North Dakota oil production grew a little less than 10,000 b/d from September to October to set another record with 941,637 b/d.
With current weather conditions, it will take an exceptional November and December for the state to surpass 1 million b/d before year-end. The Bakken has surprised us before, but it looks like it will be some point in the first quarter before North Dakota joins the million barrel a day club.
The state also set a record in October for natural gas production with 1.07 bcf/d and for the number of producing wells with 9,900. With ~200 wells coming online per month, the state will easily surpass 10,000 wells before the end of 2013. Pretty amazing for a state that had just ~3,600 producing wells at the beginning of 2008.
Other highlights from the monthly director's cut include:
- 5,939 wells producing from the Bakken and Three Forks
- October sweet crude prices fell to $85.16/bbl and further to $71.42/bbl in November
- 202 well completions in October
- McKenzie County roads were close 3-4 days due to rain in October
- Operators have indicated plans to add 10-15 rigs by mid-year 2014
- Days from spud to initial production increased to 114 days from 100 days in October
- More than 95% of drilling targets the Bakken and Three Forks
- ~460 wells were awaiting completion at the end of October
Read the full director's cut at dmr.nd.gov