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?)
