I'm just curious where the peak will be. The furthest out projection I've seen is 2020, but I would guess it would be much sooner. Then again, predictions of well production falloff may be grossly pessimistic. Only time will tell. However, when the Eagle Ford and Bakken peak, expect to see spiking oil prices.Oil output in North Dakota reached a record high for the state in October, with production rising to just over 941,000 barrels per day, according to data released by the North Dakota Department of Mineral Resources.Natural-gas output also climbed to a high of slightly more than 1.07 billion cubic feet per day."We set a new production record again in October and had a well-record both in oil and natural gas," Lynn Helms, the department director, said during a press call Friday.Helms noted, however, that the uptick in production from September to October, which registered as an increase of approximately 8,600 barrels per day, was less than expected."It was maybe a little bit lackluster in terms of the production increase, less than what we would have maybe anticipated for the amount of drilling and well-completion going on out there," he said.Heavy rains in North Dakota's McKenzie County leading to road closures that lasted several days were to blame for tepid production gains, Helms said, estimating that output would likely have been 10,000 to 15,000 barrels a day higher in dry weather.When asked when he expects the state to hit the production threshold of 1 million barrels of crude per day, Helms said that will likely happen early next year as state officials have previously estimated."We've always been predicting that that would come early next year so even with what happened in October ... all it does is postpone it. It doesn't mean we're not going to get there," he said.
Sunday, December 15, 2013
North Dakota Oil Production Sets New Record