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.

Oil production in North Dakota continues recovery in August 2020.

Parked wells west of Williston, ND in August 2020. Photo by James Ulvog.

As shown in the following graph, crude oil production increased again in August 2020. It is up 122,351 barrels of oil per day (bopd) over revised July amount, which follows a 148,343 bopd increase over June.

This is a drop of 354K bopd from the high point in November 2019 and rise of 304K from the bottom in May 2020. Production in state has recover just under half of the drop.

Williston Herald discussed the production outlook on 10/16/20:  North Dakota production knocking at 1.2 million barrels per day for August.

Article cites Lynn Helms explaining the increase in production is not likely to be sustained. Prices are around $40 a barrel currently. Article says that is just enough to get some wells back in production. Completing a lot of wells require $45 on an ongoing basis. Increase in drilling would require about $59.

There are 14 rigs running now, with three of those only running because operators are worried about who will win the November election.

Closeup of drilling rig. Photo by James Ulvog.

The state is working on several plans to write incentives for operators to increase drilling and completion activity.

For more detail on output, check out a closer look at production in the state in total and the Bakken field (including Three Forks and Sanish):

 

Parked wells west of Williston, ND in August 2020. Photo by James Ulvog.

Single Post Navigation

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: