Bakken – Page 14 – Outrun Change

North Dakota oil production up 5% in June 2014

(Photo by James Ulvog)

Production in the state hit an average of 1,092,617 barrels per day (bopd) in June 2014, up from a revised 1,040,469 in May. That’s an increase of 5.01%. Since December, that would be an 18.7% increase. Not bad for six months.

Even better, Bakken-only production passed the one million point – 1,028,352 bopd.

Here are two graphs showing the production trend.

Production by month since 2008, showing total for the state and Bakken-only:

Total production by month since 1990:

Continue reading “North Dakota oil production up 5% in June 2014”

More good stuff on the Bakken – 8/11

Here’s a few quick notes on interesting news that I won’t cover in a separate post:

7/25 – PR Newswire – More than 30% Growth in Shale Oil Output in Bakken, Eagle Ford: Platts’ Bentek Energy – In June ’14, increase of prior year June production was 28.9% in Bakken and 37.6% in Eagle Ford. Compared to where I was four years ago, if I saw that report fresh today, I would write a full length post on that one article. Today, that is old news for me.

Internal rate of return is above 50% in Bakken and 65% in Eagle Ford. The article explains what that means: Continue reading “More good stuff on the Bakken – 8/11”

Eighty year prediction of North Dakota oil production

Eleven more years with more than 1 million barrels every day. Production at 100,000 bopd in 2100.

That’s the prediction from Lynn Helms, director of North Dakota Department of Mineral Resources, speaking at the Bakken Rocks CookFest on July 17, 2014.

Two things could cause a breakout on the upside, according to Mr. Helms.

Continue reading “Eighty year prediction of North Dakota oil production”

More good stuff on the Bakken – 7/24

Here’s a few quick notes on interesting news that I won’t cover in a separate post: production levels, a forecast for slowing acceleration of output, employement, infrastructure, and few other things.

Production level

7/16 – North Dakota oil production passes 1,039,000 BOPD in 5/14

5/30 – Million Dollar Way – That She Is! A Million-Bbl Bakken Well In This Boom – One well has finally crossed the point of producing 1,000,000 barrels of oil. It has been on-line for about 3.5 years. Let’s assume $90/barrel. That would be $90,000,000 gross, or about $26M per year. Still producing 24,000 bbl a month, which at $86 is about $2,000,000 each month. Not even on a pump yet. Initial production was an okay 803 barrels a day. Not great. Not bad. By 12/14, it will have produced $100M of oil.

5/30 – Bakken Shale – Is the Bakken America’s Last Boom? – Continue reading “More good stuff on the Bakken – 7/24”

Fire at Williston oilfield supply company

A large fire broke out at Red River Supply, an oilfield supply company in Williston in the early morning hours on Tuesday July 22. First reports of explosions were at about 12:15 in the morning.

Fire officials decided to let the fire burn itself out because of the nearness to the Little Muddy River. Water runoff from fighting the fire would be contaminated with oil and other chemicals which would then drain into the river.

Continue reading “Fire at Williston oilfield supply company”

Short-term and long-term predictions for North Dakota oil production

Production will likely increase 5% or 6% a month for June, July, and August of 2014.

That is the expectation of Lynn Helms, director of N.D. Department of Mineral Resources, in a conference call reported by Bloomberg: North Dakota Expects “Big Surge” in Summer Crude Output.

I’ll turn that into a specific number by combining that with 2% or 2.5% growth through November. Will use that cutoff instead of December, since weather could get bad in either January or December.

Starting point is 1,039,635 bopd in May.

Here’s a range of guesses for November 2014: Continue reading “Short-term and long-term predictions for North Dakota oil production”

North Dakota oil production passes 1,039,000 BOPD in 5/14

Check out this pump working away to bring oil to the surface so you can drive your car. Shaky photography courtesy of James Ulvog.

[youtube=http://youtu.be/3ZYVN_7PG_M]

Preliminary production data for the state is 1,039,635 barrels per day average in May 2014. That will be revised up a smidgen over the next two months.

At the average price for the month provided in the Director’ Cut report of $88.31 for 32.2M barrels, that is an economic output of $2.84 billion for the month. Very cool.

Here’s a few graphs:

Monthly production since 2008:

Two more –

Monthly production since 1990:

Continue reading “North Dakota oil production passes 1,039,000 BOPD in 5/14”

A few records set by North Dakota and the Bakken field

North Dakota has set several records in oil production.

In her article, Amy Dalrymple, N.D. oil production hits 1 million barrels per day reminds us of a few records that I’ve read elsewhere: Continue reading “A few records set by North Dakota and the Bakken field”

North Dakota oil production passes the 1 million barrels per day mark in April ’14.

April marked the month that the average production passed the 1 million point. Preliminary number is 1,001,149.

Everyone has been waiting for this day. Yippee!

Here’s a graph of production for state-wide and Bakken-only:

Predictions

Continue reading “North Dakota oil production passes the 1 million barrels per day mark in April ’14.”

The shale revolution shown in a graph

If you want to see what a radical change is underway in the energy field, check out this graph of combined oil production from the three biggest plays, Bakken, Eagle Ford, and Permian:

That’s from America’s Amazing Shale Revolution in one chart by Carpe Diem and is used with permission.

Continue reading “The shale revolution shown in a graph”

Dry holes in Bakken? Oh, wait. Look at the completion dates.

I read most of the posts from Million Dollar Way but just browse the production reports. Check out this one: Random Updates on Privratsky Wells: Different Fields; Different Operators

I dropped my jaw on first glance. Dry holes!

In my minimal understanding, historically getting a dry hole when looking for oil is a serious risk. You pour a bunch of time and money into drilling a spot and you get……nothing. I’ve read that in Bakken over the last five years there aren’t any dry holes.

Imagine my shock when I browsed the linked article glancing at the initial production rates in barrels per day and saw DRY.

Continue reading “Dry holes in Bakken? Oh, wait. Look at the completion dates.”

Mind bending tidbits from ’14 Bakken conference

Check out these astounding pieces of info from the 2014 Williston Basin Petroleum Conference, as reported by Amy Dalrymple (who else would it be from?): Hamm sees 2 million barrels per day potential for North Dakota: Continue reading “Mind bending tidbits from ’14 Bakken conference”

More good stuff on the Bakken – 5/19/14

Here’s a few quick notes on interesting news that I won’t cover in a separate post: infrastructure starting to catch up, regs won’t fix flaring, growth continues strong, interpreting the high count of wells awaiting completion.

5/3 – Million Dollar Way – Women in the Bakken – Just a Casual Observation – Bruce Oksol has a number of observations comparing Williston in 4/13 to his visit in 2011.

Continue reading “More good stuff on the Bakken – 5/19/14”

Background on Bakken and Harold Hamm

Forbes has a superb article on the shale revolution in North Dakota and one of the drivers of said revolution: Harold Hamm: The Billionaire Oilman Fueling America’s Recovery.

For some great background why the Bakken field is producing nine times more oil than five years ago, check out the article.

There is great discussion of Harold Hamm and his role in creating the oil boom.

What has the shale boom done for the US?

Check out the benefits to the US of the shale oil boom: Continue reading “Background on Bakken and Harold Hamm”

N.D. oil production in 3/14 recovering from winter slump

Oil production in North Dakota hit 977,061 barrels per day (bopd) in March. Looking at the top of the trend line takes a bit of care. The initial report for November 2012 was 973,280 bopd. When another dozen wells reported results, the average production was 977,599 in November. The updates increased production data by 4,219 bopd. That means the March data is the record high for the initial report, but is still about 500 bopd behind the updated record high.

Here is a graph of the production with updated data, not the initial reports:

Background info:

Continue reading “N.D. oil production in 3/14 recovering from winter slump”