulation of North Dakota oil and gas industry through "back  door" (my words, not NDIC words).

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