Disclaimer: I remain inappropriately exuberant about the Bakken. Past results to not guarantee future results. Your experience may be different.
Director's Cut, September, 2021, data, posted earlier.
From The Williston Herald: North Dakota production rises a half percent, but is still behind New Mexico by just a nose. Link here.
North Dakota added another rig this month, along with a half percent bump in production to 1.113 million barrels per day. That wasn’t enough to bump the state out of third place in the nation’s top oil producing shale plays, but it did bring it very close to New Mexico’s 1.12 million barrels per day in the Permian.
North Dakota Department of Mineral Resources Director Lynn Helms said North Dakota doesn’t actually have to match New Mexico’s rig count of 81 to beat New Mexico production. A Bakken rig produces almost twice as much as rigs in the Permian, based on data from the Energy Information Administration, the agency that tracks national energy data.
“We just have to get to 50 and then we’ll start to gain on them,” Helms said. So we’ll just keep track of that and we’ll watch that number.”
Well completions for the month were one above the state’s revenue forecast at 41, and prices were 32 percent above forecast.
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A Musical Interlude
Note explanation of this video.
Helms has a tendency to compare apples and oranges. The EIA's 914 estimate of NM with his Director's Cut estimate of ND. (Even worse is if he's looking at a state report for NM, since like TX, they have a lag and persistent underestimate.)
ReplyDeleteIf you look at 914 for each, in latest view, AUG data, it's 1.346 for NM and 1.089 for ND. Pretty big difference. And really...getting wider with time.
I was going to say, I can't disagree. But then I realized I would be also comparing apples and oranges. There are other things that are amazing in that comparison between New Mexico and North Dakota, but I would simply be beating a dead horse, or a better metaphor, going around the rotary table again.
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