Good news on oil production in North Dakota, via Mark Perry at AEI:
Oil drillers in North Dakota oil pumped out an average of over one million barrels of oil per day (bpd) in April, setting another new monthly all-time record high for the state’s crude oil production, according to oil production data released today by North Dakota’s Department of Mineral Resources (see blue line in chart above). Reaching the one million barrels of oil per day level is another important energy milestone for North Dakota, which has seen its oil production increase twelve-fold over the last decade from only 83,233 bpd in April 2004 to 1,001,149 bpd in April this year.
Here are some other highlights of North Dakota’s record-setting oil and gas output in April:
1) In April, the state’s average daily oil production increased by 26.1% compared to a year earlier, which was the largest year-over-year gain in three months. Remarkably, in only the last 30 months, oil production in North Dakota has almost doubled from 510,534 bpd in November of 2011 to more than one million bpd in April.
2) For the fifth month since last summer North Dakota produced more than 12% of all US oil in April. In November 2009, North Dakota’s oil production represented only 4.5% of total US crude output. Due to the phenomenal growth of oil output in the shale-rich Bakken fields, North Dakota share of US crude production has gradually increased, and is now consistently above 12%.
3) In dollar terms, the oil produced in North Dakota in April had a daily market value of more than $102 million at the average oil price of $102.07 per barrel for West Texas Intermediate (WTI) oil during the month. For the entire month of April, that would put the market value of North Dakota oil at more than $3 billion, setting a new all-time record for the dollar value of the state’s monthly oil output.
4) The Bakken oil fields in western North Dakota produced more than 937,000 bpd in April for the first time ever (see brown line in chart), and a new all-time monthly output record of 937,263 bpd was established, which also represented a new record-high 93.6% of the state’s monthly oil production. In contrast, the Bakken region produced less than 9% of the state’s oil output at the beginning of 2007, before breakthrough drilling techniques (hydraulic fracturing and horizontal drilling) were able to tap into a bonanza of unconventional oil in the shale-rich areas of western North Dakota. At the current pace, production in the Bakken oil field is on track to surpass the million bpd milestone by July or August of this year and join an elite group of only ten super-giant oil fields worldwide that have ever produced at the million barrel level at their peak daily production.
The rest here.