North Dakota has released August production data for the Bakken and also for all North Dakota.
Bakken production was down 46,433 barrels per day to 930,931 bod, All North Dakota was down 48,695 bpd to 981,039 bpd. This is first time North Dakota has been below 1 million barrels per day since March of 2014.
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Rystad Energy has published an interesting article claiming that the US has more oil reserves than Saudi Arabia… if you include shale oil.
A new independent estimate of world oil reserves has been released by Rystad Energy, showing that the US now holds more recoverable oil reserves than both Saudi Arabia and Russia. For US, more than 50% of remaining oil reserves is unconventional shale oil. Texas alone holds more than 60 billion barrels of shale oil according to this new data.
I will not quote the entire article for copyright reasons but would invite you to go there and check it out. Their final total, their 2PCX reserves, includes undiscovered fields.
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Eagle Ford output is difficult to estimate as there are 20-25 separate fields that need to be followed to get a full picture. To save time, I have used Enno Peters’ data for horizontal wells from Districts 1 to 5 in Texas from his website shaleprofile.com, he has data through June. Enno’s data is combined with the RRC data for statewide C+C output to find the percentage of Texas C+C from the Eagle Ford. This percentage is multiplied by Dean’s estimate for Texas C+C output to get the following estimate, which is compared with Enno Peters’ data. EF-EP is Enno Peter’s collection of data from the RRC, EF-DC is my estimate using the method described. Based on a May 2016 Eagle Ford estimate, I subtract 70 kb/d from the EF-DC estimate to account for non-Eagle Ford horizontal well output in Districts 1 to 5
