API reports that US gasoline production broke record in March.
If this is the worst recession since the depression, I would hate to see a "good" economy. No one could keep up.
By the way, this article references the Bakken as part of the reason for this record being broken. Very interesting.
Two quotes from the article:
"US refineries produced more gasoline in March -- an average 9.3 million b/d -- than any previous month on record....Gasoline deliveries, which is how API measures demand, averaged 9.2 million b/d, more than any previous March."
"The Bakken formation has been a marvelous change. We've seen North Dakota climb to fourth in the nation in terms of production...US oil production was an average 5.5 million b/d for a second consecutive month in March...the improvement was confined to the Lower 48 states, where production climbed 1.7% to an average 4.8 million b/d from 4.7 million b/d a year earlier. Production in Alaska declined 3% to an average 688,000 b/d from March 2009"s average 709,000 b/d."
Saturday, April 17, 2010
Stories From Around the Oil Patch
News from around the oil patch:
1. Taxable sales continue to increase in oil counties fueled by the energy sector. Taxable sales increased 10 to 13% across various sectors across the state.
2. Dickinson company pursuing a 100-man camp. The Dickinson Press, like many newspapers-on-line, have open access the day the stories are published, but then require a subscription after the date has passed. I believe the Dickinson Press subscription is free; just sign up for a password. Others, such as the Wall Street Journal, release a small number of articles for free, but most require a subscription. If you can't get to these articles easily, don't spend too much time trying. If they have important news more than the headline, I will try to include that in the blurb. Also, Google searches will generally lead you to a "free" copy.
3. EPA to study fracturing in North Dakota. Don't worry. It will take at least two years for the study, and then lots of wrangling. But this site takes a lot of my time, and if the EPA shuts down the Bakken, then I shut down the site, and spend more time doing more useful things. Smile. I'm not concerned. As oil approaches $100/bbl, I doubt there will be much enthusiasm for shutting down domestic production, although under the current administration, nothing would surprise me.
1. Taxable sales continue to increase in oil counties fueled by the energy sector. Taxable sales increased 10 to 13% across various sectors across the state.
2. Dickinson company pursuing a 100-man camp. The Dickinson Press, like many newspapers-on-line, have open access the day the stories are published, but then require a subscription after the date has passed. I believe the Dickinson Press subscription is free; just sign up for a password. Others, such as the Wall Street Journal, release a small number of articles for free, but most require a subscription. If you can't get to these articles easily, don't spend too much time trying. If they have important news more than the headline, I will try to include that in the blurb. Also, Google searches will generally lead you to a "free" copy.
3. EPA to study fracturing in North Dakota. Don't worry. It will take at least two years for the study, and then lots of wrangling. But this site takes a lot of my time, and if the EPA shuts down the Bakken, then I shut down the site, and spend more time doing more useful things. Smile. I'm not concerned. As oil approaches $100/bbl, I doubt there will be much enthusiasm for shutting down domestic production, although under the current administration, nothing would surprise me.
Friday, April 16, 2010
Olson 10-15 1-H, 17513, update -- 100,000 bbls cumulative
I may have missed reporting the results of this well somehow, or maybe I just can't find it on my site.
Regardless, here is an update.
The Olson 10-15 1-H was one of two BEXP wells that garnered a lot of interest last year; the other was the Brad Olson. They were just a few miles west of Williston and were expected to be big wells.
The Olson 10-15 1-H had an IP of 1,160 bopd and after 13 months has produced almost 100,000 barrels of oil (spudded: 9/7/2008; first month of production: January, 2009: 6,535 bbls; cumulative: 98,736 as of end of February, 2010.
At $60/bbl, the cost of drilling the well has probably been reached (total costs probably higher). In February, 2010, the well produced 4,000 bbls of oil, or approximately a quarter of a million dollars at the wellhead at $70/bbl.
Regardless, here is an update.
The Olson 10-15 1-H was one of two BEXP wells that garnered a lot of interest last year; the other was the Brad Olson. They were just a few miles west of Williston and were expected to be big wells.
The Olson 10-15 1-H had an IP of 1,160 bopd and after 13 months has produced almost 100,000 barrels of oil (spudded: 9/7/2008; first month of production: January, 2009: 6,535 bbls; cumulative: 98,736 as of end of February, 2010.
At $60/bbl, the cost of drilling the well has probably been reached (total costs probably higher). In February, 2010, the well produced 4,000 bbls of oil, or approximately a quarter of a million dollars at the wellhead at $70/bbl.
Thursday, April 15, 2010
Director's Cut: April 15, 2010
Update from the Director, North Dakota Industrial Commission (NDIC). Succinct, excellent.
Pipeline capacity exceeds production. EOG tank train leaving North Dakota three (3) times/week.
Jan Oil 7,319,521 barrels = 235,925 barrels/day
Feb Oil 7,310,457 barrels = 261,088 barrels/day (preliminary) all time record high.
Jan Producing Wells = 4,628
Feb Producing Wells = 4,655 all time record high.
Pipeline capacity exceeds production. EOG tank train leaving North Dakota three (3) times/week.
Jan Oil 7,319,521 barrels = 235,925 barrels/day
Feb Oil 7,310,457 barrels = 261,088 barrels/day (preliminary) all time record high.
Jan Producing Wells = 4,628
Feb Producing Wells = 4,655 all time record high.
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