Outrun Change

We need to learn quickly to keep up with the massive change around us so we don't get run over. We need to outrun change.

Volume and value of 2017 oil production in North Dakota

Notice all the empty space on that pad? Notice the disproportionately high number of storage tanks for the number of pumpjacks on site? One day there will be a lot more wells in operation. Photo by James Ulvog.

Before showing the average daily production, annual production, and value of that production, just a note on December 2017 production.

Average daily production dropped from 1,196,976 bopd (revised) in November to 1,181,319 bopd (preliminary) in December, a decline of 15,657 bopd, or 1.31%.

Here is what the average daily production by year looks like. Notice the recovery in 2017?

The annual data for the last decade:

 year  average daily production
2007          123,621
2008          171,999
2009          218,432
2010          309,763
2011          418,917
2012          665,236
2013          861,296
2014       1,086,554
2015       1,184,009
2016       1,039,203
2017       1,081,379

 

What is the total annual production? Check this out:

The data:

 year  barrels for year
2007         45,121,798
2008         62,779,796
2009         79,727,666
2010       113,063,565
2011       152,904,590
2012       242,811,286
2013       314,373,123
2014       396,592,107
2015       432,163,396
2016       380,348,229
2017       394,703,340

 

How about if we multiply the monthly sweet crude price as reported in the Director’s Cut by the monthly production? Here’s what I calculate the total value of oil production in North Dakota looks like for the last few years:

year est value of prod. In $billions
2010        7.92
2011      13.50
2012      19.40
2013      27.08
2014      30.10
2015      15.22
2016      12.12
2017      16.20

 

(Oh yeah, what peak oil?)

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