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Title : Did North Dakota Just Set A New Record: Daily BOE Production For Month Of October, 2017?
link : Did North Dakota Just Set A New Record: Daily BOE Production For Month Of October, 2017?

Did North Dakota Just Set A New Record: Daily BOE Production For Month Of October, 2017?

Links:

• Newsweek: "up slightly" -- sets all-time record for monthly natural gas production
• Platts: "output jumped" -- highest average since August, 2015
• Oil & Gas 360: "approaching 2014 record"; "oil production jumped significantly"; both oil and natural gas production increased month-over-month";
• milliondollarway: North Dakota set a "boe" production record, despite near record low of active rigs, and 2,200 non-producing but completed wells

I could be wrong, but the Newsweek headline ("up slightly") appears to have been written by Barack Obama based on headlines from Platts and Oil & Gas 360. In fact, I believe on a "boe" basis, North Dakota has set a new production record.

The president was either ignorant of America's entrepreneurial spirit and the Bakken revolution already occurring or he was colluding with the Saudi Arabians and George Soros to kill the US oil industry


Production, crude oil:

• December, 2014, all-time record: 1,227,483 bopd
• October, 2017: 1,185,499 bopd

Production, natural gas:

• December, 2014: 1.51 billion cubic feet per day -- 1,510,858,000 cubic feet / day
• October, 2017: 2.06 billion cubic feet per day-- all-time record (2,061,895,838 cubic feet / day)

Production, boepd (this may be an all-time record; I often make errors, and I only checked these two months):

• December, 2014:  1,227,483 + 251,768 = 1,479,250 boepd
• October 2017: 1,185,499 + 343,592 = 1,529,091 boepd

Active rigs (see graphic below):

• December, 2014: 184 active rigs
• October, 2017: 56 active rigs

Inactive wells:

• In December, 2014: 
• • literally, a handful of DUCs
  • number of inactive wells too few to be mentioned by NDIC
• In October, 2014:
• • 1,000 DUCs (rounded) -- increasing
  • 1,500 "inactive wells" -- increasing

Competition for resources and investors:

• December, 2014: almost no competition from the Permian for resources
• October 2017: NDIC has remarked on competition from the Perman for resources  

Average daily oil production per well (see graphic below), link here:

• December, 2014: 105 bbls/day/well
• October, 2017: 85 but rising from an all-time "Bakken low" of 72 bbls/day/well

Price of WTI:

• first half of CY 2014: $110/bbl
• first half of CY 2017: $55/bbl

*************************************************

Active rigs:

	12/16/2017	12/16/2016	12/16/2015	12/16/2014	12/16/2013
Active Rigs	53	40	64	184	191

Daily oil per well (last column):

http://ift.tt/2dZyQXu

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