Bakken production growth is expected to surprise investors. That's the main takeaway from a recent report by Goldman Sachs.

Analyst from the bank visited North Dakota believing production and completion activity in the Bakken and Three Forks will be greater than what Wall St. is accounting for.

The equity analyst believe downspacing in the Bakken and Three Forks, along with efficiency gains will drive production growth of more than 130,000 b/d per year through 2016. Based on production of ~850,000 b/d from the play, that pegs production at more than 1.2 million b/d in 2016.