ND Oil Production On Pace for More than 1 Million b/d by Year-end

EIA Bakken Oil Graph Oct 2013
EIA Bakken Oil Graph Oct 2013

North Dakota oil production is on pace to eclipse 1 million b/d by year-end. The state reported production of ~932,000 b/d in September and is expected to add between 20,000 and 30,000 b/d each month going forward.

ND natural gas production set a new record at 1.06 bcf/d.

The state should also eclipse 10,000 producing wells before year-end. The real risk to any of the above trends is snow and cold weather.

Other takeaways include:

  • 207 wells were completed in September - up from 153 in August
  • One well is getting completed for every 1.5 drilled
  • Time from spud to first production held at ~100 days
  • >95% of drilling targets the Bakken and Three Forks
  • Natural gas prices near Watford City are trading near $3/mcf

Read the full director's cut at dmr.nd.gov