North Dakota Oil Production Nears 1 Million Barrels per Day

Numerous websites are reporting the great news that daily oil production in the Bakken shale play in North Dakota is nearing 1 million barrels. Here is an excerpt and chart from Mark Perry:

Oil drillers in North Dakota oil pumped out an average of 973,280 barrels of oil per day (bpd) in November, setting another new monthly record for the state’s crude oil production, according to oil production data released today by North Dakota’s Department of Mineral Resources (see chart above). November marked the tenth straight month starting in February that oil production in the Peace Garden State reached a new record high. Here are some other highlights of North Dakota’s record-setting oil and gas output in November:

1) In November, the state’s average daily oil production increased by 32.3% compared to a year earlier, which was the largest year-over-year gain in eight months. Remarkably, in only the last two years, oil production in North Dakota has almost doubled from 510,534 bpd in November of 2011 to more than 973,000 bpd in November. At the current pace of production increases, oil output in the Peace Garden State will likely exceed the one million bpd milestone in December 2013, and shortly thereafter that the Bakken will join an elite group of only ten oil fields in the world to ever reach an output level of one million barrels per day at peak production.

ndoil-600x367As I have mentioned before, I shudder to contemplate what economic conditions in the US would have been if the shale revolution had not occurred.

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