Numbers Hint At Future Production

By The Bakken magazine staff | February 10, 2014

As oil production in North Dakota approaches 1 million barrels per day, there are no signs of a production slowdown. As of November, the state reached 973,045 bopd and surpassed 10,000 wells, both record setting numbers. Along with the record breaking numbers in November, the N.D. Department of Mineral Resources also highlighted the potential for natural gas production not present in the state for the past several months. Due to a recent decrease in natural gas storage and the potential rise in natural gas prices, the DMR noted that shallow gas production in the state may now be economical.

Numbers submitted to a Government Finance Interim Committee in December, also indicate that drilling new wells in the Williston Basin continues to be an economic no-brainer. This year, the DMR has already approved 1,552 permits to drill with another 736 pending approval. And for 2015-'19, the DMR has already approved orders for 1,012 permits that will create 5,247 wells.