| Date | Oil Runs | MCF Sold |
|---|---|---|
| 6-2013 | 22204 | 5675 |
| 5-2013 | 9171 | 563 |
Duke Energy announces it has acquired a 4.5 megawatt solar project in San Francisco from solar project developer Recurrent Energy.There are three links to this story and not one of them provided the price of the acquisition.
Producing wells at a new all-time high: 9,071 (up from 8,932).
The price of oil keeps creeping upward: $88 in May; $95 in July.
Rig count is shown at 186, two higher than what I saw earlier this morning. The NDIC site actually shows 185 active rigs right now.
The director noted: although the rig count has remained fairly constant, the number of well completions fell by 4 to 139, May to June. That number of completions is still above the threshold needed to maintain production so oil production rate rose, 1.25%.
The average number of days from spud to total depth is about 22 days; and the number of days from total depth to first production averages another 94 days. So, that's about 120 days from someone showing up on the pad and the first production.
Much of the less-than-anticipated results were due to load restrictions that were extended into early June due to May, 2013, being the wettest on record. On record. Not just in the past ten years, but on record. And that is saying a lot.
The NDIC estimates that at the end of June there were about 490 wells waiting on completion services, a decrease of 10 wells.
I suppose he has said this before, but if so, it's still a fairly new comment: there are enough permits in the inventory to accommodate multi-well pads and the time required to deal with federal hydraulic fracturing rules if required.
Maybe the national media will note, but I doubt it, that with this continued increase in oil production it is remarkable that flaring in North Dakota continues to drop. Flaring dropped another 1 percent, down to 28% which is clearly less than a third, or 33%, which is the number most frequently cited. One could as accurately say only a quarter of the gas is flared compared with as much as a third when the boom started. But, I suppose, in the minds of most, there's not a lot of difference between a quarter and a third, except when picking your slice of pie. And 1% is not much of a drop but it's going in the right direction.
Canada’s oil industry continues to expand and will see production more than double over the next two decades, says a forecast released by the Canadian Association of Petroleum Producers (CAPP).
Crude oil production in Canada is expected to increase to 6.7 million barrels per day by 2030, up from 3.2 million barrels per day in 2012, according to CAPP’s 2013 Crude Oil Forecast, Markets and Transportation report released this month. This includes oil sands production of 5.2 million barrels per day by 2030, up from 1.8 million barrels per day in 2012.
With oil sands representing the majority of Canada’s crude oil reserves, it is the primary driver of future overall growth. However, production will grow more rapidly in in situ (drilling) in the oil sands versus mining."Trending" has been updated.